salery for the rest of your life - retirement

[watab kid]

twilight zone tonight , i had missed that in earlier viewings , im sure some others here didnt , this is the one where past students come back to the classroom to prove meaning of life to an aged professor that couldn't see his contribution to humanity , he thought himself an abject failure , we have discussed this one before here , im not looking to rehash old thoughts , i hadnt caught the fact that he had a pension for life ...................

 

i wonder how many jobs in our lifetime offered that ? i know that political figures get theirs , in addition to that golden parachute health insurance that none of us get , im not sure quite how that works but after all the constitution needs upholding and i guess they had control of the ways to guarantee themselves more than what those that elected them could hope for in benefits , some of which i believe should be illegal , stealing from those that elected you ............

 

not that i begrudge anyone their retirement , its how you get it that i question , most of us had to do without to save it , as much as this was an uplifting episode , i found this in the revisit    

[Pat Riot]

I had an answer but it was political. 

[Chili Ron]

Howdy,

A lot of folks dont pay any attention whatsoever to the pension part of their job.

UNTILL of course it is about to happen. 

Of course you can always take a few bucks and go to Vegas and win a fortune.

Or invest in the stock market and make a fortune.

What was the problem again......

Best

CR

 

[DeaconKC]

I did 26 years in Illinois Department of Corrections for my pension and paid extra in. I took the job BECAUSE of the pension and benefits.

[Big Gus, SASS# 66666]

I retired under the old federal pension system. The way it worked was minimum retirement age of 55 with twenty years of service. Your GS retirement amount was based on you average of your highest three years pay not including overtime. This was multiplied by 2% x years of service minus 4%. So I had 35 years of service x 2% - 4%  = 66% of my high three average. There is a yearly cola depending on the rate of inflation but is less than the inflation rate. I pay for my health insurance just as I did before and at 65 years of age it became secondary to Medicare. My monthly health care premiums are over $600 a month for my wife and I plus the cost of Medicare almost another 400 a month. Members of congress have to pay the same amount for healthcare as I do depending on the plan they choose. That don’t get it for free. I don’t get social security as under the old system you did not pay into it. The new retirement system is different you only get 1% per year and you pay into the thrift savings plan (like a 401 k with 4% matching) and you pay into social security. Health care costs are the same under either system. The old system ended in 1981 or 1982. All hires since then are under the new system. 

[Mister Badly]

I hired into a Union manufacturing job when I graduated high school. The pay was good as were the health care benefits. A 30 and out retirement supplement until social security eligibility was available. I could have retired at the age of 48. I thought I would go into teaching as a second career but the school environment changed too much for my liking. I retired at 56 as a machine repair/machinist which covered everything but electrical/electronics. 

[Waimea]

I did not think about retirement my whole life.

 

I got lucky and worked for a company that did.

[Pat Riot]

I wish I got my salary as retirement! I’d have more toys! 

[Crazy Gun Barney, SASS #2428]

Be nice if retirement was even an option (without the lottery being involved).  If I live to be 117 years old, I figure I will still be sitting at this desk.  The company gives us a life insurance policy that is twice our salary.  I keep trying to get them to add a double indemnity type clause so if we die at our desk, it is double the payout.

[Badlands Bob #61228]

I spent 35 years, 3 weeks and 2 days as a sworn law enforcement officer.  I worked all hours in all weather conditions with below market pay.  I worked a lot of part time security jobs to make ends meet and I had to be a financial wizard to provide for my family and send 2 kids through college with no student loans.   I was able to retire at age 55 with a pretty good pension and I don't feel guilty at all about it.  Over the years, I've been to more than a few funerals of friends that weren't so lucky. 

[T.K.]

I worked 32 years in a nuclear security department at a nuclear powerplant. And now have a not huge, but nice lifetime pension.

We worked up to 600+ hours of overtime annually especially after 911. Which was a big sacrifice and hard on the family, but it paid off in the end. Because when they calculate your Social Security its based on the average of your 5 highest income years! 

[Pat Riot]

The last 33 years of my career I worked in Light Rail and Commuter Rail Passenger Transit. I am living on the retirement from that. I worked at several agencies. I did 5 Startups. I dealt with accidents and incidents. 7/24 on call and long hours. 
The worst part of my job was dealing with morons, idiots and bureaucrats. 
 

I deserve the retirement that I got and then some. 

[Wild Eagle]

When I first started working pensions were pretty common in larger companies.  I was accruing one for about 3 years until they invented the 401k retirement plan.  At that point most companies started matching part of the employee's contribution in the 401k and stopped the pension plans.  They offered to buy me out of the pension plan, but I refused.  For what I had accrued in 3 years I get about $100 per month and will until my wife and I both die (survivor benefits).  Lifetime pensions are great, but in order to get them you usually have to stay at a company for 30 years.  With the 401k you can leave at any time and keep the retirement account.  Most of the places where you can get a pension these days seem to be government jobs.  However, a friend recently retired from Shell with a pension, so I guess they do still exist in the private sector.

[Tell Sackett SASS 18436]

I worked for Coca Cola for 26 years early in my life. The next 20 some with my wife at her company.

My CC pension is $938 a month. No pension from my wife’s company.

It would sure be rough living on that pension. Luckily my social security is about 4K a month. Makes things a lot easier!

Plus she sold the company a year and a half ago. That helps a LOT!😉

Im not sure what my point is- maybe there’s pensions and PENSIONS! Plus luck helps!!

[MizPete]

Company #1 fired me 10 days before I was to be vested in the profit-sharing plan.  Company #2 tried & failed.  I still receive a mere pittance but I aim to live til I'm 150.