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Spin-off of Investments
Do you have a pension so anything you are saving is just extra?
I am just surprised that so many now can even think about retiring when the majority of people don’t plan to retire or can’t if they don’t have a pension lined up.
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Posted 6/14/22 7:58 PM  |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Spin-off of Investments
Yes I have a pension and something called deferred comp which goes to a retirement savings pre tax. I contribute 8 % of my salary but I increase every few months by 1%, I will get a raise every year for the next 7 years. If I get promoted that will increase as well. I plan to retire at age 56 and will have 20 years employment. Are f it’s worth it to stay longer I will consider it, but the job is not something I’m fond of so I would rather retire and pursue something more fulfilling.
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| Posted 6/14/22 8:23 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Spin-off of Investments
I have a pension that I paid into for 10 years- I can retire at age 55 with 30 years of service and receive 3/4 pay. On top of that, I have a tax-deferred annuity that I contribute about 15% of my paycheck into, and it accrues 7% fixed interest annually.
I have a few stocks and a small roth IRA from my first job that my advisor manages for me, and 529 accounts for my children's college as well.
My husband has a traditional 401k through work, and gets 3% extra contributed from his company into a separate retirement account. He also has a traditional IRA and roth IRA
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| Posted 6/14/22 9:13 PM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7619 total posts
Name:
Momma <3
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Spin-off of Investments
I have a pension. In addition, I max out my 403B contributions and ROTH IRA.
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| Posted 6/14/22 9:21 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Spin-off of Investments
I actually added to my investments and bought a little more today. Great time to buy. Dollar cost averaging.
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| Posted 6/14/22 9:53 PM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Spin-off of Investments
I have a pension that will be determined by my years of service and a tax deferred annuity as well. I’m site I’ll still need another job as well ??
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| Posted 6/15/22 5:24 AM |
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Re: Spin-off of Investments
While this is a very small sample, it does show what I thought, the majority of people who say they will retire will have some type of money coming in because of jobs they have had in the past.
Many of us who don’t have pensions will have a harder time to fully retire.
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| Posted 6/15/22 7:13 AM |
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Re: Spin-off of Investments
Posted by ave1024
I actually added to my investments and bought a little more today. Great time to buy. Dollar cost averaging.
That’s great. Many are just trying to figure out how to eat and pay for gas.
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| Posted 6/15/22 7:14 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Spin-off of Investments
We don't have pensions but we have a whole life insurance policy that is basically an annuity, so we pay in now and then we can withdraw from it when we are older. We have enough in savings that we can retire once our youngest is out of college I would say - so in about 12 years but I feel like we would probably keep working for a little after that. It would be super stressful for me if I thought that we had to continue to work for the rest of our lives. There will come a point for everyone that they can no longer work. I can't imagine my inlaws working at this point although my mom didn't retire until she was about 70.
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| Posted 6/15/22 7:40 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Spin-off of Investments
Posted by windyweather21
While this is a very small sample, it does show what I thought, the majority of people who say they will retire will have some type of money coming in because of jobs they have had in the past.
Many of us who don’t have pensions will have a harder time to fully retire.
My father passed away when he only 51 and his pension did not have survivorship benefits so my mom was left with very little. She was 50. She took a job with the county when she was about 52 for the sole reason of being able to get a pension and benefits. She worked there until she was about 70 so she now has a small pension. If I was worried about retiring I think that I would do something similar to this. A pension is so valuable as far as providing security for the rest of your life, provided that it is a stable, well funded pension fund.
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| Posted 6/15/22 7:43 AM |
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Re: Spin-off of Investments
Posted by lululu
Posted by windyweather21
While this is a very small sample, it does show what I thought, the majority of people who say they will retire will have some type of money coming in because of jobs they have had in the past.
Many of us who don’t have pensions will have a harder time to fully retire.
