Whose non-government relatives have pensions?

[Anonymous]

A pension if only old if it has COLA. Some pensions don't have COLA. Those are the worst.

[Anonymous]

Anonymous wrote:A pension if only old if it has COLA. Some pensions don't have COLA. Those are the worst.

Yes. I feel very lucky that I have two small pensions from organizations that I expect will outlive me — but neither has COLA increases.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My mother was a school teacher in a tiny district on Long Island. She gets about $8k/month, plus social security, plus they reimburse for all the Medicare supplements. Thankfully she gets all of this as she’s now in memory care

That’s a huge pension for a teacher.

Not really. My spouse is a teacher in the Midwest. He currently earns about 125k a year. He will retire in about ten years. By that point, his final salary will be around 150-160k. His pension is based, in our state, on the number of years he's put in. With a little less than 30 years in, he will get about 60-65% of that. If he stays to get 34 years he gets 75% of that which is the max percentage you can get. He does have nearly the max amount of degrees so he is on the highest pay lane. And he's in one of the highest paying districts too. He will easily get 8k a month in retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My mother was a school teacher in a tiny district on Long Island. She gets about $8k/month, plus social security, plus they reimburse for all the Medicare supplements. Thankfully she gets all of this as she’s now in memory care

That’s a huge pension for a teacher.

Not really. My spouse is a teacher in the Midwest. He currently earns about 125k a year. He will retire in about ten years. By that point, his final salary will be around 150-160k. His pension is based, in our state, on the number of years he's put in. With a little less than 30 years in, he will get about 60-65% of that. If he stays to get 34 years he gets 75% of that which is the max percentage you can get. He does have nearly the max amount of degrees so he is on the highest pay lane. And he's in one of the highest paying districts too. He will easily get 8k a month in retirement.

A teacher is a government employee. What I see around me is IBM and Deloitte pensions.

[Anonymous]

Anonymous wrote:Yes, all kinds of jobs had pensions, then 401k plans ame along. 401k usually better because they don't get lost or pillaged by a company when it goes belly up.

I would rather have a 401k than a pension. Even government pensions, like teacher pensions are less than 401k invested in the stock market for decades. Also, 401k plus social security is more than a government pension.

Maybe.

[Anonymous]

My in laws have pensions from Ford

[Anonymous]

OP didn't even ask a question in his post so it seems reasonable that anyone can say what they want about pensions here....that includes sharing govt pensions. : )

[Anonymous]

Anonymous wrote:OP didn't even ask a question in his post so it seems reasonable that anyone can say what they want about pensions here....that includes sharing govt pensions. : )

The title is his question!

[Anonymous]

Most of the private sector defined benefit plans now are frozen meaning that the benefits aren't increasing and new hires can't participate. The ones that aren't frozen and open to new hires are rare. Great if you can get in.