Pensions

[HNL2LHC]

No pension for me. But the business does have a retirement fund. We only contribute on the good year. Getting to the age where considering resolving the program unless I get a younger staff member. Considering stopping because there is less years than needed to make compounding interest beneficial. Plus as I keep asking the wife when do we start enjoyin the $$$ we keep saving?

 

[farmo83]

I live in Texas and Unions are not all that popular here as such neither are pensions.

That having been said I work at Chevron and when haggling over my offer I was floored when they said a pension was part of their benefit package, they also do 8% 401k match too. I'm always in the market but it would take quite a bit to get me to leave that, also I get vested in 2 years so I'm really not going anywhere until then.

 

[Sandlord]

My pension isn’t enough to live on, but combined with our SS it gets us to 6 figures. The IRAs and 401ks are there if we need them but with no Mortgage or bills we do Ok

 

[angiebaby]

Two. UFCW and PERS. Neither will be very large, but it's something.

 

[Mr. C]

22 years union grip so far . Won't be full in either one but

Aren't you fully vested at 20 years?
37 years here in MPEG

 

[RP1]

My defined pension benifit is 96% of the highest pay year. I guess I will get a small chunk from social security too. Plus I have 1.2 mil in 401K. I'll be okay but sure can't live as I do now.

 

[steamin rice]

In theory I will have a small one from a job I had for the first 5 years of my career, but basically no. I am relying on my own savings/investments to pay the bills once I retire.

 

[dezrtracer]

Aren't you fully vested at 20 years?
37 years here in MPEG

Fully vested at 15 , but need 30 years worked , 60,000 hours and be 60 years of age for full retirement .

 

[LazyLavey]

blessed

 

[Mr. C]

Fully vested at 15 , but need 30 years worked , 60,000 hours and be 60 years of age for full retirement .

I thought the 30 yrs & 60k allowed you to go out early with full benefits. not mandatory just for full benefits. Guess i have some reading up on it to do

 

[Inland Air Balance]

Local pension, international pension and a 401(a). Local #105.

 

[badgas]

nope .......dare to dream

 

[dribble]

I have 2 pensions and social security. Unfortunately, one pension is CalPERS. So instead of my early Social Security withdrawal being $1800, it was dropped to $650. F You US Government!

I have a Cal Pers pension and collect $1400 a month in Social Security. I also took it early at age 62.

 

[X Hoser]

Lapd and Lafd are
The same, almost fully funded the people working pay 8% I paid 7 to 8% for 32 years. Screw part is I worked before and after and still working and paying crazy money into Social Security and how this thing called government pension offset. Basically Congress steals from you I normally would get 1700 a month in Social Security but due to the government pension offset I only get $520 and I pay thousands every year still.

This was part of Regan’s “Windfall Act”. There is a provision that increases the amount after 20 years of SS “Substantial Earnings”, (which are not as high as you would think), to 80% of what your SS pay is. After 30 years there is no adjustment and you receive 100% of your SS payment. Not sure if SS monitors this or if you need to applyrequest? If I remember correctly I applied requested when I applied for SS. I receive my full SS payment.

 

[v6toy4x]

yes 32 years carpenters local 713, just retired at 59
wife has 30 years of 401 at Nordstroms, 6 more years for her to retire at 59
we each have our own roth IRAs

 

[cold_one]

Pension here. I will be able to retire at age 55 with 70% of my pay. 2% more for each year I stay after 55. Crazy thing is we have people here with over 45 years in, if they retire they would actually make more money.

 

[johnner58]

Collecting 2 Union, I Cal Pers

 

[MissB]

Yes, pepra, not as nice as they once were, but it's something.

 

[napanutt]

I have 2 pensions and social security. Unfortunately, one pension is CalPERS. So instead of my early Social Security withdrawal being $1800, it was dropped to $650. F You US Government!

How does having a Calpers pension affect your social security payment?

 

[t&y]

Yup. Pension plus 457 (First Responders 401K). I don't expect my pension to be around when I retire given the current state of Cali and its anti anything cop related theme. They will find a way to take it away for sure.

 

[rpogorman1]

Lapd and Lafd are
The same, almost fully funded the people working pay 8% I paid 7 to 8% for 32 years. Screw part is I worked before and after and still working and paying crazy money into Social Security and how this thing called government pension offset. Basically Congress steals from you I normally would get 1700 a month in Social Security but due to the government pension offset I only get $520 and I pay thousands every year still.

We pay 11% now

 

[zhandfull]

Self employed 18 years without a pension. Made some life changes about 8 years ago. Job with pension was one of them! No regret’s.

 

[JayBreww]

Calpers. 2.7 @ 57 is what I got in at unfortunately.

 

[C-2]

Calpers. 2.7 @ 57 is what I got in at unfortunately.

At least you get 2.7, I get 2@57, non-sworn law enforcement, I think the sworn but no gun peeps get 2.3?

I really don't care as I'm almost there...lol.

 

[C-2]

I have a Cal Pers pension and collect $1400 a month in Social Security. I also took it early at age 62.

