First Pension Check

[jjquantz]

First deposit of teacher pension today, time for Roy Acuff...

 

[lampshade]

Congrats and happy retirement!

 

[Amethyst]

Congratulations!

The checks from OPM for June 1st are already being "predicted" in our on-line savings account! Of course, the after-tax money is already totally committed for June.

Amethyst

 

[steelyman]

Now that's a reason to celebrate!

A couple of years ago, an old friend of mine who was eligible before I was sent an email with the subject, "Magic happened today!". Then he said what he meant. Great email for me to wake up and read and no doubt better for him to send.

Congratulations!

 

[Walt34]

I still remember getting the first one, I guess everybody does. It just seems so miraculous - all I have to do is keep breathing and they send me money every month!

 

[daylatedollarshort]

Yea! Free money for life! How cool is that?

 

[Amethyst]

Not free...cost me 7% of my salary for 34 years, and the tax people chomp a big bite out of each check.Still it's predictable, and that's important.

 

[daylatedollarshort]

Not free...cost me 7% of my salary for 34 years, and the tax people chomp a big bite out of each check.Still it's predictable, and that's important.

We didn't contribute to our pension plans so for us it is free money.

 

[UnrealizedPotential]

We didn't contribute to our pension plans so for us it is free money.

I am not allowed to contribute towards my pension, even if I wanted to. I am not sure I would if I could. There are alot of other options. But I am lucky to have a pension.

 

[jjquantz]

Thanks, everyone. It is a memorable day. It is very odd to think that this income stream will last until both DW and I are gone and that could be 40 years or more. Pensions are pretty remarkable things.

 

[unno2002]

Pension, free? It cost me 30 years of dedicated service.

 

[Sue J]

DH's first pension direct deposit was June 1, 2010. Monday it will be 5 years. I still giggle a little on the first of the month.

His pension is COLAed, a fixed 3% of the first year, added every year on June 1st so he's getting a nice raise.

 

[ohyes]

Congrats, jjquantz! DH and I both enjoy teacher pension deposits (paid 15% in for 30+ years) PLUS DH now gets a SS check.
My parents, who grew up during the Depression, have tried to scare me about pension check disappearing in the near future.
So far, they are wrong and the deposits keep coming. It's awesome!

 

[daylatedollarshort]

Pension, free? It cost me 30 years of dedicated service.

Many people have 30 years of dedicated service and no pension. In our case we were getting paid market rates for our salaries, so the pensions were icing on the cake. YMMV. Free money for us.

 

[steelyman]

Here's what is almost better, jjquantz (maybe better depending on your point of view):

Your Second Pension Check!

Again, congratulations!

 

[Donzo]

My pension increases 8 percent every year I don't take it til 65. So I putting it off, not sure I will wait all the way to 65 tho. It will be really nice and a little weird to start getting money every month again

 

[Mulligan]

DH's first pension direct deposit was June 1, 2010. Monday it will be 5 years. I still giggle a little on the first of the month.

His pension is COLAed, a fixed 3% of the first year, added every year on June 1st so he's getting a nice raise.

That was about the time I started collecting. I was always a bit nervous about the check for the first year or so. Not only was I not used to receiving money not to work, but I also was adjusting to direct deposit. I was "old school" until the end, insisting on that paper check to touch before depositing.


Sent from my iPad using Tapatalk

 

[mickeyd]

Congrats to OP on pension starting.

Each month we receive, at various times, a number of DB and DB-like income streams (DW teachers, my military, my VA, my civilian, and three SSA) that flow into our checking account as if by magic.

It made me smile when they stared and it makes me smile each month that they roll in.

 

[LinCella]

My June check already in my account - hooray for direct deposit. Mine wasn't free either, I contributed every paycheck and I worked hard for 28 years at a low pay. Now I reap the rewards. But it does feel "free" - it comes every month and I am happy as a clam that I chose public service.

 

[mickeyd]

My June check already in my account

That's probably your May check. Spend away!

 

[Amethyst]

Our toilet paper spending went way up after retirement, though. Nobody thinks about THAT employer subsidy!

Amethyst

 

[LinCella]

Yes, you are right!

 

[LinCella]

Amethyst - too funny! I have had my share of office supplies transported to my home from work...

 

[mickeyd]

Amethyst - too funny! I have had my share of office supplies transported to my home from work...

Hope you didn't rob TP from your boss also.

 

[purplesky]

We didn't contribute to our pension plans so for us it is free money.

It isn't free money if you worked a long career for that pension check.

A pension is just part of a total pay package promise that you earn along the way with your time and hard work.

My megacorp pension requires no $$ contribution on my end but I am working everyday to earn it.