Pension?

If you have/will get one; when and how much?

  • Before age 50

    Votes: 0 0.0%
  • Age 50-55

    Votes: 2 1.8%
  • Age 56-60

    Votes: 3 2.6%
  • Age 60-62

    Votes: 1 0.9%
  • Age 63-65

    Votes: 1 0.9%
  • After age 65

    Votes: 0 0.0%
  • Less than $10K

    Votes: 13 11.4%
  • $10K-20K

    Votes: 13 11.4%
  • $20K-30K

    Votes: 12 10.5%
  • $30K-40K

    Votes: 16 14.0%
  • $40K-50K

    Votes: 11 9.6%
  • More than $50K

    Votes: 12 10.5%
  • No Pension

    Votes: 30 26.3%

  • Total voters
    114

SteveR

Moderator Emeritus
Joined
Jul 1, 2005
Messages
2,811
Curious minds what to know.

Do you expect to get one? If so, how much?

When?

You can enter up to four entries so if your spouse or SO will also get one, you can enter that too.

DanTien is my hero----the Poll Cat...er ah..Poll Person I most want to emulate. ;)
 
Since I can't vote twice in the same categories here's our info.
Both of us at 50-55 and both of us at 40k-50k.

(I did vote once in each category for me)
 
My pension is going to be a pittance. $349.20 per month at the age of 65. This was for the 7 years I put in at a company that offered a pension. I was in long enough to get vested. But since then, I haven't worked for a company that offers a pension.

Anyway, playing around on their website, it looks like I could start collecting a reduced amount at the age of 62, $286.34 per month. So I clicked off two age brackets. Also, doing the math, I calculated that the breakeven point of taking the reduced benefit at 62 versus the full thing at 65 is when I'm around 78 years and 7 months!

Either way, I don't think it's indexed to inflation, so by 2032 or 2065 it's going to be inconsequential. At least, every time I've gone back to the retirement website and run the calcuation for my benefit estimate, it's stayed at $349.20. If it were indexed to inflation/cost of living, it should have gone up since I quit back in 1999!
 
I took my pension when I ER'd the first time. It was reduced by a QDRO and since I took it at agfe 50, it was a lot smaller than if I had waited another 5 years but I wanted out.

DW has another 19 months before she can get her pension and will be working until then.

My current employer has no pension so when I leave I get nothing other than their match in the 401k.
 
SteveR said:
Curious minds what to know.

Do you expect to get one? If so, how much?

When?

You can enter up to four entries so if your spouse or SO will also get one, you can enter that too.

DanTien is my hero----the Poll Cat...er ah..Poll Person I most want to emulate. ;)

With Warm Regards and Best Wishes - DanTien ;)
img_336750_0_f4d4c9598d3c9a9ad5da17c7a7484023.jpg


Oh, I started my pension Sept 1. Not much but enough to buy groceries, anyway. Like the idea of the company continuing to pay me after all these years.
 
My DW and I both have two pensions we can begin collecting as early as age 55 (4 years away for me, 5 for her).  If we take them all as early as possible, we've estimated that the pensions would cover about 25% of our annual living expenses 5 years from now, then deteriorate from inflation since none of the pensions is COLA'd.

At the other extreme, we could wait till the latest age to draw the pensions (age 62 for two of them, age 65 for the other two).  Once we were drawing on all of them, we estimate it would cover about 1/3 of our annual living expenses (14 years from now).

Social Security is added to this mix.  So we have to make six decisions about when to collect benefits.  

I've looked at planning using both extremes.  What's best depends a lot on your health and longevity in later years.  Tell me how long we'll live and how active we'll be, and I'll pick the optimum benefit stream.  I'm thinking now that we may stagger the benefit start dates of all these annuities.  But, I reserve the right to change my mind right up till I start collecting.   :D :D :D
 
I believe this is a first. This is the first time we have ever had an ER poll hijacked by a pollcat. :D
 
My wife will have a partially COLAd pension of about $20K starting next year when she will be 58. I expect a pension of $60K-$65K starting in a couple years when I turn 57. Neither of us will get social security. My job could be cut sooner and lower the pension. One son still in high school so hanging on at work until college costs get worked out a bit. May have to retire anyway and see if finances hold or if I need to do some other full/part time work.

I have had a great time at work the last few years and I am not eager to leave. New manager coming in Dec so that might change things as well as announcements of cutbacks expected next summer.
 
I couldn't vote because there is no option for No Pension, I've been lucky though and worked for companies with very nice 401k plans. Still it would be nice to have that little extra besides SS.

Cj
 
Outtahere said:
I couldn't vote because there is no option for No Pension, I've been lucky though and worked for companies with very nice 401k plans. Still it would be nice to have that little extra besides SS.

Cj

I added this option.

I know what you mean about the pension being nice. Even though I have a small one (beer and chips is about all) and my wife will be gettting a small one in a couple of years; both of them together will not make much of a dent in our expenses so it is almost like not having it. Still, it will lower the total amount needed for ER by something and that makes ER closer than it would have been.
 
Thanks! it felt so good to vote LOL

My husband does have a small pension which he took at 55, gets about $110 a month...covers his Cable bill and that's about it. But he was glad he took it when he found out the guys that stayed until they were 65 ended up with only double what he was getting...wasn't worth the extra 10 years IMO or his.