So you were already vested in SS, too? You worked for BAR, and were CSLEA? That's where I'm at, 32-years in private sector paying into SS

 

[Boat Potato]

CalPers at 2.7 @ 55, and 457 deferred comp.

 

[HB2Havasu]

I don’t, but my dad does and they won’t pay him out cause he owns part of a business. He’s 71.

Damn unions.

Why doesn't Pops just sign over the business to you then get the Pension Payout?

No pension here. The only company I ever worked for that had a Defined Pension Plan cancelled it before I was fully vested. If I had a do over I probably would have chosen a different career path that offered a pension plan. Never thought I would live long enough to need one, lol. I'll be retiring at full SSI age in 5 years and will be getting the maximum payout along with my wife getting SSI so we should be getting ballpark $4800 combined per month in todays dollars. We will have zero debt, 2 houses, 401k's, SEP, and Mutual Funds so we probably won't be eating cat food, lol.

 

[Oggie]

Boeing 31 years but they froze the pension Jan 1 2016. To make up for freezing pension at what you had earned up to 2016 they then gave additional 401K money of 11, 9, 7 percent, and bottoming out at 5 percent a year to the 401k. In addition they also matched 75 percent of up to 8 percent. I am grandfathered in on retiree medical for me and my wife. Medical is key for me getting out before 65. I took a buyout to leave and left at 59 in 2020.

 

[Done-it-again]

Why doesn't Pops just sign over the business to you then get the Pension Payout?

No pension here. The only company I ever worked for that had a Defined Pension Plan cancelled it before I was fully vested. If I had a do over I probably would have chosen a different career path that offered a pension plan. Never thought I would live long enough to need one, lol. I'll be retiring at full SSI age in 5 years and will be getting the maximum payout along with my wife getting SSI so we should be getting ballpark $4800 combined per month in todays dollars. We will have zero debt, 2 houses, 401k's, SEP, and Mutual Funds so we probably won't be eating cat food, lol.

I own half. It’s a combo that he still own part of the business and makes to much $$$$ being retired. He only has 10-12 years in the
carpenters/millwrights so it’s not much coming but is owned to him.

 

[X Hoser]

How does having a Calpers pension affect your social security payment?

If you have a government pension your SS will be reduced by the “Windfall Act”. There are exceptions, depending how long you paid into SS

 

[2Driver]

2 small non-government pensions, in before they stopped them. They barley pay our monthly Obamacare bill, but it’s nice to have as it’s always there, each month forever.

 

[EarpRider]

Lapd and Lafd are
The same, almost fully funded the people working pay 8% I paid 7 to 8% for 32 years. Screw part is I worked before and after and still working and paying crazy money into Social Security and how this thing called government pension offset. Basically Congress steals from you I normally would get 1700 a month in Social Security but due to the government pension offset I only get $520 and I pay thousands every year still.

7% to 8%? I retired 3 years ago LBPD mine was 3% at 50, I did 29 years and left on my 50th birthday!

 

[angiebaby]

Yup. Pension plus 457 (First Responders 401K). I don't expect my pension to be around when I retire given the current state of Cali and its anti anything cop related theme. They will find a way to take it away for sure.

This is why I cashed out my CalSTRS

Kept the NevadaPERS.

I am able to start collecting on the UFCW already (at 50) but I'm going to wait a few more years, since I have my sugar daddy and all.

 

[Bobby V]

I own half. It’s a combo that he still own part of the business and makes to much $$$$ being retired. He only has 10-12 years in the
carpenters/millwrights so it’s not much coming but is owned to him.

Usually your not vested for a pension until after 15 years. 10-12 years may not be enough. Things could have been different that many years ago.

 

[Done-it-again]

Usually your not vested for a pension until after 15 years. 10-12 years may not be enough. Things could have been different that many years ago.

I’m sure it’s changed since then. He gets a letter that he can collect something like $800 month. It’s not much and he doesn’t need it but being denied, it’s now more of the principal.

 

[BoatCop]

Fully retired at 60, wife at 62. (we're the same age) Me, Coast Guard Pension (E-8 over 28), AZ Public Safety Pension, SS (only $386/mo, fucked by the WEP/GPO), and a 457 Account. Wife, Federal Employee Pension, well funded TSP, and SS (full amount). Our income is on par with what were making while both working full time.

I'm not going to throw our finances out there, but are considered in the "upper" class (via the calculator in the other thread). House almost paid off. Tidy sum in savings, and guaranteed income for life. With Military (TRICARE) Health Coverage and MEDICARE, health care covered at 100% (minimal co-pay for prescriptions for me, and wife gets hers, no cost, through Indian Health Services, so no concerns about catastrophic illness wiping us out.

It's how we planned it, and as long as the government doesn't 100% tank, we should be comfortable for life. And if it does tank, I'm very well invested in ammunition.

 

[napanutt]

If you have a government pension your SS will be reduced by the “Windfall Act”. There are exceptions, depending how long you paid into SS

As far as I know I’ve been paying into SS my whole 30 plus years with the state. If that’s the case I should be able to fully collect SS, right?

