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RomeyT
LIF Infant
Member since 1/21 355 total posts
Name:
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Re: Spin-off of Investments
Posted by Mrs213
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…
Yeah and unions.
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Posted 6/17/22 6:51 PM  |
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mommy2be716
LIF Adult
Member since 1/16 2921 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.
Yes but these days the pensions aren't great. Tier 6 benefits are terrible. You pay into it the entire time (vs lower tiers where you pay into it for about 10 years). it's essentially a glorified 401k now
Message edited 6/18/2022 11:43:58 AM.
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| Posted 6/18/22 11:37 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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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.
it wouldn't make sense for me NOT to retire at 55. i'll have almost 33 years of service by that point, and after that the extra % slightly goes down, almost deterring you from even staying. i'll leave at 55 and probably look to be an adjunct professor or something
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| Posted 6/18/22 11:42 AM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: Spin-off of Investments
Posted by mommy2be716
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.
it wouldn't make sense for me NOT to retire at 55. i'll have almost 33 years of service by that point, and after that the extra % slightly goes down, almost deterring you from even staying. i'll leave at 55 and probably look to be an adjunct professor or something
I guess when I think of retirement I think of not working at all. Not even working part time.
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| Posted 6/18/22 1:48 PM |
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Re: Spin-off of Investments
Posted by lululu
Posted by mommy2be716
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.
it wouldn't make sense for me NOT to retire at 55. i'll have almost 33 years of service by that point, and after that the extra % slightly goes down, almost deterring you from even staying. i'll leave at 55 and probably look to be an adjunct professor or something
I guess when I think of retirement I think of not working at all. Not even working part time.
I think the idea of retirement has changed over the years. Between the economy and people wanting to stay active, retirement now might mean working part time or grabbing jobs here and there.
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| Posted 6/18/22 2:25 PM |
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lpg21
LIF Infant
Member since 9/21 341 total posts
Name:
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Re: Spin-off of Investments
I have a 403b through my job which I know has probably taken a hit. DH and I had opened up a money market account about 4 years ago. It made a little bit of money, not a huge amount, but then it started dropping. We closed it a few months ago and now glad we did because we would have lost a lot of money.
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| Posted 6/21/22 8:39 AM |
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jam11308
Member since 11/07 7273 total posts
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Re: Spin-off of Investments
DH & I both have pensions and pretty decent 403b plans that we're contributing too. He'll be eligible to retire at 55 and I'll be eligible at 58.
We're both in management, so he'd like to go out at 55 and then get a low stress part-time job that makes up the gap in salary while I work full-time a few more years & then do the same. We'll have 2 college-age kids at that time & we both realize that the best laid plans often don't come to fruition, so we'll see where we're at in 10 years. That's all best case scenario.
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| Posted 6/22/22 8:39 AM |
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