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In retrospect, I don't know. I had just received my MBA (paid for by the company), and I wanted to expand my career horizons. There was lots of work, especially in NJ; and people n the industry back then tended to jump around.
They are not free but I understand what you are saying. Unfortunately a lot of people that have pensions do not understand the value of the benefit while they are working.
I worked for The Company 10 years. 1980 - 1990. So I get a small pension. $500.
It was "free". "Free" because I didn't pay for it. But it wasn't free. I left The Company because I was a top salesman and they just didn't pay very well.
I'm retired now. I did a lot better without The Company and all its benefits.
For me, leaving The Company was a good idea. I loved being self employed and taking charge of my own affairs. And we love the fact that we own and control all our own assets. I just didn't want a pension and all that stuff. No matter what they told me, I knew it wasn't "free".
They are not free but I understand what you are saying. Unfortunately a lot of people that have pensions do not understand the value of the benefit while they are working.
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 admit to being envious of those of you lucky enough to have a full pension to fund your retirement. From reading posts on C-D, seems like many of you are on Easy Street; and your SS is bonus money that you can do with what you please! And then you have your savings on top of that. I do realize you guys worked hard for your money, so enjoy!
I worked for a company for only 6 years, and left it in 1999. I left a vested pension that I did not understand. I since learned when I am 65, I will get a Single Life Annuity Pension of $465 a month for my years worked. I did not have to pay into this pension fund.
I am wondering if your pay was docked for your pension; or if it was free? Do you get other benefits and healthcare too?
My employer contributes the greater percentage. I contribute 5%, by law. Health care insurance cost is again, mostly born by my employer, I pay about $300 a month. Nothing is "free", I assure you. Benefits are an employment cost. It's simply part of the total package the employer offers, in exchange for your employment.
<>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 in this world is free. Social Security is funded by workers and employers. Self employed people pay both shares. 401 type plans are contributed to by employers and employees and management fees are paid by employers. Pension plans are funded by employers in some cases, and funded by payroll deductions or union dues in other cases. All of this money is held in closely monitored accounts, that are very hard to rob. Except Unions funds can be invested in shady deals and Congress has seen fit to raid SSA reserves to pay debts. And some employers and government bodies have just decided to not fund promised pensions [/rant]
Oh, wait, sorry. Your question was are they "free"? The fact is the money, of whatever source, was taken out of a potential wage and contributed to a benefit, so no, it is not free.
In my specific case, I've been paying into SSA funds since my first job until my last, my corporate pensions were employer funded, and my various 401 accounts were built up from employer contributions combined with payroll deductions. I also have several IRAs and annuities which were personally funded, some before tax, some after tax.
You used the word "docked" which has no meaning in the world of benefits. Docked is when you don't show up. I imagine what you are thinking about is did I contribute money to the pension/IRA/401/etc., system directly from my paycheck as a monthly line item on my stub? In some jobs yes, in others, no. When it was not a line item you can be sure that my employer was able to obtain my services for less because they provided a benefit.
I do not think I ever had a job where I was not provided with some sort of contributory health care. (Meaning we paid part) The exception being when I was self employed or a business owner. Dental care was rare. Life insurance paid by the employer was common.
"Next week, 'Who pays for your Healthcare?' "
My wife worked for a bank for 8 years. She now gets a pension for the grand amount of $334 per month. She did not have to pay anything into it while she was working there. Buy hey, it gives her some pocket money each month and if she passes away first, I get $285 per month.
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.
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.
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