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Old 08-04-2017, 02:18 PM
Location: Raleigh
8,047 posts, read 5,903,506 times
Reputation: 9785


Originally Posted by Joe33 View Post
I paid into my own retirement fund<>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.
FIL has been successful in that way, too. He's 99 and has been retired longer than he worked. He and his wife live in a retirement center and between SSA and their pensions, they do not have to touch their savings.
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Old 08-04-2017, 02:25 PM
491 posts, read 598,639 times
Reputation: 2095
My small business owner boss had a keogh. So, if he invested 10%a year of his wages he had to do the same for me. But I couldn't contribute anymore. When I left @ 20 years it was worth 100k, which really isn't much. I saved additional money in Roth s. So I guess a little of each.
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Old 08-04-2017, 03:30 PM
6,840 posts, read 3,878,287 times
Reputation: 15620
Originally Posted by flyonpa View Post
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.

Thanks. It's too late now, but that's okay.
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Old 08-04-2017, 03:51 PM
130 posts, read 88,841 times
Reputation: 282
Originally Posted by Joe33 View Post
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.
The reason I espouse ETFs is that they require very little intervention from managers and you can find good low MER funds with a bit of research. That said, the market can ********* by dropping at times that are bad for you (ie: right before you retire), but the long term averages are what you are playing and that should average out to 8-10% over the long term. My best returns over the last 30 years have been in real estate. My worst were in high risk high reward small cap stocks.

I agree completely that there are some public pensions that are outrageous. Usually the most outrageous of them all go to the politicians (especially federally!) I appreciate that you recognise that they aren't all bad. I'm part of one that requires quite high contributions (currently around 13%) and maxes out at 70% of 5 year HAAS after 35 years of service assuming you reach age 62 by then. The fund is self funding and has employer matched contributions.
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Old 08-04-2017, 04:13 PM
Location: Surf City, NC
364 posts, read 553,619 times
Reputation: 946
Originally Posted by M3 Mitch View Post
Wandering off topic a bit, I *think* you could work another 2 years at any SS paying job, and then could draw SS. I *think*. Assuming you can find a job that you want to do, and are able to work. Even part time work might qualify you. Just sayin'.
You are correct. I worked about nine years under Social security before taking a federal job. I had 36 "credits" and needed 4 more to collect SS. Credits are no longer based on quarters worked, but on a set dollar amount earned (which rises with wages over time) within a year. You can earn up to four credits per year. I was able to earn my needed 4 credits with five months of 32 hours a week Walmart wages. If I had needed more I would have had to earn them in another year. I should now be able to collect SS when I turn 70, but it will be whacked by about half due to the "Windfall Prevention Act," because I collect a Federal pension. Her other consideration, though, is that it might not be worth working for it if her SS based on her husband's earnings is greater than what hers would be. She can only collect one. I'm not married, but as a Federal pensioner there is another law that would prevent me from collecting on my husband's SS. If she can collect on his, it may be more than hers would be.
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Old 08-04-2017, 04:19 PM
Location: Middle of the ocean
31,724 posts, read 20,009,652 times
Reputation: 45791
DH's pension is contributory, but he will get back waaayyyy more then he put in. Mine was non-contributory and will like pay for the utilities... Most of my retirement is in a 401(K)
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Old 08-04-2017, 06:08 PM
Location: Scottsdale, AZ
7,708 posts, read 4,738,002 times
Reputation: 28260
Originally Posted by Nightengale212 View Post
That is so true. Prior to my father preparing to go into emergency surgery which his chances of survival were slim, both my sister and I had each a few private minutes to spend with him before he was whisked off to surgery. Sadly this would be the last conversation I would have with him as he never regained consciousness after his surgery and passed away two days later. During those few minutes we had to talk and I really think he knew he was not going to survive, and he went on to tell me how much he loved me and how proud he was of me, and his final parting words were knowing I had the tendency to be a job hopper he said "whatever you do DON'T leave your Federal Government job because that pension it will provide you is more valuable than you realize and will come in handy when old dad will no longer be around to help you out."

Very glad this stubborn hard headed daughter followed this wise advise of her dear late dad.
I am sorry for your loss but glad for you that you had such a wonderful dad.
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Old 08-04-2017, 06:20 PM
Location: The Triad (NC)
28,537 posts, read 62,253,689 times
Reputation: 32262
Originally Posted by BabyJuly View Post
I am wondering if your pay was docked for your pension; or if it was free?
Do you get other benefits and healthcare too?
Nothing is free no matter how the accounting might be managed.

Almost every job that has a pension will pay less than the market value of the work/skill.
It's a compromise or bargain people make to take government jobs and stick with go nowhere
corporate jobs. This reality is at the root of the shift to Keough and later IRA plans.
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Old 08-04-2017, 06:30 PM
Location: Virginia
172 posts, read 108,163 times
Reputation: 508
I am an educator and it started off that the state contributed to it and I didn't have to contribute at all. Somewhere around 2008-2010 when the economy starting bottoming out we had to start contributing. Every year when we got a raise it went straight to funding our retirement. So we now pay in 5%. My husband on the other hand has been with his company for about 30 years and he gets a pension and did not have to contribute to it. He also has a 401K that the company does a great job of matching. Those who have come in in the last 10-12 years only get that same 401K. Times sure have changed. My children will never see a company funded pension. Just hardly even exists any more.
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Old 08-05-2017, 12:09 AM
Location: Wasilla, AK
7,277 posts, read 4,158,066 times
Reputation: 15728
What would have been paid into social security instead went into my State of Alaska PERS account. My military retirement required no monetary contribution.
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