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Since Pensions depend on how many years and how much salary, the amounts can be all over the map. DW taught in two different states, each time 12 years. But her 2 12 year pensions are far less than a single 24 year one would be, and when she worked, teacher pay wasn’t that high, and she took a pay cut when she relocated to the second state. I have a 26 year pension with the same company and had a high salary and my pension is 5 times what hers is. Our pensions will be more than our combined SS for most of our lives, and they are the main reason that she retired at 56 and I did at 61. Knowing we had a fixed income, much of it COLA, over $100k, meant much less concern over market performance. The NPV of pensions can be directly subtracted from that fanciful $1.7M swag.
pensions , alimony , social security , rental and any other income not related to the portfolio all get subtracted off your yearly income needs . what ever is left is what the portfolio has to supply to make up the short fall .
the portfolio is then stress tested for the amount you will have and the income you hope to generate just from the portfolio portion ...
you want at least a 90% success rate .... at least 40% equities for 30 years will do that at a initial 4% draw rate , fixed income only will not hold 4% safely .
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.
You made the right decision for you working in the private sector instead of the public sector, but myself having worked in both, with private sector healthcare in general not offering very good benefits I have absolutely no regrets going from private sector to the Federal Government employment. In addition to the Federal Government having a TSP/401K with 5% match which for most of my service years I was able to max contribute, with 23 years of service I will retire with a $30,000/year lifetime COLA adjusted defined pension. I don't think my pension amount is too shabby for that amount of service years considering my FRA Social Security amount although I know the calculation is different is exactly the same amount as my pension but that one took 35 work years.
This was a perfect example of what can happen when people try to save money on wills and trusts . my wife's father-in-law never saw his intentions carried out , the wrong people ended up laying claim because legally they now had a loophole , even though it was specified they were to get nothing and it cost us a lot of unnecessary money to deal with both the buyout and the lawyers to handle this fiasco . the worst part is my wife may not have been not entitled to anything the way it worked out since there were no provisions for her husband predeceasing his parents .
<snip>just one missing sentence caused all this to happen .
A bit OT but this is another example of what happens when a will is badly-prepared.
Summary: OP's FIL had kids by his first marriage (including the OP's wife), abandoned them, "remarried" without telling new wife of his first marriage, had more kids, left a multi-million dollar estate and a will that doesn't mention the first set of kids by name (since he didn't want his family to know of their existence) and leaves it all to the second set of kids. The first set of kids may have a legal claim to the estate since they weren't specifically disinherited.
A badly-written will is worse than no will at all.
Summary: OP's FIL had kids by his first marriage (including the OP's wife), abandoned them, "remarried" without telling new wife of his first marriage, had more kids, left a multi-million dollar estate and a will that doesn't mention the first set of kids by name (since he didn't want his family to know of their existence) and leaves it all to the second set of kids. The first set of kids may have a legal claim to the estate since they weren't specifically disinherited.
A badly-written will is worse than no will at all.
my ex wife inherited her mothers house and also ran in to issues ... she went to refinance it and the title company asked to see the will ...
well they stopped the closing once they read it . apparently it was missing a word ... it said to my child beth i leave my house .....it failed to say ONLY child ....
all the attorneys had to be paid for the day , we lost the rate and affidavit's from relatives had to be gotten stating she was an only child .
people misjudge how important these documents can be. even so much as removing a staple can throw a will in to question . in some states like ours having proper witness's can be important ..
nothing ever is a problem until its a problem with wills and trusts and by that time there are no do overs .
my ex wife inherited her mothers house and also ran in to issues ... she went to refinance it and the title company asked to see the will ...
well they stopped the closing once they read it . apparently it was missing a word ... it said to my child beth i leave my house .....it failed to say ONLY child ....
all the attorneys had to be paid for the day , we lost the rate and affidavit's from relatives had to be gotten stating she was an only child .
people misjudge how important these documents can be. even so much as removing a staple can throw a will in to question . in some states like ours having proper witness's can be important ..
nothing ever is a problem until its a problem with wills and trusts and by that time there are no do overs .
So she didn’t get her inheritance because of that missing word. Crazy.
no she got the house , this was an equity loan we were taking .. the title company stopped the closing though ...she needed affidavits stating she was an only child .. but all the attorneys got paid for the day and we had 7-7/8% as a rate then . by the time we rescheduled it was 8-1/4
Last edited by mathjak107; 07-28-2019 at 12:49 PM..
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.
My son works for UPS. he still gets apension. now he's in his late 20's so only God knows what it will be when he retires.
I will receive a pension from Dupont Chemicals when I pull the plug. It will be based on my salary and years of service.
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