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Reply to "What's so great about a pension?"
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[quote=Anonymous][quote=Anonymous]Pensions aren't contributed to like a 401k...DH has a pension that is based on the avg past 3 years salary multiplied by the number of years served by 2%...so if he is in 20 years he gets 40% of the last 3 salary. HE contributed not a dime to that. He also has a traditional 401k that is matched 4%. So at retirement, if his last 3 years avg $200,000 he gets a monthly payout of $6,666.67, PLUS social security PLUS whatever we draw from 401ks.[/quote] I should add DH's career has a retirement age earlier than most, but he can go back and work in a different capacity full time at 55 and defer the benefit. It sucks that pensions have mostly gone away except for public sector workers, but it is part of what keeps talented people in roles for which they are not compensated nearly as much as they would be in the private sector.[/quote]
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