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Old 08-05-2017, 12:56 AM
 
Location: Gulf Coast
1,168 posts, read 658,173 times
Reputation: 2277

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I never feel so poor as when I read these posts on the retirement threads. Those of us who worked up to 80 hours a week with their own small company have no pension. We could have set something up, but really could the company afford it? Probably not. We did the best we could squirreling away little bits. It does add up. Thank God for Medicare and Social Security. We never minded paying for that, though sometimes the company match was hard. We've been paying double for many many years because of that match. And DH, who isn't collecting yet is still contributing to his SS and Medicare, even though he's only 1 year away from 70. The medicare tax hardly seems fair at this point.

Anyway, those of you who have pensions, be very grateful!
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Old 08-05-2017, 05:40 AM
 
Location: Bella Vista, Ark
72,221 posts, read 83,931,490 times
Reputation: 41988
I was lucky, I worked for a wonderful company that had great benefits and my pension, though very small, is a gift to me I always feel. I didn't put in a penny. I did contribute to my 401K but that was different. So many getting ready to retire now, don't even have much of a retirement, if any. I know my husband worked 12 years for the phone company, but of course didn't retire from there (his own stupid fault) He got nothing except a nice little party. At that time the phone company only offered retirements for those who were 65 years old. Or when they offered early retirements the benefit sucked.
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Old 08-05-2017, 07:10 AM
 
Location: Broken Arrow, Ok
10 posts, read 4,449 times
Reputation: 38
My pension was non-contributory but it was frozen around 1996 so the amount I get (around 950.00 per month) is based on my salary at the time. That's ok though, I contributed 15% of my salary to my 401k through the years, also have my late husbands 401k and am collecting survivor benefits from social security until I collect my own at 70. The pension is a nice extra benefit.
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Old 08-05-2017, 07:51 AM
 
Location: Coastal New Jersey
56,489 posts, read 54,891,239 times
Reputation: 67098
Worked for a regional public transportation agency. In a state pension fund.

When I started the job at 20, I didn't give a rat's ass about the pension. I was more concerned with the fact that they were offering more vacation time to start than anyone else. I was a bit put out after the first year was up when I was enrolled in the pension system and had to contribute 3% to something that was way far into the future and that I would never collect because I was gonna get married and have kids and be supported by somebody else.

37 years and a divorce later, I retired from that place. Never did get to sit home except for maternity leave (I did have one kid), but I am so grateful now to have been in that system. I was able to move up in the career that I never wanted, and I ended with a fairly decent position and salary for an uneducated woman. At some point along the way, they changed the rules so that after ten years you didn't have to contribute anymore.

I just turned 59, so full SS collection is still almost eight years away. I work part-time to kill some debt I incurred for my daughter's college education.

They also offered a deferred comp plan, but I was not able to afford to participate. I ended up a single mom and my ex was not big on keeping up with the child support, so things were tight when she was growing up.

I'm OK, though. I will never be rich, but I am comfortable enough. I have a small condo and a small car and some extras. Another bonus of where I worked is that I took my excellent health care benefits with me at no cost. Unfortunately for those behind me, they will not enjoy the same level of benefits that I have.
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Old 08-05-2017, 07:51 AM
 
Location: Las Vegas
24 posts, read 21,597 times
Reputation: 31
I've got a government pension that will pay 3 % for each of my high 5 consecutive years. During the past 30 years, I've contributived 5 % of my salary with the city matching. I've just now turned 55 and can collect 90 % of my salary. The big problem is HEALTH CARE...... I can't afford to retire and collect $75,000 from my pension, but have to pay $30,000 for HC...The million dollar question, what should I do ?

- Continue working at present job and building up my pension
- Retire and collect pension, but live frugually to get by
- Get new full time job (w/ HC) and start at bottom
- Get part time job for peanuts to help to get by
- ???????????????

(FYI pension does have 1 % COL)
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Old 08-05-2017, 09:08 AM
 
12,869 posts, read 14,163,506 times
Reputation: 35217
Quote:
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?
I had to contribute to my pension. We got large amounts of vacation and sick time, but our insurance sucked major...all of the choices were lousy or lousier.
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Old 08-05-2017, 11:37 AM
 
290 posts, read 299,251 times
Reputation: 349
Quote:
Originally Posted by MadManofBethesda View Post
That's incorrect.

Federal employees become vested in the FERS retirement system after only 5 years of service. If they then leave government employment, they would be eligible for a deferred annuity beginning at age 62.
If someone serves four years in the military, and does a time buy-back after going FERS, does that four count normally as the FERS years immediately after buy-back is complete? ie, if you bought back your time in the first year, on your 1-year anniversary at your new fed job, are you vested and eligible for the deferred annuity?

Or does it need to be five years at your new workplace?
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Old 08-05-2017, 01:02 PM
 
Location: Central Massachusetts
4,800 posts, read 4,872,245 times
Reputation: 6385
Quote:
Originally Posted by kiplingif View Post
If someone serves four years in the military, and does a time buy-back after going FERS, does that four count normally as the FERS years immediately after buy-back is complete? ie, if you bought back your time in the first year, on your 1-year anniversary at your new fed job, are you vested and eligible for the deferred annuity?

Or does it need to be five years at your new workplace?

In short the answer is yes. The retirement would be deferred to be collected at age 62 for 5% of your average pay rate.
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Old 08-05-2017, 01:19 PM
 
290 posts, read 299,251 times
Reputation: 349
Quote:
Originally Posted by oldsoldier1976 View Post
In short the answer is yes. The retirement would be deferred to be collected at age 62 for 5% of your average pay rate.
Nice. It would not be a ton of money when one considers inflation, but for feds who go over 5 years but won't hang for the full pension, it could make a nice small supplement later in life to help delay needing early social security.
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Old 08-05-2017, 05:12 PM
 
Location: SF Bay Area
1,424 posts, read 2,438,510 times
Reputation: 1777
Quote:
Originally Posted by L.V. SnowBird View Post
I've got a government pension that will pay 3 % for each of my high 5 consecutive years. During the past 30 years, I've contributived 5 % of my salary with the city matching. I've just now turned 55 and can collect 90 % of my salary. The big problem is HEALTH CARE...... I can't afford to retire and collect $75,000 from my pension, but have to pay $30,000 for HC...The million dollar question, what should I do ?

- Continue working at present job and building up my pension
- Retire and collect pension, but live frugually to get by
- Get new full time job (w/ HC) and start at bottom
- Get part time job for peanuts to help to get by
- ???????????????

(FYI pension does have 1 % COL)
$30,000? Why is it so high?
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