How many of you have a PENSION vs 401k

acpaxton01

I'm 29 and I have every intention of staying here until I retire at 62.

Johnny Abruzzo wrote:

acpaxton01 wrote:

I have a pension calculated at 2% x years of service x avg. of high 5 years salary. I also have a 401k that the company matches 100% up to 5%.

Wow. Stay at that job.

JOEJOEJOE

It is great to put a lot of $$ into your retirement plan, but also keep in mind that it is very expensive if you need to pull it out early....In addition to paying income tax on the distributions, you also get hit with a Federal excise tax of 10% (there are some exceptions). Some states also charge a few %...California charges 2.5%.

Depending on your tax bracket, you may only end up with 50 cents on the dollar.

comebackgirl

Employees at my job are split into 2 categories. Managers get a 401k with an 8% match. Employees in the CWA (support staff are in the pension system.

oona left

I have a 401K. The company matches $0.50 on the dollar up to 5%.

The idea of living into my eighties scares the everliving shit out of me.

conman

i have something with the navy called a TSP. it's basically like a 401k. after i get out of the navy i can roll the funds into a 401k

riotgrl

Who Princess wrote:

merkinball wrote:

The Juggler wrote:

we both have 401k's. and my wife's a teacher so she has a pretty sweet pension to look forward to down the road.

Same here.

I'm think teacher pensions must vary a lot from state to state. Working in social services, I've come across many retired teachers who had difficulty paying utility bills, etc. It's been a few years but I remember one lady who was receiving $600 a month, which is not my idea of a pretty sweet pension.

I'm a teacher and they absolutely vary alot from state to state. My plan is more like the defined benefit plan mentioned before. I contribute 10% per paycheck to my plan - I don't get the free ride that some assume that we do.

iamica

I have a 401K, but I doubt I'll ever have enough money to retire.

Gvn2fly

I have a pension.

Can collect it after having 20 years on job and must be at least 50 yrs old.

At 20 years I get 65% of final years salary. It increases every year up to 30 yrs and then I will get 85% of final years pay.

Also have option to buy into 457 plan if I want.

I also have health care retirement plan that I will only be able to use funds for medical related expenses such as prescriptions and insurance premiums.

davidtrios

just hit 20k in my 401k. ive had it for almost 3 years and ive increased my salary by 45.87% since then..things are looking up for retirement barring a stockmarket crash. :?

81

i suggest everyone put together a net worth statement.

i've got all sorts of fun financial data in mine. i can tell you what my 401K projects to on my choosen retirement date, assuming zero new funding. monthly expenses. cash on hand/ monthly expesnse. debt/cash.

home loan. yup, that's all charted out. at the end of any given year, i can tell you how much i have saved on intrest by paying a little extra.

401K. ever wonder how much you contributed, vs. how much the company contributed, vs. how much the market has returend. yup..got that data.

i've got year end balances going back to 2010.

thinking of financing something (house/car/whatever). got a calculator to show how much intrest will be paid over the life of the loan.

it's even got a spot to show how much i owe you fantasy baseball/football fuckers.

everyone should have one.

i'd be happy to build you a custom one.....for a small fee.

know1

401K. I've put 15% into is since day 1 after I became eligible post college. When I leave a job, I roll it into my own IRA.

Currently have a quarter million in it and hope to make it to about $1.5M by age 60. House will be paid off 3 years before that.

I hope we can get my wife's retirement savings up to about $500K by the time she retires.

MayDay10

yeah, I was >$50K in debt and I made one in 2007. It turned around my finances drastically and I continue to update it every month and make enhancements.

mca47

I have both.
Company matches and if I put in enough years, the pension kicks in.

My 401k has done really well of late.

81

mca47 wrote:

My 401k has done really well of late.

S&P 500 is up 16% so far this year.

JonnyPistachio

I just plan on increasing my drinking/drugs/and unhealthy lifestyle in a few more years..

Black Diamond

Just bought a private pension product ... not the best way to create future income, but wanted to make sure the wife felt there was a floor ...

Oh and 401K...

chadwick

JonnyPistachio wrote:

I just plan on increasing my drinking/drugs/and unhealthy lifestyle in a few more years..