Wouldn’t the online SS calculator know?

 

[Sandlord]

As far as I know I’ve been paying into SS my whole 30 plus years with the state. If that’s the case I should be able to fully collect SS, right?

Wouldn’t the online SS calculator know?

Or you can go to the SSA website and create an account.

 

[HBCraig]

Operators Union 28 years

What did you operate?

 

[Rajobigguy]

Both the wife and I have pensions but they are really small. Still it’s enough that at least one night a month we can have a meal that doesn’t have Alpo as the main ingredient.

 

[mjc]

Since I get no pension I have a question, what does full medical consist of for those that get it? My dad had it and it was just a Medicare supplement plan whish I only pay 148 per month for. So the benefit dollar wise isn't that much.

 

[bocco]

No pension here. It's all on me.

As far as I know I’ve been paying into SS my whole 30 plus years with the state. If that’s the case I should be able to fully collect SS, right?

Wouldn’t the online SS calculator know?

Yes, you can check the SS website. Your FRA (Full retirement age) will be listed. Mine is 66 and 4 months which will be in Sept. I should be able to pull about $3300/mo at that point.

The chart below is my example from the SS website. When my wife hits FRA she can her max or 50% of mine whichever is largest. So that could be almost $5K depending on how I play it.

You can also play with different dates by sliding the blue ball at the bottom.

It's worth the time to set up accounts if you haven't already.

 

[FlyByWire]

I have one. Plus a 457 that I max out

 

[X Hoser]

As far as I know I’ve been paying into SS my whole 30 plus years with the state. If that’s the case I should be able to fully collect SS, right?

Wouldn’t the online SS calculator know?

There is a question when you apply for SS that asks “do you have a government pension”, or something similar. If yes, they make the calculation then. I do not believe the SS calculator takes the Windfall Act into consideration in the calculator. But, with 30 years paying in, if you met the “substantial earnings” criteria for each of the 30 years, (it’s low per year), it probably won’t be reduced. I knew nothing about it when I applied for SS until I read up on it. Google is your friend. So is the SS website. If you have any problem finding the info PM me and I’ll try to dig out my old paperwork and get more specific info for you.

 

[napanutt]

There is a question when you apply for SS that asks “do you have a government pension”, or something similar. If yes, they make the calculation then. I do not believe the SS calculator takes the Windfall Act into consideration in the calculator. But, with 30 years paying in, if you met the “substantial earnings” criteria for each of the 30 years, (it’s low per year), it probably won’t be reduced. I knew nothing about it when I applied for SS until I read up on it. Google is your friend. So is the SS website. If you have any problem finding the info PM me and I’ll try to dig out my old paperwork and get more specific info for you.

I created my SS account awhile ago so I don’t remember what was required info to create the account. I’m pretty sure it won’t affect me.
I did Google windfall act and it sounds like as long I paid into SS my whole career it won’t affect me.

 

[BoatCop]

I created my SS account awhile ago so I don’t remember what was required info to create the account. I’m pretty sure it won’t affect me.
I did Google windfall act and it sounds like as long I paid into SS my whole career it won’t affect me.

This is correct. The Windfall Provision is only where you were employed by a Government entity or other industry with its own retirement scheme, and DID NOT pay into SS. If you paid in the whole time, you shouldn't be affected.

Based on my earnings alone, I "should" be collecting around $900 a month. I paid into it for 25 years. But with the Government WEP fuckery, only get $386. And since the GPO (Government Pension Offset), I can't tap into my wife's SS, even if she passed away.

And for the tin foil hat crowd, I firmly believe that part of the COVID dealio is getting rid of a good percentage of seniors to try and ensure solvency in Social Security, without the political suicide of raising payroll deductions and diminishing payments.

 

[HBCraig]

Pensions make me jealous kudos to you guys that have them. Pretty cool feeling knowing you'll get a monthly paycheck til you die.

I max out my 401K and have to sellout cranes to save up.

 

[Joe mama]

I’ll get mine one of these days lol

 

[havasujeeper]

7% to 8%? I retired 3 years ago LBPD mine was 3% at 50, I did 29 years and left on my 50th birthday!

I too left at 52, with 3% @50. Back in the day, they would throw all money on top, so your retirement was based on gross/gross amount. It is no longer allowed. I also bought back 4.85 years of service credit, making my retirement 89.85%. When I left, I was forced out on a medical and had to have 8 knee surgeries, with both knees finally replaced.
To throw insult to injury, my wife left me after 30 years, and got half of my pension. Beotch!

 

[chonchisyque]

I too left at 52, with 3% @50. Back in the day, they would throw all money on top, so your retirement was based on gross/gross amount. It is no longer allowed. I also bought back 4.85 years of service credit, making my retirement 89.85%. When I left, I was forced out on a medical and had to have 8 knee surgeries, with both knees finally replaced.
To throw insult to injury, my wife left me after 30 years, and got half of my pension. Beotch!