Poll:What are your sources of retirement income?

[nun]

COLA'ed pensions were once common, but they are increasingly confined to the military and other government workers. I was wondering if they are the rule for the folks that hang out in this forum. So here's a poll

 

[ziggy29]

I can't really answer this. Technically I *do* have a private sector DB pension, but it was frozen on me long ago and it's even barely a consideration in my retirement planning.

 

[rescueme]

Nada (just my good looks to keep me going )...

 

[Katsmeow]

What if you had a private company defined benefit pension but took the lump sum option? How do you think that should be answered? (I have no pension but DH had the option of pension or lump sum and took lump sum)

 

[rodi]

I'm like Ziggy - I have a very teeny, frozen DB pension. It's less than $200/mo if I wait till 62 to collect. $136/mo if I start at age 55 (current plan.)

But it's something.... so I voted that I have a private db pension... even if it's ridiculously small.

I also have a very teeny, frozen, DC "portable" pension that is so underfunded it's not portable and they're under restrictions from ERISA/PBGC. Both are controlled by the other half of the corporate split a few years ago and there were terms put into the regulatory approval saying they have to fund it better... But so far it's slipping into greater deficit territory.

 

[W2R]

I can't really answer this. Technically I *do* have a private sector DB pension, but it was frozen on me long ago and it's even barely a consideration in my retirement planning.

And even though my federal pension was never frozen, it is smaller than Ziggy29's as I recall...

 

[rescueme]

What if you had a private company defined benefit pension but took the lump sum option? How do you think that should be answered? (I have no pension but DH had the option of pension or lump sum and took lump sum)

I took the question at face value. What do you have?

Poll dosen't alow for multiple answers, anyway ...

 

[tmm99]

I thought mine would be the smallest, but I guess not. Mine will be $375 (today's dollars) with no COLA at 62 from a private company....

 

[scrabbler1]

I can't really answer this. Technically I *do* have a private sector DB pension, but it was frozen on me long ago and it's even barely a consideration in my retirement planning.

Same here. It is one my "reinforcements" which await me when I am in my 60s. It will pay me $12k a year and is not COLAd, so compared to my other retirement income sources it will not be a whole lot but still meaningful.

 

[pb4uski]

I have a defined benefit pension from a former employer (not my last employer). COLAs are occasionally done at the discretion of the plan (which means not very often in reality).

My last employer had a cash balance plan where they contributed 8% of my annual earnings to the account. The earlier version of this plan had an annuitization option which was attractive. During my tenure they change the plan and the second version did not have an annuitization option.

 

[Lsbcal]

What if you had a private company defined benefit pension but took the lump sum option? How do you think that should be answered? (I have no pension but DH had the option of pension or lump sum and took lump sum)

I should think you would select that you have a private company defined benefit plan even though it is not now operating that way. The poll is about sources of retirement income so this would fit.

 

[Amethyst]

There need to be options for multiple pension streams. I am looking forward to a government pension (which I paid into), but no Social Security. Brother has a government pension, military reserve pension, and Social Security (because he ER'd and started his own business). Brother is smart.

Amethyst

 

[nun]

I took the question at face value. What do you have?

Poll dosen't alow for multiple answers, anyway ...

The poll should allow multiple answers, that's how I set it up and I put in both Government and private pensions

 

[Mulligan]

There need to be options for multiple pension streams. I am looking forward to a government pension (which I paid into), but no Social Security. Brother has a government pension, military reserve pension, and Social Security (because he ER'd and started his own business). Brother is smart.

Amethyst

Amethyst, I chuckled when I read the part you added about your pension "(which I paid into)". The members here, I don't believe and I am sure you don't either, aren't "pension bashers". But it seems like you had to make the point that you paid for part of it. Do you think you would have added that insert 10 years ago? Im just curious because I am a pensioner and I find myself adding that also. I know I would never have mentioned that 10 years ago, and no one has ever personally bashed me either.

 

[pb4uski]

I think contributory and non-contributory pension plans are often quite different enough that it is worth differentiating.

 

[Amethyst]

Mulligan, I might have felt a teensy bit of subconscious peer pressure -- (eech! Out, damn peer pressure! ) but mostly, it's that the ER Forum has educated me that many, many people get pensions they didn't pay into. I never knew that, previously. I thought all pensions required employee contributions.

Amethyst

Amethyst, I chuckled when I read the part you added about your pension "(which I paid into)". The members here, I don't believe and I am sure you don't either, aren't "pension bashers". But it seems like you had to make the point that you paid for part of it. Do you think you would have added that insert 10 years ago? Im just curious because I am a pensioner and I find myself adding that also. I know I would never have mentioned that 10 years ago, and no one has ever personally bashed me either.

 

[Chuckanut]

COLA'ed pensions were once common, but they are increasingly confined to the military and other government workers.

It seems that several times a week I read messages here from people who are getting great deals from Mega-Corp - fat severance checks, paid medical benefits, along with generous pensions, etc. Not bad.

 

[Lisa99]

Wow I thought my frozen pension was small, but it's actually megabucks compared to some. I get a whopping $1300/month (Cola'd) when I retire at 55. I will never complain again about my pension size.

 

[FIREd]

No pensions for us.

 

[Rich]

I'd like to say that I had carefully planned out my retirement life, but it'd be a lie. I put in +40 years in two different municiple police depts (+ 20 years in each of two different states, in two pension systems). In one I paid in my Social Security, and have 27 years of substantial earnings (a defined term in SS). Thus I'm getting three retirement incomes.

The poll does not have my option, so I voted none of the above.

Rich

 

[JmfromTx]

Private defined benefit here. I supplement it with about the same amount from savings. Fifteen months into retirement it is working well.

 

[arky]

Private DB pension here. Foolishly threw away 8 and 1/2 years when I changed Megacorp jobs back in 1980. Back then, you had to put in 10 years to be vested. But after 25+ years with the last Megacorp, I retired in 2008 with a "decent" un-COLA-ed DB pension which has covered approx 75% of my living expenses for the last 4 and 1/2 years !

 

[ducky911]

Nothing here wish i had a 25 dollar one.

 

[traineeinvestor]

No pensions for us - out here DB schemes are almost unheard of outside of govenment employees and almost everyone gets by on DC schemes and/or personal savings.

 

[antmary]

I checked "other." We have rental property which provides an income stream, savings, and SS. Also, we have a part-time business for now. We consider ourselves very fortunate.

I have no heartburn about people receiving pensions. The 60's and 70's were a different era in which one could count on a good future retirement, especially if you worked for the government. Sadly, no more....