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View Poll Results: How many have a "defined benefit pension" here?
defined benefit pension 80 46.78%
defined benefit pension cola 48 28.07%
No pension 43 25.15%
Voters: 171. You may not vote on this poll

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Poll:How many here have a defined benefit pension?
Old 05-22-2022, 06:24 PM   #1
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Poll:How many here have a defined benefit pension?

defined benefit pension

defined benefit pension cola

No pension

(Not counting SS)
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Old 05-22-2022, 06:30 PM   #2
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I have no pension, but I annuitized most of my employer contributions to my 403(b) plan with TIAA rather than keep that money as a tax-deferred accumulation.

As a result, I have a hefty retirement income stream that sometimes increases more than inflation...
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Old 05-22-2022, 06:35 PM   #3
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I have a pension of $1,384/month. Not much and has no cola. Combined with social security, I get a bit over $40k per year for breathing.
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Old 05-22-2022, 06:37 PM   #4
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Just SS and it's COLA'd
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Old 05-22-2022, 06:41 PM   #5
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A cola'd pension but I mis-clicked on non-cola'd pension
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Old 05-22-2022, 06:46 PM   #6
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I'm not old enough to begin collecting it, but I have a frozen pension awaiting me when I turn 65, about 6 years from now.
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Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

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Old 05-22-2022, 06:47 PM   #7
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See thread from one year ago:

https://www.early-retirement.org/for...on-109239.html
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Old 05-22-2022, 06:47 PM   #8
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DH has two modest pensions from the same company totaling $3,936/month ($47,244/year before federal tax, no state). It's all free money since he didn't pay in to it, but, I wish it had a cola.
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Old 05-22-2022, 07:05 PM   #9
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Quote:
Originally Posted by Calico View Post
Thanks, didn't see it.
Explains a lot.
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Old 05-22-2022, 07:15 PM   #10
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ER’d 11 years now with a COLA’d pension from the University of California. I got lucky. I retired in 2010. A few years later they reevaluated their policy and upped the minimum retirement age by 5 years. It looks like a 6.25% increase in a couple of months.
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Old 05-22-2022, 07:16 PM   #11
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Two small cola'd pensions from stints with gubmit agencies. Colas have max percentages so less than the true cola most years. Also SS. And I maxed out the deferred comp in the second stint. Before deductions for insurance and IRMAA, the total pension and SS income is a little over $60k.

I remember a boss early on that strongly suggested maxing out the deferred comp. I couldn't afford it at that job but I could at the second one. That added up to a tidy sum as well. He was a very astute guy. Thanks, Bill!!
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Old 05-22-2022, 07:34 PM   #12
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At 65, we will have combined pensions that are just shy of $40,000. Our pensions are cola'd and 100% spousal continuation.
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Old 05-22-2022, 08:35 PM   #13
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2-3 weeks ago online, I requested to start my MegaCorp defined benefit pension. The documents came Friday. $6829/month starts August. Itís 100% Joint and Survivor.

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Old 05-22-2022, 09:27 PM   #14
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Quote:
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2-3 weeks ago online, I requested to start my MegaCorp defined benefit pension. The documents came Friday. $6829/month starts August. Itís 100% Joint and Survivor.

You do realize that by choosing 100% to survivor, that you are likely forcing the survivor into a higher tax bracket...
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Old 05-22-2022, 09:47 PM   #15
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No pension here. I am impressed by the number of people who do have defined benefit plans. Partly, the bias introduced by the site I guess. I'm sure the poll will look different when someone redoes it in 20 years!
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Old 05-22-2022, 09:49 PM   #16
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I worked for the federal government under the FERS retirement system, so I have the infamous FERS "diet cola" pension. It's only partially cola'd, so I voted "defined benefit pension", not "defined benefit pension cola'd". That's OK! It's small, just $822/month, but my portfolio grew enough during my first 12 years of retirement to compensate for the fact that my pension isn't fully cola'd.

Also the federal government encouraged those of us in the FERS system to contribute as much as we could to the TSP (=401K, more or less), and offered a partial match. I contributed the max every year so I have equal monthly payments from the TSP G Fund that are about the same as what I get from my diet cola pension.

Plus, I have SS, so everything is working out. Federal workers under the older CSRS system get a big, fully cola'd pension but IIRC they can't get SS so it's only fair that they should get more from their pension.
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Old 05-22-2022, 09:51 PM   #17
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I could have taken a lump sum or a pension upon leaving my company. I took the pension. It’s not COLA’d. I did take the 100% survivor benefit. It nets me just under $30K per year. I felt it was good to diversify my income stream and given that it’s a pension, it’s covered by the PBGC. That plus our SS will allow us to get our withdraw rate under 2%.
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Old 05-22-2022, 10:19 PM   #18
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Quote:
Originally Posted by TheWizard View Post
You do realize that by choosing 100% to survivor, that you are likely forcing the survivor into a higher tax bracket...
You say that like it is a bad thing...
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Old 05-22-2022, 10:48 PM   #19
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I've never understood the "higher tax bracket" or the "tax torpedo"

Yeah, the more you make the more they take. Easy.

But they don't take it all eh? So the more you make the more you have regardless.
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Old 05-22-2022, 10:54 PM   #20
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I have 2 small pensions which will total $1400/ month in 10 years when I am 65. No Cola.

DH has a fat fire Cola’d pension from the State of California that he started collecting 1.5 years ago at 53. He was eligible for his full pension at 50 but loved the job. It also comes with 100% survivor and medical. New employees are eligible at 57 and their pension is capped at 137k

I would never be happy to lose my DH but don’t worry about the taxes I will have to pay if that happens.

Since we live on DH pension I voted pension w Cola
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