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Old 08-03-2017, 10:08 AM
 
Location: SoCal
13,236 posts, read 6,340,776 times
Reputation: 9854

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It was free to me. I'm not sure I would have gotten higher wages.
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Old 08-03-2017, 10:13 AM
 
Location: Atlanta
3,208 posts, read 3,200,569 times
Reputation: 2041
Quote:
Originally Posted by jim9251 View Post
Mine was non-contributory, but I could have contributed if I wanted to, and looking back, wish I would have. My retirement after 35 years along with Social Security I am barely scraping by and lucky to have $5 at the end of the month.


Easy street indeed.
Is your place of living paid for?
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Old 08-03-2017, 10:17 AM
 
Location: ☀️ SWFL ⛱ 🌴
2,435 posts, read 1,671,079 times
Reputation: 8704
DH's pension wasn't as visible to him like his 401k. His pension was a defined benefit, like the 401k match later on. It was the percentage of his pay he had taken out for the 401k that was felt. His pension may have had a price, but we weren't aware of it at the time.
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Old 08-03-2017, 10:19 AM
 
Location: Western Colorado
11,092 posts, read 12,478,899 times
Reputation: 26117
Quote:
Originally Posted by southkakkatlantan View Post
Is your place of living paid for?

My POS rental? No.
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Old 08-03-2017, 10:19 AM
 
2,394 posts, read 2,063,565 times
Reputation: 1648
Started at 3.5% it is now 7.5% of my pay
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Old 08-03-2017, 10:30 AM
 
43 posts, read 24,216 times
Reputation: 109
Teacher's Retirement System pension where I contribute 8.65% and receive a defined benefit pension that I can collect at 20 years of service (I'm currently working my 22nd year). I'm only 47 years old and could stop working right now and be eligible for approximately 45% of my high three year average salary for the rest of my life. I pick up 2.5% increases on that 45% though by continuing to work each year plus at 25 years of service I pick up full health care coverage for life so it makes no sense to quit until I finish up my 25th year and then, yeah, theoretically I could be on "easy street".
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Old 08-03-2017, 10:36 AM
 
Location: Florida -
8,767 posts, read 10,848,423 times
Reputation: 16640
As Volosong and Reneh63 suggested, there are no "free pensions." Even if a regular withdrawal toward one's pension is not evident (ie; the military), a 'pension' is a job/career benefit with an associated value (and cost).

About the only place that isn't true is with politicians who vote themselves significant lifetime pensions after a single term. But, not many are fortunate enough to fund a career AND retirement with 'other people's money.'
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Old 08-03-2017, 10:37 AM
 
Location: Seattle/Dahlonega
547 posts, read 388,606 times
Reputation: 1553
I specifically chose a job in the public sector that offered a pension. Started out at 8% contribution, now at 10%. That's a good chunk out of a paycheck when you think about it. No opting out of it.
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Old 08-03-2017, 10:42 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,815 posts, read 54,486,657 times
Reputation: 31118
My pension has cost me about 7% out of my pay every period, and my 457 is matched up to a certain annual maximum by my employer. My wife has the same situation with her employer.
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Old 08-03-2017, 10:47 AM
 
506 posts, read 261,422 times
Reputation: 816
Quote:
Originally Posted by jghorton View Post
As Volosong and Reneh63 suggested, there are no "free pensions." Even if a regular withdrawal toward one's pension is not evident (ie; the military), a 'pension' is a job/career benefit with an associated value (and cost).

About the only place that isn't true is with politicians who vote themselves significant lifetime pensions after a single term. But, not many are fortunate enough to fund a career AND retirement with 'other people's money.'

Federal politicians, Senate and House, do not receive lifetime pensions after just one term. They're on the same retirement system that I am, called FERS. There are numerous conditions that need to be met before you can collect a pension. The only way a one term federal politician could receive a pension would be is they served as a Senator (6 year term) AND were over 62 years of age. Even then, it's not their full salary, it would be under 10% of their final year salary. Still more than most, but certainly not the ZOMFG free insurance and pension for life like you and your friends keep forwarding back and forth to each other in ****ty chain emails.


Your state might have crappy rules like that, but then again you probably voted for them.
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