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Old 07-27-2019, 08:56 AM
 
72,175 posts, read 72,121,987 times
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Quote:
Originally Posted by SOON2BNSURPRISE View Post
I don't know anyone other than those that work for the Government that have a pension. Not a single business that I know offers them.
many pensions are contributory so it is based on what you contributed . my wife contributed very little to hers . she worked for the united jewish appeal . she gets 50 bucks a month from it ... it pays for her nails ha ha
in private industry most are tied in as a union benefit .
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Old 07-27-2019, 09:18 AM
 
Location: Knoxville, TN
1,330 posts, read 610,612 times
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Quote:
Originally Posted by SOON2BNSURPRISE View Post
I don't know anyone other than those that work for the Government that have a pension. Not a single business that I know offers them.
There are some non-government workers who are still retiring with pensions from private industry, but many of them are in old plans that are no longer offered to new workers.
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Old 07-27-2019, 09:45 AM
 
2,238 posts, read 765,943 times
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Quote:
Originally Posted by JOinGA View Post
There are some non-government workers who are still retiring with pensions from private industry, but many of them are in old plans that are no longer offered to new workers.
Yes- I worked in the insurance industry and get one $900/month non-COLA pension from a company where I worked 1985-1995 and another, same amount, where I worked 2002-2006. DS had one at the insurance company where he used to work but changed jobs and no longer has one.
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Old 07-27-2019, 10:16 AM
 
Location: RVA
2,178 posts, read 1,277,192 times
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Quote:
Originally Posted by JOinGA View Post
There are some non-government workers who are still retiring with pensions from private industry, but many of them are in old plans that are no longer offered to new workers.
Exactly. GE, Honeywell, & Electric and Gas Utilities etc, all offered pensions (some may still), but the big ones stopped for new employees around 2008. Everyone I worked with that retired last month (1700 people) all got pensions, including me, and it was a huge part of my retirement plans, with ~25% of it being COLA. DW was a teacher and gets a COLA pension. Plenty of my still working co-workers are all still going to get pensions in 15-20 years.
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Old 07-27-2019, 11:05 AM
 
154 posts, read 38,547 times
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Quote:
Originally Posted by covener View Post
Subtract SS from your retirement planning and you'd need in the neighborhood of a million in active investments to safely withdraw 2k/month. 1.7 million isn't that far-fetched.
thank you. we have about 175K saved, and most everything is new or remodeled so nothing will need repair for a long time- car, house, etc. We fall very short in theory, but in reality, are doing fine.

I was in error in counting his a part b as an expense when I shouldn't so we have a little more than what I thought.


We have a little more to spend when accounting for that.



Otherwise I will continue to work two 12 hr shifts, it's easy and keeps me healthy still saving about 50% of the income towards our savings.

We can go whenever we want, trading shifts w/ some PTO allows for that.

Last edited by ElmersGlue.; 07-27-2019 at 11:14 AM..
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Old 07-27-2019, 11:15 AM
 
72,175 posts, read 72,121,987 times
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one of the problems is that you see many many people who are just anti investing outside of their house .

so they count on the cost cutting of the house , which of course has a bottom , after which there is nothing left to cut and expenses keep rising .


so the problem down the road becomes that they are so anti investing that they don't realize that most rules of thumb are based on using a certain percentage of equities to sustain growth .

they don't realize being fixed income only may require a whole lot more in savings to safely produce the level of income they were hoping to see .

i just posted an example where it would take saving 400k more on top of a million if fixed income is used with no equities to get the same 40k safely .

so the catch 22 is they cant grow their savings effectively without the use of equities so they may achieve a higher savings amount to try to not have to use equities in retirement .

the difference between a 3% draw using just fixed income vs a 4% draw with at least 40% equities can be a 25% pay cut ..


.
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Old 07-27-2019, 11:18 AM
 
29,903 posts, read 34,959,090 times
Reputation: 11807
Quote:
Originally Posted by SOON2BNSURPRISE View Post
I don't know anyone other than those that work for the Government that have a pension. Not a single business that I know offers them.
Ok. That wasnít the discussion. You asked someone how many people they know and I said if you have one the people you work with probably do. You donít so you donít know many who do. I understand that!
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Old 07-27-2019, 11:24 AM
 
7,334 posts, read 8,693,690 times
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Quote:
Originally Posted by covener View Post
Subtract SS from your retirement planning and you'd need in the neighborhood of a million in active investments to safely withdraw 2k/month. 1.7 million isn't that far-fetched.
For a safe withdrawal of $2k/month, you need $600k in the nest egg, with an equity allocation of at least 40%. $1M in investments would net $3,334/month.
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Old 07-27-2019, 11:46 AM
 
154 posts, read 38,547 times
Reputation: 322
Quote:
Originally Posted by mathjak107 View Post
one of the problems is that you see many many people who are just anti investing outside of their house .

so they count on the cost cutting of the house , which of course has a bottom , after which there is nothing left to cut and expenses keep rising .


so the problem down the road becomes that they are so anti investing that they don't realize that most rules of thumb are based on using a certain percentage of equities to sustain growth .

they don't realize being fixed income only may require a whole lot more in savings to safely produce the level of income they were hoping to see .

i just posted an example where it would take saving 400k more on top of a million if fixed income is used with no equities to get the same 40k safely .

so the catch 22 is they cant grow their savings effectively without the use of equities so they may achieve a higher savings amount to try to not have to use equities in retirement .

the difference between a 3% draw using just fixed income vs a 4% draw with at least 40% equities can be a 25% pay cut ..


.
I saw what you posted and appreciated it. Very good points
Without investments, careful planning must make up for it.

Having your home as your main investment can be very lucrative, it really depends.
A home in the city cannot usually pay for itself unless you rent out a room. There is no leverage for creativity in sourcing income options.

In my mind, we have 4 acres because it's use-able and the remaining 15 acres is on the other side of the County road 90% on a hill. Or if you want to drive another 15 minutes on an old BLM road, it is attainable


Contractors sometimes stop asking if we want to sell our trees. We say no. We have a building pad here, w/plenty of water to the pad, solar panels and batteries but he won't rent it out to an RVer. It could be utilized for AIRB&B maybe or a long term renter. He wants privacy.

Replacements for items that may wear out- the stove, a half refrigerator, solar, batteries, pipes, are stored away. Investments paid for this home, we waited to avoid replacing and repairing items. Expenses increase as health decreases but much of our expenses are related to vacations/ and our numerous toys (motorcycles, ATV's, boat, bikes, etc). Careful planning really helps.
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Old 07-27-2019, 12:37 PM
 
14,283 posts, read 24,060,472 times
Reputation: 20142
Quote:
Originally Posted by SOON2BNSURPRISE View Post
I don't know anyone other than those that work for the Government that have a pension. Not a single business that I know offers them.
I have a pension from two of the manufacturing companies that I worked for. My wife will receive a pension from the insurance company, her last employer.

Neither of us has a government pension as we passed on government positions as we did not like working in that environment.

The pensions are far less significant than the benefits of the 401(k) plans afforded.
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