My father passed away when he only 51 and his pension did not have survivorship benefits so my mom was left with very little. She was 50. She took a job with the county when she was about 52 for the sole reason of being able to get a pension and benefits. She worked there until she was about 70 so she now has a small pension. If I was worried about retiring I think that I would do something similar to this. A pension is so valuable as far as providing security for the rest of your life, provided that it is a stable, well funded pension fund.
True, you can start working at a job that carries a pension if you desire that. I think more people will be working for the long term from this generation on as it will be much harder to save.
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| Posted 6/15/22 8:02 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Spin-off of Investments
We don’t have pensions. I have always maxed out my 403B contributions. Same with DH and his 401K. Most people I know our age (late 30’s) are in the same boat.
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| Posted 6/15/22 9:22 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Re: Spin-off of Investments
Posted by windyweather21
Posted by lululu
Posted by windyweather21
While this is a very small sample, it does show what I thought, the majority of people who say they will retire will have some type of money coming in because of jobs they have had in the past.
Many of us who don’t have pensions will have a harder time to fully retire.
My father passed away when he only 51 and his pension did not have survivorship benefits so my mom was left with very little. She was 50. She took a job with the county when she was about 52 for the sole reason of being able to get a pension and benefits. She worked there until she was about 70 so she now has a small pension. If I was worried about retiring I think that I would do something similar to this. A pension is so valuable as far as providing security for the rest of your life, provided that it is a stable, well funded pension fund.
True, you can start working at a job that carries a pension if you desire that. I think more people will be working for the long term from this generation on as it will be much harder to save.
100%. Pensions in private industry are almost unheard of. Even in medicine and academia they’re a thing of the past.
I have no doubt we will be working long past 55 (which seems awfully young to me to retire anyway, I’d die of boredom).
Message edited 6/15/2022 9:30:54 AM.
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| Posted 6/15/22 9:28 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Spin-off of Investments
I have a pension that I paid into for 10 years- I can retire at age 55 with 30 years of service and receive 3/4 pay.
I also have a 403B that I contribute to as well.
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| Posted 6/15/22 9:29 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Spin-off of Investments
Posted by Mrs213
Yes I have a pension and something called deferred comp which goes to a retirement savings pre tax. I contribute 8 % of my salary but I increase every few months by 1%, I will get a raise every year for the next 7 years. If I get promoted that will increase as well. I plan to retire at age 56 and will have 20 years employment. Are f it’s worth it to stay longer I will consider it, but the job is not something I’m fond of so I would rather retire and pursue something more fulfilling.
DH has a pension and deferred comp as well. Hes fully vested now at 21 years.
He also has a 403B and I have a 401K.
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| Posted 6/15/22 9:32 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Spin-off of Investments
DH has a pension but you can't rely solely on that. If you retire at 41 like he did, but the time you reach your 60's and 70s and beyond that that set amount of money that you are getting each month is not worth the same as it was when you retired.
He also maxed out his deferred comp (a 457, similar to a 401K) all the years he was working and that had turned into a very nice little nest egg for the future (up until recently with the stock market tanking but that will come back up again hopefully)
I also max out my 401k- which again is affected by the economy depending how heavily you invest in stocks and riskier funds.
The pension definitely helps but if you retire young and live long, it's not worth nearly as much down the road as when you first retire.
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| Posted 6/15/22 9:35 AM |
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Re: Spin-off of Investments
Posted by NervousNell
DH has a pension but you can't rely solely on that. If you retire at 41 like he did, but the time you reach your 60's and 70s and beyond that that set amount of money that you are getting each month is not worth the same as it was when you retired.
He also maxed out his deferred comp (a 457, similar to a 401K) all the years he was working and that had turned into a very nice little nest egg for the future (up until recently with the stock market tanking but that will come back up again hopefully)
I also max out my 401k- which again is affected by the economy depending how heavily you invest in stocks and riskier funds.
The pension definitely helps but if you retire young and live long, it's not worth nearly as much down the road as when you first retire.
