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Old 08-04-2017, 07:19 AM
 
Location: MMU->ABE->ATL->ASH
9,126 posts, read 17,137,876 times
Reputation: 9980

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Quote:
Originally Posted by Harpaint View Post
I planned on getting a pension, but the hospital I worked for went bankrupt and the pensions weren't paid. It was the worst for the nurses who were older at the time and had no chance to make up for it, but fortunately I did okay.
The pensions were not covered by the Pension Benefit Guaranty Corporation ?? https://www.pbgc.gov/ ??

Check the side you might have one in the https://www.pbgc.gov/search/unclaimed-pensions section.
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Old 08-04-2017, 07:37 AM
 
Location: Here and now.
11,917 posts, read 3,634,332 times
Reputation: 12869
There is no such thing as a free pension. They are earned, just like wages.
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Old 08-04-2017, 08:19 AM
 
656 posts, read 309,979 times
Reputation: 1225
Mine is "free" but yours is very generous for only 6 years of work. Mine works out to be considerably less per year.
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Old 08-04-2017, 08:51 AM
 
Location: Kalamalka Lake, B.C.
3,044 posts, read 4,014,767 times
Reputation: 3898
Social Security USA IS what you yourself contribute. As is Social Insurance in Canada, and I get both as I contributed through legal payrolls. If you have a large amount of contributions on your part your add on in both countries would diminish: Old Age pension and supplements are because you're made it that far!!
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Old 08-04-2017, 10:32 AM
 
130 posts, read 88,508 times
Reputation: 282
Quote:
Originally Posted by Joe33 View Post
I paid into my own retirement fund. An average of about 24% of my income for 30 years. My neighbor who is a retired firefighter and only paid in 3% is receiving more monthly than I pay myself and will continue to receive it as long as he lives. My retirement plan will run out of money after only 10 years. I made a good return on my investments over the 30 years and earned about double what my neighbor earned. My neighbors father is also a retired firefighter. he has been retired for 30 years now and still is receiving a pension. He told me one day that he has made more being retired then he ever earned working.
This makes no sense from an actuarial point of view. Invested in an ETF, this should result in enough to live on almost indefinitely based on the facts you've presented. I teach financial planning in high school and work up a spread sheet for the kids to show them what happens if they invest money year for 30 years and compare to inflation over that amount of time based on average stock market returns with dividend reinvestment. If you earned for example 40k a year and invested a quarter of it in a retirement fund, following these averages, you'd have the equivalent of half a million after accounting for inflation, which would be providing close to 38k a year in a non-depleting fund (although after accounting for inflation it will be a depleting fund).

The price your neighbour payed for his pension is earning half the salary while putting his life on the line. A fair reward for a dangerous job in my opinion.
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Old 08-04-2017, 10:58 AM
 
Location: Central Massachusetts
4,800 posts, read 4,846,832 times
Reputation: 6379
Mikereilly there should be more of that being taught.

One pension I'm getting is military so low pay and long hours paid that. The other is as a number of people have here cost 0.8% of my pay.
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Old 08-04-2017, 11:04 AM
 
Location: The sleepy part of New York City
1,953 posts, read 1,206,352 times
Reputation: 4327
Quote:
Originally Posted by Joe33 View Post
I paid into my own retirement fund. An average of about 24% of my income for 30 years. My neighbor who is a retired firefighter and only paid in 3% is receiving more monthly than I pay myself and will continue to receive it as long as he lives. My retirement plan will run out of money after only 10 years. I made a good return on my investments over the 30 years and earned about double what my neighbor earned. My neighbors father is also a retired firefighter. he has been retired for 30 years now and still is receiving a pension. He told me one day that he has made more being retired then he ever earned working.
I believe it. They didn't want my husband to retire but at the time they were hiring new guys and that would have eliminated a lot of OT which is where hubs made most of the money. He would have made less if he had stayed there at regular salary.
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Old 08-04-2017, 01:28 PM
 
Location: SW Corner of CT
1,948 posts, read 1,536,337 times
Reputation: 2438
We contribute 2%....well worth it in my eyes
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Old 08-04-2017, 01:42 PM
 
Location: PA
25 posts, read 10,103 times
Reputation: 90
I asked DH this very question several weeks ago. He's been with his megacorp for over 37 years and gratefully has a good pension coming. According to him, he did not contribute anything toward his pension in all those years, hence it was *free* to him. The company froze the pensions in 2016 but transitioned percentage contributions to his 401K in addition to the percent they already match.
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Old 08-04-2017, 02:00 PM
 
1,168 posts, read 780,308 times
Reputation: 1418
Quote:
Originally Posted by mikereilly View Post
This makes no sense from an actuarial point of view. Invested in an ETF, this should result in enough to live on almost indefinitely based on the facts you've presented. I teach financial planning in high school and work up a spread sheet for the kids to show them what happens if they invest money year for 30 years and compare to inflation over that amount of time based on average stock market returns with dividend reinvestment. If you earned for example 40k a year and invested a quarter of it in a retirement fund, following these averages, you'd have the equivalent of half a million after accounting for inflation, which would be providing close to 38k a year in a non-depleting fund (although after accounting for inflation it will be a depleting fund).

The price your neighbor payed for his pension is earning half the salary while putting his life on the line. A fair reward for a dangerous job in my opinion.
I earned and saved a lot more than that.

In theory you would make those returns but doesn't actually work that way in the long run. Resessions, bad fund management so on and so forth.

Get real. Being a firefighter is one of the SAFEST job in the country.

Anyhow my point wasent about that. It was about the ridiculousness of the pensions that public sector workers receive in some places. I know that not all are like that. But the ones that are should be dealt with.
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