pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Yes, and BIL's bro is a retired Detroit detective..... I don't think his DB has made him free of anxiety.
We have a monthly "paycheck" simply by depositing the annual portfolio withdrawal in a high yield savings account, and then having $X amount, enough to cover general expenses, deposited to our bank checking account each month.
Which is part of the point that many of us are making, that we are comfortable with risk so are not at all anxious about retiring without a defined benefit pension. A bird in the hand...(lump sum) is worth two in the bush (DB pension benefits).
That's just the reality of today. And even define benefit pensions are not all rock-solid because of overpromising and underfunding.
How does the risk of a government or mega corp DB plan failing compare to the risk of a portfolio failing in major market crash? Either scenario is possible... if you're a worrier does it really make much difference which way your ER plan is structured.
There is always risk. The zombies won't care how your ER is funded.
Money mag had this article or a very similar one this month. Couple of survey points I thought were humorous. 1) People who had travel or golf as one of their hobbies were happier than ones whose main hobbies were reading, hunting, or fishing. They implied they were isolating hobbies and not as inclined to leading a happy life. 2) Having or not having children had no impact on happiness, but having children living within 10 miles of personal residence did lead to an unhappier one. They speculated forced babysitting.
Pretty funny stuff... So don't live near kids and if you continue to hunt or fish be prepared to take Zoloft!
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What is very difficult for me is to guess what personal need you are trying to stroke with this post that seems so silly to so many of us, sitting here retired for years, who did not have a defined benefit pension. How do you think small business owners retired and continue to retire? Who gives them their defined benefit plan?in hindsight I guess I should have said "it's very difficult to retire anxiety-free without one"
What is very difficult for me is to guess what personal need you are trying to stroke with this post that seems so silly to so many of us, sitting here retired for years, who did not have a defined benefit pension. How do you think small business owners retired and continue to retire? Who gives them their defined benefit plan?
Ha
We all can. It just comes down to making the right decisions.^ no surprise - they can afford to retire without a DB plan
^ no surprise - they can afford to retire without a DB plan
Here is a link from Vanguard on the sources of retirement income for wealthier retirees. Pension income only accounts for 20% on average:
https://institutional.vanguard.com/iam/pdf/CRRRIP.pdf?cbdForceDomain=false
Here is a link from Vanguard on the sources of retirement income for wealthier retirees. Pension income only accounts for 20% on average:
https://institutional.vanguard.com/iam/pdf/CRRRIP.pdf?cbdForceDomain=false
Yes, but how anxious are they?
Wow. Wealthier retirees defined as those "ages 60–79 with at least $100,000 in financial assets, whether in taxable, tax deferred, or other types of accounts"
I guess that makes me (and many others on this board) VERY wealthy. Strange that I don't feel that way...
As it has always been. A person (or family) earning well below the median income will need to watch expenses very carefully in order to put away enough to stop working. OTOH, if they are happy with that lifestyle, their SS checks alone will go a long way toward matching what they were making during their working years. For low-income workers, SS is a tremendous deal.of course you can - it's just more difficult, especially if you are in the bottom quartile income wise
There has never been a time when most families in the US were covered by employer DB plans.
hmmm...given that nearly half of all private sector employees were at one time covered by DB plans...
Fact March 1998 | EBRI
...I'm thinking that at one time over half of the US workers had a DB plan.
hmmm...given that nearly half of all private sector employees were at one time covered by DB plans...
Fact March 1998 | EBRI
...I'm thinking that at one time over half of the US workers had a DB plan.
+1 There was a reasons that employers drifted from DB to DC plans and I don't see those reasons changing.
I think the reason for the provocative thread title is that this is the poster who claims that it is very difficult to retire without a defined benefit pension who many have tried to convince that is not true but he ain't listening.
(emphasis added)