I think that is why many people go back to work, at least part time as they think they can retire on the money they have until prices go up and their money is not working as well as they thought it would. Also they forget they will have to pay for medical expenses which can increase as you get older. I have worked with many people in the last 30 years who have come back after retiring or have taken on other jobs as either they needed the money or were bored sitting at home.
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| Posted 6/15/22 9:40 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Spin-off of Investments
Posted by windyweather21
Posted by NervousNell
DH has a pension but you can't rely solely on that. If you retire at 41 like he did, but the time you reach your 60's and 70s and beyond that that set amount of money that you are getting each month is not worth the same as it was when you retired.
He also maxed out his deferred comp (a 457, similar to a 401K) all the years he was working and that had turned into a very nice little nest egg for the future (up until recently with the stock market tanking but that will come back up again hopefully)
I also max out my 401k- which again is affected by the economy depending how heavily you invest in stocks and riskier funds.
The pension definitely helps but if you retire young and live long, it's not worth nearly as much down the road as when you first retire.
I think that is why many people go back to work, at least part time as they think they can retire on the money they have until prices go up and their money is not working as well as they thought it would. Also they forget they will have to pay for medical expenses which can increase as you get older. I have worked with many people in the last 30 years who have come back after retiring or have taken on other jobs as either they needed the money or were bored sitting at home.
Luckily his job offers medical coverage for life, but yes, many who retire no longer have medical benefits.
He was saying how one time, years ago he was at work and ran into some guys who had retired in the 1980s- their pensions were no longer worth much now that was the early 2000s so they were working security jobs in their 60s to make ends meet.
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| Posted 6/15/22 9:54 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Spin-off of Investments
I think retiring at 55 is a thing of the past. I feel like 65 is more realistic. Also, I would personally like to work until I reach a decent age. I have noticed that once older people retire it seems like they lose some brain function and just aren't as sharp anymore.
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| Posted 6/15/22 10:06 AM |
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Re: Spin-off of Investments
Posted by NervousNell
Posted by windyweather21
Posted by NervousNell
DH has a pension but you can't rely solely on that. If you retire at 41 like he did, but the time you reach your 60's and 70s and beyond that that set amount of money that you are getting each month is not worth the same as it was when you retired.
He also maxed out his deferred comp (a 457, similar to a 401K) all the years he was working and that had turned into a very nice little nest egg for the future (up until recently with the stock market tanking but that will come back up again hopefully)
I also max out my 401k- which again is affected by the economy depending how heavily you invest in stocks and riskier funds.
The pension definitely helps but if you retire young and live long, it's not worth nearly as much down the road as when you first retire.
I think that is why many people go back to work, at least part time as they think they can retire on the money they have until prices go up and their money is not working as well as they thought it would. Also they forget they will have to pay for medical expenses which can increase as you get older. I have worked with many people in the last 30 years who have come back after retiring or have taken on other jobs as either they needed the money or were bored sitting at home.
Luckily his job offers medical coverage for life, but yes, many who retire no longer have medical benefits.
He was saying how one time, years ago he was at work and ran into some guys who had retired in the 1980s- their pensions were no longer worth much now that was the early 2000s so they were working security jobs in their 60s to make ends meet.
A lot of cops go the security route and not many just not work at all.
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| Posted 6/15/22 10:13 AM |
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Re: Spin-off of Investments
Posted by lululu
I think retiring at 55 is a thing of the past. I feel like 65 is more realistic. Also, I would personally like to work until I reach a decent age. I have noticed that once older people retire it seems like they lose some brain function and just aren't as sharp anymore.
Exactly, you can't just retire and do nothing. One of my neighbors used to boast that he was just going to go and sit on his couch after he retires. Well....he did..and then he died shortly after. He wasn't doing anything, his brain and body not functioning anymore.
Why retire when you only have enough money to pay the bills and can't do anything else?
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| Posted 6/15/22 10:15 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Spin-off of Investments
Posted by windyweather21
Posted by NervousNell
Posted by windyweather21
Posted by NervousNell
DH has a pension but you can't rely solely on that. If you retire at 41 like he did, but the time you reach your 60's and 70s and beyond that that set amount of money that you are getting each month is not worth the same as it was when you retired.
