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Old 12-31-2019, 02:00 PM   #41
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I'm about to join the club, submitted my paperwork a couple months ago to start collecting my pension, expect the first check in January. Won't be a huge amount, only covers my last job (14 years).
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Old 12-31-2019, 02:04 PM   #42
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Originally Posted by Dash man View Post
I’m about to get my 81st pension deposit. Time sure flies!
let's see...i'm about to get #173. but i still remember #1 even though it was an e-mail direct deposit notice.

to the OP...congratulations!!
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Old 12-31-2019, 02:11 PM   #43
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If only more people considered SS also earned and not a gift...sigh.
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Old 12-31-2019, 02:16 PM   #44
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If only more people considered SS also earned and not a gift...sigh.
why, just because we paid about 13% of our career pay (up to the TWB) into it?

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Old 12-31-2019, 03:41 PM   #45
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...this past Friday. Not enough to live on, but still...they are paying me for not working! Gotta love it!
Congratulations

I remember my first pension check in 2001. It is a huge landmark.
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Old 12-31-2019, 04:11 PM   #46
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Pension? What's that?

I have one, but the company I worked for unceremoniously phased out pensions about the time I was laid off after 30+ years with the company. Those few I knew who hung on longer than I did had their pensions frozen. The company switched to funding their 401(k) plans instead.

The 401(k) funding isn't huge amount, but at least the employees get to keep it and don't have to worry about obtaining a minimum number of pension years to receive one (as I did).

Honestly, I would have preferred the additional 401(k) funding. At the time of my layoff, I was offered a lump sum that I hoped would at least match what the pension ended up paying. It wasn't even close, but I was a bit surprised at the number of ex-employees who opted for the lump sum (company had been in perpetual layoff mode for the six years prior to mine).
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Old 12-31-2019, 04:20 PM   #47
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I always assumed they could come up with some flimsy excuse to pillage the pension fund if MegaCorp ever starts running low on cash.

Maybe my pension was "earned," but until it's in MY bank account, it's like counting chickens before they hatch.

After my first few years, when MegaCorp #1 took us over, our CEO promised we'd be "made whole" in the pension system for our time there. He was actually the best CEO we ever had.

He bailed with his golden parachute, and that was the last we'd heard of that promise.

I'd be getting quite a bit more today if I had been able to take credit for that time.

So, no, I don't trust the folks who run ANY MegaCorp.
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Old 12-31-2019, 04:33 PM   #48
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Who considers SS a gift? I don't even qualify, and yet I'm aware it's an earned benefit.

Either way, it's an entitlement, which means the government has to pay you before any discretionary money is spent. So let people "consider" it whatever they want.

Quote:
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If only more people considered SS also earned and not a gift...sigh.
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Old 12-31-2019, 04:42 PM   #49
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I'm old enough to begin my pension at age 50. But the amount gets bigger for each year I wait until 65. I am not sure when I will take it. I currently am looking at it as one of my back up plans.
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Old 12-31-2019, 05:18 PM   #50
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I'm about to start my 7th year of pension checks. It works out to about $22 per hour for not working.
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Old 12-31-2019, 05:28 PM   #51
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Congrats! DW started getting her's just about 1 year ago. I 'filmed' her opening it. They have come like clockwork since then.

Pension plan is near 100% funded, but she is still young and would take a hit if it went to the PBGC at this point. Hoping the MegaCorp can hold it together for another 5-10 years and PBGC backup stays in place.

-gauss

p.s. forgot to mention that we take a paper check in the mail so that I can savor depositing it each month. Old school pleasures. HNY everone!
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Old 12-31-2019, 08:38 PM   #52
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Definitely worth celebrating! I disregarded them for most of my working years until I realized how good they were. Our pensions cover all the basics and automatically increase a fixed 3% every year. All the rest of our money can now be used for major expenses and goofing off. Yee Haw!
I sure wish mine was cola'd but no such luck. Still, I'm glad to have it!
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Old 12-31-2019, 09:16 PM   #53
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I tell people the company is paying me to stay away!
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Old 01-01-2020, 12:52 AM   #54
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I see it as them paying me to stay alive every month.
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Old 01-01-2020, 07:42 AM   #55
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Funny story about direct deposit vs. paper checks...

I signed up for direct deposit when it was first available.

Not long after, my employer filed for Chapter 11. The filing happened right after the payroll batch job had been run. Those of us on direct deposit got our money.

No bank would cash the paper paychecks once the story hit the news. I don't think they were even allowed to distributed the checks for a few days. Those employees were essentially unsecured creditors until a hearing was scheduled to authorize payment. Even then, it took a while to educate all the banks about what "debtor in possession" meant, and many employees continued to have trouble cashing pay checks. I never missed a deposit.
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Old 01-01-2020, 07:07 PM   #56
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I feel truly blessed to have qualified for a small pension. It makes me smile when I see that deposit hit my account. What’s more amazing is how they manage to make deposits exactly on the 1st even if it falls on a weekend or holiday. Today is New Years Day and I awoke to the “ding” of my bank notification that my deposit was accepted. It’s a Wonderful Life!
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Old 01-01-2020, 10:06 PM   #57
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Originally Posted by Dash man View Post
I’m about to get my 81st pension deposit. Time sure flies!


Dash man, you compelled me to do the math so I did. Just got pension monthly check 115. Havent yet 56 yet, so I am determined to live enough to put as big of a dent in the $40 billion pension fund that I can before I die.
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Old 01-01-2020, 11:05 PM   #58
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48th pension check just hit the bank. No cola until I'm 62, 3 more years.
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Old 01-01-2020, 11:56 PM   #59
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Congrats CindyBlue! You earned it. Now you can live your best life.
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Old 01-02-2020, 12:02 AM   #60
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I feel truly blessed to have qualified for a small pension. It makes me smile when I see that deposit hit my account. What’s more amazing is how they manage to make deposits exactly on the 1st even if it falls on a weekend or holiday. Today is New Years Day and I awoke to the “ding” of my bank notification that my deposit was accepted. It’s a Wonderful Life!
Here's hoping mine works the same way! Technically, according to the pension booklet, I should receive my first check on the first day of the month after the month in which I retire. This would make my first pension check due on 1/1/21. I assumed I'd have to wait until 1/2, but maybe not.
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