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When i started working in 1981, pensions were gone for my job field, if there was one to begin with.
When i came home with a stack of forms and papers on the 401k my retail/travel company offered, and my father had absolutely no clue what i was talking about .
He studied carefully though, and went to find out if his fortune top 10 company had one in addition to his well planned pension. And he signed up for theirs.
That was one of only 2 401ks i was ever ever offered at any job i held. It matched $0.50 per dollar up yo the first 6% of gross wages you put into it.
The second one only offered a $0.25 per dollar up to 5%.
Opps, i DID have a 3rd one offered, if you wanted to call it an offer. It matched $0.05 per dollar up to the first 1% you put away. Hardly worth a mention, but they figured they were generous giving you a whole 5% on 1% of your salary.
But i saved all through the 80s into IRA, mm, and CDs ( back when a money market account paid 10-12%, and CDs paid 15-18%!! (Memba those days???)
I considered myself doing very well. Had $100k (total, including efund saved by end of 1989, when the recession hit. For medical reasons I used it all up.
Since 1990, though any job ive held were either part time or dont offwr any type of retirement plan.
We are not retired yet but my wife and I are both Federal employees, we have their version of a 401K (TSP) and will get a pension. I consider us very fortunate.
We are not retired yet but my wife and I are both Federal employees, we have their version of a 401K (TSP) and will get a pension. I consider us very fortunate.
Same here, just 3 1/2 years! I also forgot to include FERS supplement in original post which I'll get until I reach 62.
My husband has a large 401k and will have quite large Social Security payments. I have a small pension and modest Social Security. We both now have a Roth account, quite a bit of savings, and will have a paid-in-full home before we retire. (However, we are not wealthy people, according to many people on the Retirement Forum, we have it better than most as our monthly SS income will exceed our outgo until when and if one of us must move into an ALF.)
Personally, I am not worried about it, though, because as long as we have at least ten years of GOOD retirement, whatever bad comes after that, we will either just deal with it or die.
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