Will you have a pension?

**Mojjo** · 05-22-2005, 04:08 PM

DH and I both work for the state and we'll have pensions, we vest after 10 years. But I think we have to start aggressively saving for deferred compensation since I just don't trust Social Security.

Does 5% sound like too much? not enough?

And that's 5% of pre-tax pay.

**AmyBoz** · 05-22-2005, 04:15 PM

I do have a pension, but it's not much. Dh has his 401k and I have a 403b, which I just opened up. I'm sure it will be enough, and if it isn't, I know all the frugal tricks, right?!?! We'll make do.

**sunshine** · 05-22-2005, 10:52 PM

I'll have a pension (vested after 5 years, and I've been there 15 already).

I also put money into a retirement fund (mutal funds).

**MandiDawn** · 05-23-2005, 09:44 AM

BF has a pension - I have a 401K. Together we should have enough to get by.
I defer 6% pre-tax, my employer matches 3%.

**jlxian** · 05-23-2005, 11:52 AM

I'm like you and question how much is enough since we can't be certain social security will be solvent or even available at retirement age.

I have a retirement fund at work that I've contributed to for 21 years. Its a very small amount, and I believe it is matched by employer. The 401K at work is not matched by the employer so I do not contribute, but I'm thinking I'd better come up with SOMETHING as an alternative. Its a scary thought that in not too many years I'll be retirement age!

**pqb52** · 05-23-2005, 01:48 PM

I'll have a pension from work, and my wife and I have 401K's since the year they started, I think 72 or 73.

**handmerounds** · 05-23-2005, 03:11 PM

Could someone explain to me the difference in pension, supplemental retirement account, and vested? My husband works as a union bricklayer, he's 29. He will have a pension. He has a supplemental retirement account, in which they give him a number of choices in which to invest. It is rapidly growing where it is at. Right now we have it in a "Bricklayers Managed Fund" very low risk. We have never changed anything. I just don't get it. I have tried to educate myself in investing, but I just feel I don't know enough, so we just keep it where its at. Any advice would be appreciated!

**bamamomto4** · 05-23-2005, 03:45 PM

I don't work outside the home but DH has 401k and a retirement plan.

He worked for Wal-Mart/Sams for 14 years and was fully invested at 7 yrs..He had profit sharing,stock and 401k...we cashed it out last October when he quit.

**Mojjo** · 05-23-2005, 08:17 PM

well, as I understand it,
a pension is "matched" by your employer, meaning they contribute equally

a supplimental retirement account is something you alone contribute

and vesting is when you have worked somewhere enough years that your pension is safe there and it won't have to be cashed out if you leave early

**grneyegrl** · 06-10-2005, 07:58 PM

i have a pension from UPS ,worked there 15yrs and a 401k from there..
i dont have a pension from my current employer but i have a 401k there and its matched..

will it be enough maybe, maybe not but like amyboz says, we know all the frugal tips

i also think social security will be around,why, if its not the political fools will be out of a job..we will just take money from somewhere else, where, i dont know

**Kimberlina** · 06-10-2005, 08:30 PM

We both have 403bs, although I am not vested for another year.

We also plan to start an IRA soon.

**SewCrafty** · 06-11-2005, 05:39 AM

Ladies,

Jack and I just went to the SS office the other day to sign him up for SS benefits, he turns 62 in July. The girl there said that young people (she didn't give an age) better have good 401K's and retirement funds of their own, as it is not looking like there will be SS benefits for them. Now this is just one person talking, but I think you should all be looking into it.

Obviously Jack is getting a pension from his work (he was there 33 years) and now will soon be able to collect SS benefits. I have not quite 17 working years for the RR (which is entirely different from having SS deducted from you paychecks) That combined with the other jobs I have worked over the years and putting into SS, I will have over 20 years so will get a decent pension myself.

**forestdale** · 06-11-2005, 07:12 PM

DH will get the seniors pension from September when he turns 65. It's $400 a fortnight, when I get it at age 641/2 I'll get $400 as well. We'll also get many discounts and consessions for phone, electricity, water, rates etc.

We have no retirement fund but we have a little money put aside, will be selling our store soon and we have some shares. We won't be living on easy street but we have no debt and we see what's ahead as an interesting challenge.

In Australia we have what's called a superannuation fund that you must contribute to and the government matches what you put in and your employer gives 10%, I think. This scheme was introduced in the 80s and we didn't have much accumulated so we cashed DHs in to help pay for our home. Which reminds me, I still have $10,000 in mine.

**homesteadmamma** · 06-11-2005, 07:17 PM

Dh has a pension from his company and he also receives Canada pension. At age 60 I will receive a small pension from Canada pension, not much to speak of though.

At age 65, he will also received old age pension as will I when I turn 65. At present it is $414.00 per month per person. It is clawed back though if you make over a specific income from other sources.

My advice to anyone, put money aside for your later years. Its SO VERY IMPORTANT TO DO.

**Labontet** · 06-11-2005, 11:22 PM

I have a 401k with my employer. We have minimal bills so I am able to contribute 12% to it (maxed out), my employer contributes to an ESOP(Employee Stock Ownership Plan) They do not contribute to my 401k but what they have done for me up to this point in the ESOP is very good. They have made good progress in making the balance increase over the years.

My husband has a 457b with his employer (county govt). Plus there will be a monthly pension.

We both pool our money each month to purchase I-Bonds to help pad the "Old age fund" as I call it.

We have really made it a priortity over the last 10 years to do our best to make sure that we have come up with income above the SS that we will be getting (which of course as we all know, may not be there for the younger ones, and will probably be cut back for my husband and myself) My dh is 55 and I am 53 so we still have a few years to contribute as much as we can, as long as our health and employment holds out.