Do you get or will you get a pension?

[Kestas]

At the company that I worked at before I retired they had a great salesman who was promised a pension when he retired early around age 60. The problem was that the original owners sold the company and the new owners didn’t honor that promise.

I learned the hard way that what a company promises is meaningless unless it's in writing.

 

[Dave Hess]

When I retired I was offered to keep my pension or take a lump sum. Just straight money I calculated to break even point was 80 years of age. I opted for the lump sum. I can reasonably expect to grow that money, plus I don't have to deal with the possibility of the company going insolvent. Even though the company is over 100 years old, there's no guarantee of a future.

I lucked out. A year later my boss told me they cut the lump sum option for future retirees by 25%.

Lump sum is always the best especially if company has financial problems in the future.

 

[dbias]

Retired at 52, in 2016, with municipal fire department pension and healthcare. I highly recommend retirement.

 

[ATex7239]

You know, now that I think of it, if I had stayed in the military I’d be retiring this year. Wow. How time flies. Glad I got out though as it wasn’t the life for me.

Actually, I got this wrong. I was thinking of my separation date, not my enlistment date. I could’ve already been retired. Oh well. Like I said wasn’t for me.

 

[MCompact]

Retired at 52, in 2016, with municipal fire department pension and healthcare. I highly recommend retirement.

I retired at 51 from the KY judicial retirement system. The catch was that I had to agree to serve a further 600 days where needed within the following 10 years. It was a pilot program that was allowed to sunset because the Lexington Herald (Mis) Leader published a story that was deceptive in the extreme. After I went back to work as a prosecutor from 2019 to 2025 I took a lump sum distribution.

 

[Tubefreakz]

No pension myself but my wife has one. I retired last year at 61 and both of us have 401K's. However, we have not drawn from the accounts yet because we are fortunate enough to own several rental homes.

 

[Fattylocks]

So how much of your pension will you be sharing with those less fortunate?

None. But Shriners gets regular huge chunks from my brokerage account.
How much are you sharing?

 

[Pablo]

We all should donate but not through any form of government. That is the worst thing ever invented.

Donate freely to some charity that actually helps others, not keeps them down.

 

[ZZman]

There is no doubt that many if not most would do better in a 401k or 457 etc if they are disciplined. Unfortunately including myself most people aren't. They don't contribute or don't max oux like they should. They also often jump jobs and instead of rolling it the money over they spend it and start over.

 

[ZZman]

Retired at 52, in 2016, with municipal fire department pension and healthcare. I highly recommend retirement.

That is another thing going away, retirement Healthcare

 

[02SE]

None. But Shriners gets regular huge chunks from my brokerage account.
How much are you sharing?

I don't have a pension to share...

 

[JeffKeryk]

There is no doubt that many if not most would do better in a 401k or 457 etc if they are disciplined. Unfortunately including myself most people aren't. They don't contribute or don't max oux like they should. They also often jump jobs and instead of rolling it the money over they spend it and start over.

Ah, discipline. Sometimes I don't thik I know the meaning of the word.

I have a close friend I worked with for almost 20 years. He had early stock options that are literally worth millions now. He did not contribute to the generous 401k matching program. We often talked about these things... "I'll save for my future when I'm older." He pulled money out of his house. He is a few short years to retirement. He's basically broke.

Many of my co-worker friends have been rewarded pretty darn handsomely. About 8 of us recently had lunch; a few just got laid off after many years. All but one are more than fine and have no worries.

I often speak to opportunity. Opportunity is for those who pick it up and run with it. Unrealized opportunity is wasted.
Just my 2 cents.

 

[BMWTurboDzl]

I consider myself lucky to get a pension. I know they are now becoming rare.

Are you getting a pension or will get one in the future when you retire?

No.

 

[HM12460]

Yes. I'm a government employee with a pretty good pension and a small VA pension also.

 

[ATex7239]

Ah, discipline. Sometimes I don't thik I know the meaning of the word.

I have a close friend I worked with for almost 20 years. He had early stock options that are literally worth millions now. He did not contribute to the generous 401k matching program. We often talked about these things... "I'll save for my future when I'm older." He pulled money out of his house. He is a few short years to retirement. He's basically broke.

Many of my co-worker friends have been rewarded pretty darn handsomely. About 8 of us recently had lunch; a few just got laid off after many years. All but one are more than fine and have no worries.

I often speak to opportunity. Opportunity is for those who pick it up and run with it. Unrealized opportunity is wasted.
Just my 2 cents.

This is sadly the story for more people than it should be. I also know a few people who put in the time, got a decent company pension, and then went cash out option as soon as they could, and promptly spent it all. Unfortunately the immediate effects of lack of discipline was merely delayed. The end result was the same.

 

[Donald]

I collect two pensions from private employers. Wife collects one from NYS. A private employer pension really sucks compared to a NYS pension. But if someone wants to send me a check every month I will take it.

 

[Dave Hess]

Ah, discipline. Sometimes I don't thik I know the meaning of the word.

I have a close friend I worked with for almost 20 years. He had early stock options that are literally worth millions now. He did not contribute to the generous 401k matching program. We often talked about these things... "I'll save for my future when I'm older." He pulled money out of his house. He is a few short years to retirement. He's basically broke.

Many of my co-worker friends have been rewarded pretty darn handsomely. About 8 of us recently had lunch; a few just got laid off after many years. All but one are more than fine and have no worries.

I often speak to opportunity. Opportunity is for those who pick it up and run with it. Unrealized opportunity is wasted.
Just my 2 cents.

The guy was an idiot for squandering so many pots of gold and not change his financial future.

 

[doitmyself]

At my workplace with two 403b options (Fidelity, TIAA) I mentor young employees to meet early and as needed with the provided financial advisors to get started on the right path. Most of us, especially when young, know zilch and couldn't care less about financial retirement planning. Go through the initial cookie cutter process of determining risk level, short/long term goals, contingency/emergency plans, etc.. Then do a minimum of annual meeting to make adjustments. Sit back and let it do it's thing through the ups and downs for a few decades.

 

[Chris142]

Nope. I have tried to get on with places that have a pension. Never got picked.

 

[JeffKeryk]

Nope. I have tried to get on with places that have a pension. Never got picked.

Max out your 401K and contribute to a nice index fund. Pay yourself first.
Good luck.