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Must have a lot of public employees participating here. Most other pensions were phased-out a long time ago, now. 401k's is where I thought a lot of people would have their money at this point. Some of the defined pension plans may survive, but if I were a public employee counting on them long-term ... I'd probably be concerned about their their solidity given the appetite to curtail retirement benefits (for government workers).
Many larger corporations didn't start phasing out their pensions until the late 1990s early 2000s. In my case, my employer (a teaching hospital) decided to stop funding pensions for new employees in the mid-2000s and gave vested employees the option of either a lump sum payment or to continue with pension payments until retirement. Since I was four years from retirement I opted to continue with payments and I now receive a comfortable monthly payment. This employer, and one I formerly worked for, had been offering 401K (and 403B) matches since the early 80s so I was very lucky with my choice of employers. It has made my retirement much more comfortable than some of my friends. I wish that my children had such an option!
Many larger corporations didn't start phasing out their pensions until the late 1990s early 2000s. In my case, my employer (a teaching hospital) decided to stop funding pensions for new employees in the mid-2000s and gave vested employees the option of either a lump sum payment or to continue with pension payments until retirement. Since I was four years from retirement I opted to continue with payments and I now receive a comfortable monthly payment. This employer, and one I formerly worked for, had been offering 401K (and 403B) matches since the early 80s so I was very lucky with my choice of employers. It has made my retirement much more comfortable than some of my friends. I wish that my children had such an option!
Our state pension made a change in 2011. Now it's a two-tier program. Those hired after July 1, 2011 have lesser contribution to the state pension and a choice between a 401K and a defined contribution plan. Tier 1 people are in a non-contributory plan with a higher contribution from the employer.
The reason many of us were spared the ax - is that the state legislators fall under the same plan. If we got the ax - so did they.
So there are lots of people here with big retirement incomes. Just wonder where you're getting it from. Private savings (or pensions - public or private). Please us know. Robyn
Our income comes from pensions .. I was a civil servant for 30 yrs. w a fixed annuity, and paid into SS, which I took at 62 . wife was in the Educational system for 34 yrs. w a fixed annuity pension, no SS. She also invested into another fixed annuity aside of her regular pension. Both incomes $8,700.00 a month. We are 63 now.
Last edited by retiredbig60; 02-24-2014 at 01:48 PM..
Reason: added something ...age
Yeah I can not believe how many are receiving pensions in this thread. I'm 55 and in 10 years those poll results will look totally different as more people my age start posting here.
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Pensions
