Do you get or will you get a pension?

[RhondaHonda]

To my knowledge I will not get any type of pension or anything when I retire which is still a long time. I have a 401K that I’ve been contributing too since I started working at my current job so 5 years. I just know one thing is I don’t want to be like my 82 year old coworker and not have a penny saved for retirement so that’s why I started the 401K as soon as I could so I could get it going. Right now I put 7% of my check in there. I hope I can get to a point eventually where I can do more but right now I loose so much for taxes and insurance and retirement that I can’t but hopefully I can one day.

401k contributions lower your taxable income so you’ll get less taxes deducted as you increase your 401k contribution. Being young, your income is probably low enough that a Roth IRA is an option and can grow tax free (you contribute after tax dollars vs pre-tax for a 401k). Either way, good job, time in the market and getting in a habit of saving is the most important part.

 

[zzyzzx]

Do you get or will you get a pension?​

No. Duh.

 

[pilottravis]

No pension but pretty decent retirement package where I'm at. Work for an airport that's it's own special district of the state. Work kicks 25% of my salary into a 401a and another 5% into a 457 plan. I can kick in additional if I choose but haven't contributed much extra due to the cost of living here.

 

[FordSVTGuy]

401k contributions lower your taxable income so you’ll get less taxes deducted as you increase your 401k contribution. Being young, your income is probably low enough that a Roth IRA is an option and can grow tax free (you contribute after tax dollars vs pre-tax for a 401k). Either way, good job, time in the market and getting in a habit of saving is the most important part.

What’s great is many 401k plans have a Roth option. I split my contributions half and half so I have 2 pools of money to draw from when retirement comes…

 

[Speedbird001]

I’ll get a smal pension from the Army at 59 (23 years of reserve service)

Now my main gig… 2012 we got a simple (cold) email saying our pensions are frozen. Replaced by a 401k program worth about half by my estimation. Still vested though So at 60 I’ll get about $1.4k a month from that. Better than nothing but sucks. That number could have been 2-3x that

 

[ZZman]

No pension but pretty decent retirement package where I'm at. Work for an airport that's it's own special district of the state. Work kicks 25% of my salary into a 401a and another 5% into a 457 plan. I can kick in additional if I choose but haven't contributed much extra due to the cost of living here.

Wow, that is nice!

 

[dr1995]

I was a California state employee so I receive a pension from PERS and I of course get Social Security. I'm a widower who lives modestly so this is more than enough. (I drive a 2013 Toyota Yaris.) I also have an IRA converted from a 403b that requires a "Required Minimum Deduction" each year. With almost $3 million in the IRA the RMD is a bit over $100K per year. The tax code allows all or some of the amount of the RMD to be donated DIRECTLY TO CHARITIES so the RMD creates no tax liability at all. I donate my entire RMD each year. I retired at 65 and have donated over a million dollars. Yet because of the booming stock market, the IRA is q larger than ever! Quite the paradox.

 

[ZZman]

I was a California state employee so I receive a pension from PERS and I of course get Social Security. I'm a widower who lives modestly so this is more than enough. (I drive a 2013 Toyota Yaris.) I also have an IRA converted from a 403b that requires a "Required Minimum Deduction" each year. With almost $3 million in the IRA the RMD is a bit over $100K per year. The tax code allows all or some of the amount of the RMD to be donated DIRECTLY TO CHARITIES so the RMD creates no tax liability at all. I donate my entire RMD each year. I retired at 65 and have donated over a million dollars. Yet because of the booming stock market, the IRA is q larger than ever! Quite the paradox.

That is very cool.