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View Poll Results: How many have a "defined benefit pension" here?
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defined benefit pension
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80 |
46.78% |
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defined benefit pension cola
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48 |
28.07% |
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No pension
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43 |
25.15% |
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Poll:How many here have a defined benefit pension?
05-22-2022, 06:24 PM
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#1
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Full time employment: Posting here.
Join Date: Sep 2008
Posts: 869
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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)
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
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05-22-2022, 06:30 PM
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#2
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Full time employment: Posting here.
Join Date: Jul 2011
Location: Reading, MA
Posts: 664
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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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05-22-2022, 06:35 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Limerick
Posts: 4,261
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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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05-22-2022, 06:37 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 7,232
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Just SS and it's COLA'd
__________________
I don't know how to act my age since I've never been this old before.
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05-22-2022, 06:41 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,729
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A cola'd pension but I mis-clicked on non-cola'd pension
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05-22-2022, 06:46 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2009
Posts: 6,246
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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.
__________________
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.
"I want my money working for me instead of me working for my money!"
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05-22-2022, 06:47 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 2,355
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__________________
"Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for." - Epicurus
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05-22-2022, 06:47 PM
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#8
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Dryer sheet aficionado
Join Date: Jul 2016
Posts: 48
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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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05-22-2022, 07:05 PM
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#9
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Full time employment: Posting here.
Join Date: Sep 2008
Posts: 869
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 Quote:
Originally Posted by Calico
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Thanks, didn't see it.
Explains a lot.
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
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05-22-2022, 07:15 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: Bangkok
Posts: 1,247
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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.
__________________
Happy, Wild, and Free
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05-22-2022, 07:16 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Posts: 3,082
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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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05-22-2022, 07:34 PM
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#12
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Recycles dryer sheets
Join Date: Jan 2021
Location: undisclosed
Posts: 91
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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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05-22-2022, 08:35 PM
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#13
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Full time employment: Posting here.
Join Date: Mar 2014
Location: Apex
Posts: 785
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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. It’s 100% Joint and Survivor.
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05-22-2022, 09:27 PM
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#14
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Full time employment: Posting here.
Join Date: Jul 2011
Location: Reading, MA
Posts: 664
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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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05-22-2022, 09:47 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,138
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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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05-22-2022, 09:49 PM
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#16
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 45,878
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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.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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05-22-2022, 09:51 PM
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#17
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Moderator
Join Date: Nov 2014
Posts: 6,616
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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%.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
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05-22-2022, 10:19 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Jan 2020
Location: Milwaukee
Posts: 2,399
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Quote:
Originally Posted by TheWizard
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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You say that like it is a bad thing... 
__________________
The closing years of life are like the end of a masquerade party, when the masks are dropped. -Arthur Schopenhauer, philosopher (1788-1860)
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05-22-2022, 10:48 PM
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#19
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2016
Location: Central CA
Posts: 8,125
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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.
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
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05-22-2022, 10:54 PM
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#20
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Recycles dryer sheets
Join Date: Oct 2018
Posts: 491
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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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