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Would you take a job that at the most pays 50K if it came with a pension? Someone is urging me to do this because you can retire by 60 but to me it seems like you will be struggling financially for the next 20 to 30 years just to retire early.
I know most here probably wouldn't do this but I want opinions.
It depends on the situation.
Do you presently have a higher paying job with a pension?
Do you have any other job prospects in the immediate future (already applied, tentative offer, interview)with a higher salary and better pension?
Do you have a significant other to split the bills with?
If you are not presently employed or in the pipeline for a higher paying job with a pension I would say go for it. Work there until you can find greener pastures.
However if you have the skills, experience education to secure say a $80k, $100k job without a pension that offers matching 401k that would be a better option.
Retiring comfortably is more than a job offering a pension. You have to do the math and see what your financial needs will be. How much money you may need for housing (best case scenario is your house is paid for ). How much you will need for bills. Will you have kids still in school etc. Some people can make it work for them. Some can't.
Although pensions are rare lately, there are still a few city, state federal jobs that offer pensions. Explore all your options if you don't have your heart set on working in a particular field.
It depends on the situation.
Do you presently have a higher paying job with a pension?
Do you have any other job prospects in the immediate future (already applied, tentative offer, interview)with a higher salary and better pension?
Do you have a significant other to split the bills with?
If you are not presently employed or in the pipeline for a higher paying job with a pension I would say go for it. Work there until you can find greener pastures.
However if you have the skills, experience education to secure say a $80k, $100k job without a pension that offers matching 401k that would be a better option.
Retiring comfortably is more than a job offering a pension. You have to do the math and see what your financial needs will be. How much money you may need for housing (best case scenario is your house is paid for ). How much you will need for bills. Will you have kids still in school etc. Some people can make it work for them. Some can't.
Although pensions are rare lately, there are still a few city, state federal jobs that offer pensions. Explore all your options if you don't have your heart set on working in a particular field.
Its not just to retire early, its for a secure retirement. Think about what the pension will pay you... 50%-60% of your highest salary, for life...? So tack on 50% of your salary and figure thats your true benefit.
Do you think you can save that much money every year in a higher paying job?
Pensions can be "frozen" pretty easily by the private sector unless they are covered in a strong union contract. The company can't take away any benefit you have accrued already, but the company can stop putting money into your account. That's what happened to my pension. I've been at the company 13 years, but I'm getting credit for only seven years, because that's when the pension ceased.
So just be aware of that if the company you're considering is not a government agency.
Buy one of those cheap coops in Pelham Parkway for $60-100k, deal with a 45-1hr commute, live large when you retire (possibly). Bedford Park, Norwood, and the portion of Kingsbridge north of 230th st (and possible Marble Hill) are quite excellent for this as well.
You could probably take advantage of this, but it depends on how you want to live in the now. 50k is like 2.6k/mo I think. Extremely livable if you take advantage of a cheap place, and if you can win a lottery possibly better though ownership certainly conveys its own benefits.
Would you take a job that at the most pays 50K if it came with a pension? Someone is urging me to do this because you can retire by 60 but to me it seems like you will be struggling financially for the next 20 to 30 years just to retire early.
I know most here probably wouldn't do this but I want opinions.
How heck could you retire on 50K a year? Even with a 100% pension. And most pensions only pay like 50% of your last salary.
Pensions will be a very hotly contested issue going forward. Your future benefits can be restructured / slashed if your company / gov't agency files for bankruptcy. And this will happen to many companies / gov't agencies, specifically due to unfunded pension liabilities, which look to be entirely unsustainable. It's why many private companies have moved from defined benefit to defined contribution retirement plans.
Just look at Chicago. Economic hub of the Midwest, and the city's finances are being brought to its knees due solely to pensions
Would you take a job that at the most pays 50K if it came with a pension? Someone is urging me to do this because you can retire by 60 but to me it seems like you will be struggling financially for the next 20 to 30 years just to retire early.
I know most here probably wouldn't do this but I want opinions.
Why not? Scores if not hundreds of NYC civil servants have done just that for decades.
For some persons the best job they are going to get is a *relatively* low wage civil servant position. However the bennies including guaranteed pension are better than they are going to get elsewhere.
Would you take a job that at the most pays 50K if it came with a pension? Someone is urging me to do this because you can retire by 60 but to me it seems like you will be struggling financially for the next 20 to 30 years just to retire early.
I know most here probably wouldn't do this but I want opinions.
Not so sure anyone should ever take a job because of the promise of a pension. Millions of people who have paid into pension systems for decades have been totally screwed by corporations that declare bankruptcy and squirm out of their pension obligations, and states and municipalities that have done the same. And then there are millions more whose pensions have been reduced considerably( like 50%) from what they were promised and expecting. It seems to be a trend.
If you have another 20 or 30 years to go until retirement I wouldn't count on anything ,even social security.
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