How much was your private sector pension worth? (grandparent, retired, years)
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I'm actually surprised it's still 13 percent. I don't know anybody who wasn't pushed over to a 401(k) plan decades ago.
I'm a late Boomer about the same age as you, have a pension that will be about 40% of working income at age 60, (no COLA) and also have a 401K, with employer match 4% on the first 8% I put in. New hires and people who didn't have the "critical mass" of seniority and age sometime back in the 00's when the change came get a somewhat lower pension, but they do get a defined benefit pension. I have to say anyone who does not flog the 401K as hard as they can is asking to retire poor.
You are right that in general anyone entering the job market who specifically wants a pension is pretty much going to have to take a public sector job.
Of course a pension is not a complete guarantee, ask anyone who worked for Pan Am.
If I retired today after 23 years with the company, it would be about $1,800/month. In 4 years (my target for retirement at the moment), it will be about $3,200. No COLA. I feel very fortunate to have it.
As of next April, the pension will be frozen for new contributions, but will still continue to grow with interest.
Zero here as well. In fact, I could even argue negative, since I did work at one place for a while that had a pension but not long enough to vest. So I spent sweat equity for slightly lower pay (places that give pensions pay lower) and nothing to make up for it.
I worked for a company in the late 80's for 10 years and get $600/month pension plus I'd accrued $100K in that 401K that I rolled into an IRA a while back. My private investing and other savings is my real security in retirement.
So my actual pension pretty much covers our grocery bill. DH has better pension and SSI income.
Just retired after 35 years. Pension of $4,575 per month and the wife gets half upon my demise. I am 62 and the first check arrives at the end of July.
Location: Chapel Hill, NC, formerly NoVA and Phila
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I will get about $525/mo. when I turn 65 based on my first job out of college where I worked for 9 years. I am 48 now. It's not much, but this was from 1990 when pensions were already not very common, so I am fortunate to get anything from a pension. They also offered a 401k, which was pretty generous.
You are right that in general anyone entering the job market who specifically wants a pension is pretty much going to have to take a public sector job.
Of course a pension is not a complete guarantee, ask anyone who worked for Pan Am.
My father worked for Pan Am for 40 years. Everything they ever though about retirement was lost. Mom went to work for the DMV so they could have health insurance. They sold their beautiful home with a swimming pool and gardens in an upscale neighborhood and moved into a 55+ community that was a step above a trailer park.
I received a letter last week telling me that the company was buying retirees an annuity and shutting down the pensions completely. I am waiting to learn what insurance company they will buy the annuity from. Never had a COLA, so when inflation devalues the money it buys less and less.
$9,000/month if we go with 50% survivor route, $11,000/month if it goes when he dies.
WOW!
That pension is significantly, SIGNIFICANTLY higher a year than my entire salary my final year, with a Master's Degree and 50 plus credits, working for the same employer for almost 35 years.
That being said, I am very happy with my pension of $2,100 a month. It will be the same amount until I die, and then hubby will receive the same amount until the day that he dies.
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