Cj
 
((^+^)) SG said:
What's best depends a lot on your health and longevity in later years. Tell me how long we'll live and how active we'll be, and I'll pick the optimum benefit stream. :D :D :D

((^+^)) SG said:
I'm in the 20 to 30 glasses of wine per week category. According to all the modern research I've seen in recent years, if you aren't drinking at least 14 drinks per week, you are limiting your longevity. Many studies indicate a number as high as 28 drinks per week.

My vote is grab those benefits asap. [then again, in the words of the geat Mr. Zappa, "I could be totally wrong but I'm a dancin fool"]
 
TargaDave said:
My vote is grab those benefits asap.  [then again, in the words of the geat Mr. Zappa, "I could be totally wrong but I'm a dancin fool"]

This reminds me of a lot of other discussions on this board. All data indicates the odds are with me. But you do whatever you want. :D :D :D
 
My Pension is <$5k. It would just cover this years property tax bill, but not next years. I can take it @ 55, or get a couple more percent for each year delayed through 65.

The only way it's going to be COLA'd is if I spill Coke on each months check!

As soon as I hit 55, I'm taking it.

I copy and archive every bit of info I get in the mail about it, as the route over the years has gotten pretty snakey. It is on it's 4th controlling company now. A company that bought part of a company's operations that bought a part of a company that bought all of a company. I think I did that right...
I suspect that it is in a dusty Mason jar in a supply room at company #4  :p
 
My DBP was frozen at ~$23k (after 15 yrs, age 45) when I was "right-sized"...

Cash value at 25yrs, age 55, ~$300,000...

Required "some" adjustments on my part, i.e it's just me and my 401k...
 
I started drawing the pension in 2002 at age 41.  It's currently $33,864 in 2005 with a 4.1% COLA kicking in for 2006.  I've been meaning to compare notes with an old shipmate who retired in 1989 at my paygrade to see how his pension is keeping up after 15 years of COLAs.

Oddly enough the 2006 military pay increase is only 3.1%.  If I was still on active duty but retirement eligible then I'd be taking a good hard look at my finances right now.

OTOH I met a shipmate yesterday who's still going strong after 24 years.  He's been a command master chief on a submarine, a major shore command, a BURKE-class destroyer, and now an aviation squadron.  He actually looks younger than I remember him.  At this rate he'll be a fleet CMC on his next tour...

I can't remember the last time a military retirement COLA increase beat the wage increase.  What does this say about understating both the ECI and the CPI?

Here, Telly, this one's for you:
 

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   Either way, I don't think it's indexed to inflation, so by 2032 or 2065 it's going to be inconsequential. 

Especially so, now that helicopter Ben is the new fed head.
 
I'd like to say I planned this, but I didn't;

Retired from the NYPD in 1990, started taking pension, which will max out at around $44,000 in a year or two (goes up $500 dollars a year till then -- long boring explaination omitted)

In 1990 took my current position. Will have 21 pensionable years in 2006/2007 (yeah, I know, the math doesn't work out to 21 years. Bought 4 years military time.) This pension will be around $50,000

I have 26 Soc Sec quarters. Not sure what they're worth. Guessing around $10,000 a year (due to pension off-set provision in the system).

Like I said, I never sat down and tried to plan this deal out...
 
No pension for me or the wife. All our retirement planning and financial future solely relies on our own savings and investments. Just to add a bit of an edge, neither of us will get any state support (social security / state pension or welfare from the home countries). In that respect, we are really really on our own!

In contrast, my father worked at the same Co. for 33 years. Took an early out package in his early fifties drawing 75% of final salary plus a tidy lump sum, plus he wll have state pension kicking in in less than 10 years.

Cheers

Honkie
 
My work's pension is a sliding scale from 55 to 62, where at 62 you get 80% of your last 3 years average, and every year before then is 5% less (if you retire at 61, you get 75%, at 55, the earliest year you can retire, you get 45%)-this is a non-COLA'd pension so inflation will destroy it's value over time. If you leave the company before 55 but have 5+ years in, you can collect at 65. I'm hoping to ER before I hit that sliding scale, but it is nice to know it's there to fall back on.
 
Wow.  Amazed at the high percentage of pensions, though that may be more a reflection of the population here, logically.  I've worked in private industry all my life, where we were lucky to have a 401(k) available.

Really impressed by Rich ... over $94K?  Wow.  Congrat's! Interesting how government employment is the pension winner at the end of the day ... and probably much more likely to be there.
 
I have a federal CSRS pension of $58k with full COLA (retired at age 55). DW has a small pension from teaching of $7.5k. These cover ALL regular living expenses. We only tap the nestegg for the "extras". We paid cash for our new home and have no debt. With a net worth > $1.5M and a fairly simple lifestyle we don't have to worry about money. Working for Uncle Sam for 32 years was not always the most pleasant thing to do but I sure like the results now.

Grumpy
 
My husband just retired two weeks ago. He will receive a government COLA penson -- (it all kicks in December 1st) --- yahoo. Plus he also has a deferred comp account. We both are major savers. His "hobby" years ago was the stock market so we have some winners and losers along the way. I have 401K rollover from a previous job, and also a 401K at my present job. No pension for me.. :-[
 
32 years old right now.  If all goes according to plan, I'll be eligible to start collecting a pension (and ER) at age 48.  My pension will pay me 45% of whatever my gross income is at the time I retire... and also provide very complete medical coverage (the same as I have right now). I'm currently earning around $70,000. By the time I retire, it'll probably be around $90,000.

Now... do I think that will be there by the time I want to ER?  Who knows...   My guess is that it will be there in some capacity (I'll probably still be eligible to get the $, but the medical benefits I'm currently eligible for will probably be reduced some).
 
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