He also maxed out his deferred comp (a 457, similar to a 401K) all the years he was working and that had turned into a very nice little nest egg for the future (up until recently with the stock market tanking but that will come back up again hopefully)
I also max out my 401k- which again is affected by the economy depending how heavily you invest in stocks and riskier funds.
The pension definitely helps but if you retire young and live long, it's not worth nearly as much down the road as when you first retire.
I think that is why many people go back to work, at least part time as they think they can retire on the money they have until prices go up and their money is not working as well as they thought it would. Also they forget they will have to pay for medical expenses which can increase as you get older. I have worked with many people in the last 30 years who have come back after retiring or have taken on other jobs as either they needed the money or were bored sitting at home.
Luckily his job offers medical coverage for life, but yes, many who retire no longer have medical benefits.
He was saying how one time, years ago he was at work and ran into some guys who had retired in the 1980s- their pensions were no longer worth much now that was the early 2000s so they were working security jobs in their 60s to make ends meet.
A lot of cops go the security route and not many just not work at all.
Yes my dad worked security after he retired and then he started managing the security company.
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| Posted 6/15/22 10:15 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Spin-off of Investments
Posted by ali120206
Posted by Mrs213
Yes I have a pension and something called deferred comp which goes to a retirement savings pre tax. I contribute 8 % of my salary but I increase every few months by 1%, I will get a raise every year for the next 7 years. If I get promoted that will increase as well. I plan to retire at age 56 and will have 20 years employment. Are f it’s worth it to stay longer I will consider it, but the job is not something I’m fond of so I would rather retire and pursue something more fulfilling.
DH has a pension and deferred comp as well. Hes fully vested now at 21 years.
He also has a 403B and I have a 401K.
What’s great about my job is I can retire at 56 with 20 years and get my pension but then work as an adjunct for 17 hrs/week, so I might do that for a few years…
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| Posted 6/17/22 1:15 PM |
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Re: Spin-off of Investments
Posted by Mrs213
Posted by ali120206
Posted by Mrs213
Yes I have a pension and something called deferred comp which goes to a retirement savings pre tax. I contribute 8 % of my salary but I increase every few months by 1%, I will get a raise every year for the next 7 years. If I get promoted that will increase as well. I plan to retire at age 56 and will have 20 years employment. Are f it’s worth it to stay longer I will consider it, but the job is not something I’m fond of so I would rather retire and pursue something more fulfilling.
DH has a pension and deferred comp as well. Hes fully vested now at 21 years.
He also has a 403B and I have a 401K.
What’s great about my job is I can retire at 56 with 20 years and get my pension but then work as an adjunct for 17 hrs/week, so I might do that for a few years…
That is great. These are things that should be told to high school kids so they can pick careers that might help them more out in the future. We knew NOTHING about jobs that had pensions and such.
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| Posted 6/17/22 2:27 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Spin-off of Investments
Posted by windyweather21
Posted by Mrs213
Posted by ali120206
Posted by Mrs213
Yes I have a pension and something called deferred comp which goes to a retirement savings pre tax. I contribute 8 % of my salary but I increase every few months by 1%, I will get a raise every year for the next 7 years. If I get promoted that will increase as well. I plan to retire at age 56 and will have 20 years employment. Are f it’s worth it to stay longer I will consider it, but the job is not something I’m fond of so I would rather retire and pursue something more fulfilling.
DH has a pension and deferred comp as well. Hes fully vested now at 21 years.
He also has a 403B and I have a 401K.
What’s great about my job is I can retire at 56 with 20 years and get my pension but then work as an adjunct for 17 hrs/week, so I might do that for a few years…
That is great. These are things that should be told to high school kids so they can pick careers that might help them more out in the future. We knew NOTHING about jobs that had pensions and such.
I don’t think many places have pensions these days. You have to get a civil service job for the state or county really, sadly…
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| Posted 6/17/22 5:58 PM |
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