Retirement Benefits Poll

[Midpack]

DW and I will have neither pensions nor retiree health care, and AFAIK that's becoming the norm if not already. But I am surprised by the number of people I read about here who have either or both. So a poll (apologies if this has been done before).

 

[Rambler]

Midpack - probably need to have a "none of the above" category. I will be eligible for SS under today's rules, but the rules may change, and/or SS may go belly up by the time I am eligible. Therefore, in my projections SS is never included....thus I have not voted.

R

 

[chinaco]

I am still w*rking and intend to ER at 55.

I have a non-cola DB pension... but if I ER, the amount I get is reduced based on the age at ER... plus I will have fewer years of time with the company than if I stuck it out till 62 or 65.... therefore it will only cover about 30% of our base income needs (expenses). However, I have planned for higher expense during ER so DW and I can travel therefore it is only about 15% of planned income.

DW had a generous cash contribution plan (of sorts) with Mega Corp. The investments have grown over the years.... Of course, the investments have suffered over the last year. If she purchased a joint life annuity the current asset value would cover about 75% of her final wages. Before this market setback, it would have purchased a joint annuity for 100% of her wages (She is not planning on doing this... but it provides some perspective)

We both have SS and Retirement Health Care. Of course, Retirement Health care is not guaranteed. The companies could take it away or jack up the premium. We plan to hold on to both plans (her company and mine) at least until medicare kicks in just in case one of the companies drops the plan.


We have other accounts... 401k, IRAs, and Taxable.

 

[OAG]

Going to be interesting to see how this shakes out if there is a large response. We are in the COLA'd Retired Pay, SS, with Health Care Covered, category.

 

[Boxkicker]

Gotta love being retired military....

COLA Pension

Health Care

and eventually SS

 

[REWahoo]

Going to be interesting to see how this shakes out if there is a large response. We are in the COLA'd Retired Pay, SS, with Health Care Covered, category.

Also known as the "belt, suspenders, and extra set of coveralls" category.

 

[UncleHoney]

Non COLA pension.
2 x SS. DW is taking hers, I'm waiting till at least FRA.
Company healthcare for me till 65 and then Medicare. DW has Medicare and a complement plan with drug coverage on my work plan.

I guess our retirement is the typical old three legged stool approach. Pension, SS, savings.

 

[fisherman]

One Non Cola and one cola pension. Both are available at 55 reduced or 62 full once we reach that age. We are on our own until then. Currently 44 and Semi-retired.

 

[REWahoo]

Boat are available...

You really are a serious fisherman, eh?

 

[fisherman]

Yes early in the morning I sometimes type what I am thinking about instead of what I mean.

 

[HFWR]

In 4.5 years, I'll qualify for a very modest non-cola pension. Already have subsidized retiree health insurance, and expect to take SS at 62.

 

[MichaelB]

Midpack - probably need to have a "none of the above" category. I will be eligible for SS under today's rules, but the rules may change, and/or SS may go belly up by the time I am eligible. Therefore, in my projections SS is never included....thus I have not voted.

R

Second this suggestion, for the same reason. SS may also become means tested, thereby excluding many thrifty and/or honest people...

 

[growing_older]

I hope to RE before SS age. I am also concerned about future SS changes, so I would have voted "none"

 

[Zathras]

Agreed with the need for a 'none' category. I am not planning on it being their in 20 years, or at the very least, means tested so there will be none for me (which is fine, it is what I have planned for).

Otherwise, no pension, no health care benifits.

 

[Looking Ahead]

I would not fall into any of your given categories. I have a Pension, but will not be eligible for SS....even though I worked and paid into it for 10 years before starting my teaching career. I will not be eligible for my husband's SS if he should pass. Health insurance is available through my pension plan, but is very expensive. (In addition to my pension, I have a 403B and 457 Plan that, of course, like everyone else's has dropped significantly in the past few weeks) I recently retired and have not rolled the 403B and 457 into an IRA. I don't know what direction I will take on that, I am still trying to decide. Any advice welcomed!

 

[Khan]

Subsidized retiree health care
Partly COLA pension
(decreases at 62 and becomes full COLA)
Eligible for small SS, have not yet decided on age (58 now)

TSP
Small IRAs
CD ladder

 

[JohnP]

Subsidized retiree health care
2x COLA'd pensions
2x Tiny SS's (enough to cover Medicare Pt B and a little more)

TSP
IRAs, Roths, 403b
Taxable Accts

Looking Ahead - (In addition to my pension, I have a 403B and 457 Plan ... I recently retired and have not rolled the 403B and 457 into an IRA. I don't know what direction I will take on that, I am still trying to decide. Any advice welcomed!

Looking Ahead, Don't know what kind of 403b you have but if I had an expensive 403b that is typical of local school districts I'd be tempted to roll it over into a Vanguard or Fidelity IRA ASAP to reduce the expenses.

Also, with 'good' 10 years credit in SS you should at least get enough to cover Medicare Pt B and a little more, depending on your Teachers Pension amount.

JohnP

 

[CyclingInvestor]

ER'ed at 48. I have nothing except my investments, and expect SS to be means-tested away from me by the time I get there.

 

[Lusitan]

Yeah I chose "Soc sec" because I definitely won't have any of the other benefits, but I doubt whether I'll have any social security either. I would have selected "none of the above" had that been an option.

 

[FIRE'd@51]

Nothing but SS for me. But, hey, that makes FIRE-ing a more challenging and interesting game, doesn't it?

 

[CuppaJoe]

I voted pension (non-COLA) and Social Security although that is deceptive. The non-COLAed pension is extremely small, that is, it does not cover basic expenses. On top of that the former employer turned the "non-COLAed pension" into an [expletive deleted] annuity.

 

[Martha]

Nothing but SS for me.

 

[ziggy29]

None of the above, save for one tiny little pension from a previous employer (about $650 a month at age 65 in 2030).

Social Security? I expect to be means-tested out of it.

I think we are entering an era where most people who don't have a pension can kiss retirement dreams goodbye.

 

[haha]

Maybe I don't understand, but aren't there public sector jobs which may have a COLA pension and usually health care, but no SS eligibility?

Ha

 

[FANOFJESUS]

SS will be $500 in twenty years. I wonder what that will buy