Retiring before you have a full work pension

[Anonymous]

My sister cannot fathom that someone who has a work pension would retire before they get the full amount.
She doesn't get it at all.
For example, most pensionshere in Canada require 30 years before you get the max amount. She cannot get that someone may retire after 20 or 25 years in the plan.
I have a work pension and work part time, I will probably only have 15 years in the pensio and I don't care.
What gives?

[Anonymous]

?

[Anonymous]

Anonymous wrote:?

Do you have a question?

[Anonymous]

Not sure what OP's point is. But if you retire or leave the system early, you significantly reduce your benefit. Why do that just to retire 5 years early? What do you plan to live on during retirement?

[Anonymous]

Anonymous wrote:My sister cannot fathom that someone who has a work pension would retire before they get the full amount.
She doesn't get it at all.
For example, most pensionshere in Canada require 30 years before you get the max amount. She cannot get that someone may retire after 20 or 25 years in the plan.
I have a work pension and work part time, I will probably only have 15 years in the pensio and I don't care.
What gives?

What gives OP? You don't want to work until you can get full pension?

[Anonymous]

Your sister is right...that's what gives.

[Anonymous]

Anonymous wrote:Not sure what OP's point is. But if you retire or leave the system early, you significantly reduce your benefit. Why do that just to retire 5 years early? What do you plan to live on during retirement?

Here, it's not significantly reduced unless you start collecting it early.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My sister cannot fathom that someone who has a work pension would retire before they get the full amount.
She doesn't get it at all.
For example, most pensionshere in Canada require 30 years before you get the max amount. She cannot get that someone may retire after 20 or 25 years in the plan.
I have a work pension and work part time, I will probably only have 15 years in the pensio and I don't care.
What gives?

What gives OP? You don't want to work until you can get full pension?

Heck no. I have always worked part time. I'm not going to work FT just for a pension.

[Anonymous]

Anonymous wrote:Your sister is right...that's what gives.

But not everyone even has a pension. People need to save in addition to a pension if they have one. Why isn't she shocked that others retire without a pension.
I look at my pension as a nice supplement. Not the be all end all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not sure what OP's point is. But if you retire or leave the system early, you significantly reduce your benefit. Why do that just to retire 5 years early? What do you plan to live on during retirement?

Here, it's not significantly reduced unless you start collecting it early.

"here" where? Every employer is different.

[Anonymous]

If you have a plan that will work for you, just go ahead with it. Why do you need to convince your sister that what you're doing is "right?"

FWIW, I will also retire before hitting my full pension benefit. I'd rather have the time than the money. But, I don't really care to convince others that I'm doing the right thing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My sister cannot fathom that someone who has a work pension would retire before they get the full amount.
She doesn't get it at all.
For example, most pensionshere in Canada require 30 years before you get the max amount. She cannot get that someone may retire after 20 or 25 years in the plan.
I have a work pension and work part time, I will probably only have 15 years in the pensio and I don't care.
What gives?

What gives OP? You don't want to work until you can get full pension?

Heck no. I have always worked part time. I'm not going to work FT just for a pension.

How are you supporting yourself in retirement then? Pensions are very hard to come by these days. A retirement payment for life. Much easier to have a secure retirement with a pension vs an IRA or 401k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My sister cannot fathom that someone who has a work pension would retire before they get the full amount.
She doesn't get it at all.
For example, most pensionshere in Canada require 30 years before you get the max amount. She cannot get that someone may retire after 20 or 25 years in the plan.
I have a work pension and work part time, I will probably only have 15 years in the pensio and I don't care.
What gives?

What gives OP? You don't want to work until you can get full pension?

Heck no. I have always worked part time. I'm not going to work FT just for a pension.

Most ppl don't have the luxury of having another breadwinner so they can work part-time. Obviously "you" are not the typical pensioner.

[Anonymous]

Anonymous wrote:If you have a plan that will work for you, just go ahead with it. Why do you need to convince your sister that what you're doing is "right?"

FWIW, I will also retire before hitting my full pension benefit. I'd rather have the time than the money. But, I don't really care to convince others that I'm doing the right thing.

My sister has never ever questioned ME.

She does comment on others:
1) one friend has been teaching for 27 years and told my sister she is retiring at the end of the school year. My sister swears up and down that friend won't retire because she will be short 2-3 years. Sister said friend must be confused as to how many years are needed because she won't have 30 years. She doesn't believe it's possible she will knowingly retire early.

2) another friend, her spouse retired ten years ago. They are wealthy. Her friend works FT but as I said spouse is retired. Sister said it's because she hasn't hit thirty years in the pension.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Your sister is right...that's what gives.

But not everyone even has a pension. People need to save in addition to a pension if they have one. Why isn't she shocked that others retire without a pension.
I look at my pension as a nice supplement. Not the be all end all.

Pension jobs are typically a paycut because of the pension (i.e government)...it's not just a 'bonus' like you make it sound, so retirement tracks would be different. Apples to oranges my friend. Unless you are in government pensions are pretty rare these days.