Got my first pension check...

[gauss]

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!

 

[CindyBlue]

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!

 

[Masquernom]

I tell people the company is paying me to stay away!

 

[ghsebldr]

I see it as them paying me to stay alive every month.

 

[CaptTom]

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.

 

[jazz4cash]

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!

 

[Mulligan]

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.

 

[Just_Steve]

48th pension check just hit the bank. No cola until I'm 62, 3 more years.

 

[GR111]

Congrats CindyBlue! You earned it. Now you can live your best life.

 

[Calico]

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.

 

[CindyBlue]

That interesting...I got mine at the end of December 2019 and the first month in which I qualify for the pension is January 2020...I under why they sent it early?

 

[jazz4cash]

That interesting...I got mine at the end of December 2019 and the first month in which I qualify for the pension is January 2020...I under why they sent it early?

I think most custodians will have a policy of paying a day early so it arrives on time and is not late. Billpay works that way for me, anyway. Some will pay the next business day if the regularly scheduled date falls on the weekend or holiday. Some retirees from my ex employer in a different pension tier screamed bloody murder when their pensions were sold to an insurance company and the weekend deposits were delayed to Monday. Can be a big deal when you only get paid once per month I guess.

 

[corn18]

First pension DD was Sep 2008 for $3,159. Just got my Jan 2020 DD for $4008.19. COLA is a good thing.

 

[rk911]

my pension hits the bank on the 1st of each month but it will hit a day or two early if the 1st is on a saturday, sunday or holiday.

 

[goingtotravel]

Congrats on the first check (er....deposit). Less than a year for DH and about 16 months for me until those checks start rolling in for staying home. We cannot wait!

 

[CindyBlue]

First pension DD was Sep 2008 for $3,159. Just got my Jan 2020 DD for $4008.19. COLA is a good thing.

Wow, I wish I got that much (smile!)

 

[denstl]

...this past Friday. Not enough to live on, but still...they are paying me for not working! Gotta love it!

Just had to explain that concept to my granddaughter yesterday. She really likes the idea of getting paid to do nothing. Not sure she got that I worked over 40 years to earn my 2 pension checks Unfortunately, fewer companies offer a traditional pension any more so she may never get that opportunity. But after I explained that the money I saved might go to her someday and that my pensions stop when I die (or my wife depending on who goes last), she liked that even better...

 

[2177V]

One Option after receiving your first pension check: Get a job and work on a second pension!

I retired from the federal government after 34 years at age 55. However, I then got a California government job and I received 2 pay checks with one job for 10 years.

I saved 100% of my federal pension income for 10 years so my IRA and investments grew to a comfortable amount.

When I finally retired at age 65, I am now receiving a federal pension, a state pension, social security and a large nest egg from double dipping for 10 years. My standard of living during retirement is much more than during my working years. This strategy only works for people who are healthy.

 

[Tracer]

Pension? What's that?

Yea right!?!?!

I had to buy my own pension in the form of a SPIA.

 

[maestro]

Congrats! Relish in the fact that your dedicated service and loyalty to a company has rewarded you. Cheers.

 

[RobbieB]

No, SS isn't a gift. I remember a regular deduction and my employer paid the same.

Now it's my turn!

 

[CindyBlue]

40 years working a job I loved for all but the last year or so...but still, I do know i'm lucky to get a pension at all (smile!)

 

[OneMarcilV]

...this past Friday. Not enough to live on, but still...they are paying me for not working! Gotta love it!

I agree. Even though we paid into thus for a zillion years. To me it is like the lottery. We get do much each month for life.

Peeps that I know when I tell then that say it us not like that because we paid that monies in.

Sooooo. I still think it is like free monies.

 

[OneMarcilV]

I still have mine - are you going to frame it?

Don't frame the checque. Make a copy and frame that.

I do not get a checque. I get my monies direct deposited.

 

[MRHARDROCKCAFE]

Nice. I still haven't decided yet. I just hit the right age but still working.