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View Poll Results: Your Employment-related Sources of Retirement Income
I have/will have 401K and/or pension plan income from my employer(s) 138 89.03%
No 401K/pension plan of my own but may receive benefits from my spouse's plan(s) 4 2.58%
Never had a 401K and/or pension plan and neither does/did my spouse 13 8.39%
Voters: 155. You may not vote on this poll

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Old Yesterday, 02:08 PM
 
1,189 posts, read 769,305 times
Reputation: 3406

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Quote:
Originally Posted by Dreamingisfree View Post
I would guess what he meant is pensions are 100% employer dependent, if an employer doesn't offer a pension you won't have the chance to contribute to it...same with employer sponsored 401K's.
no, the sentence prior explains what the thought is regarding the supposed difference.


"I wouldn't group 401k and pension together, since they are different. A 401k is not JUST from the employer; the employer contributes SOMETHING to it, but it is a joint employer-employee contribution investment retirement account.

A pension is 100% from the employer. It also isn't protected by law to the same extent as a 401k."
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Old Yesterday, 02:23 PM
 
Location: Illinois
18 posts, read 1,349 times
Reputation: 12
Quote:
Originally Posted by old fed View Post
no, the sentence prior explains what the thought is regarding the supposed difference.


"I wouldn't group 401k and pension together, since they are different. A 401k is not JUST from the employer; the employer contributes SOMETHING to it, but it is a joint employer-employee contribution investment retirement account.

A pension is 100% from the employer. It also isn't protected by law to the same extent as a 401k."
You are right, that's what I get from not looking at the original post.
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Old Yesterday, 03:02 PM
 
Location: Central Ohio
623 posts, read 258,112 times
Reputation: 1201
Quote:
Originally Posted by NewbieHere View Post
I moved to Boston when I first graduated from college with zero money. Of course itís easier said then done, itís also easier to complain then do something about it. For the records, I made $24k in 1982, I paid $450 a month for a condo in Andover, a very nice area.
I had no choice, at least I didnít think I had any choice, either that or staying in SoCal, where both of my brothers were under employed for years. Yes, I could say Iím always a risk taker. Maybe you are not that type.
Same here...but move was to Seattle and the first few years, I worked for a non-profit, making not much more than you say you made in 1982, but we're talking 1995! I lived in a low rent studio the first couple of years before being hired on by the city...where for the first few years, I still didn't make a lot, but could afford a 1-bedroom apartment at least.....a few years further down the road, bought a 3/1 ranch out in the boonies and continued working and paying the mortgage....when it came time to retire, sold the house, pocketed $100,000 profit, collected my pension and finally got to relax! Serious Conversation, you are younger than I was when I made my move, you are single, no kids to support.....pick an "up and coming" area and go for it! You might take a look at Cleveland, where I rented before moving further south here....it is on an upswing and still affordable....not everyone's cup of tea...but you need to take a chance at some point....or just decide you are content where you are....
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Old Yesterday, 03:17 PM
 
1,189 posts, read 769,305 times
Reputation: 3406
Quote:
Originally Posted by Dreamingisfree View Post
You are right, that's what I get from not looking at the original post.

we've all done it.
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Old Yesterday, 03:55 PM
 
901 posts, read 1,528,978 times
Reputation: 1886
I have a very good pension and a rolled over 401K that at 65 I am slowly drawing on for tax reasons. Will take SS at 70. I also have a very substantial deferred comp account that I get a distribution from every February and have 7 more years of payouts. This money is at risk if the company goes under. Not much I can do about that except light candles in church.
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Old Yesterday, 05:41 PM
Status: "Put the Wet Stuff on the Red stuff" (set 11 days ago)
 
Location: USA
1,336 posts, read 437,390 times
Reputation: 1149
Pension, SS, 401k, two homes no mortgage. Will sell one by next year and invest proceeds
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Old Today, 04:21 AM
 
1,217 posts, read 717,222 times
Reputation: 2149
We had no match to our 401k contributions, we made no contributions to our pensions.
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