Reply to Is a pension all it’s cracked up to be?

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[quote=Anonymous]Geriatric millennial, which means I have student debt, aging parents who don’t have enough for retirement, and a child that we still have many many years to pay for after school care for and then college. I’m planning on working another 20-25 years.

Spouse and I are both in public sector. DH is vested for a small pension, currently making $100k. I’m with an employer that historically had a pension, currently doesn’t offer to new employees, but is considering reopening their plan. I’m on track for $190k this year, can expect 7% annual increases moving forward and a bonus of $5k-$10k a year. Great benefits and the stability of government.

My private sector counterparts make $350k plus bonuses. I’m being recruited.

Until recently I was considering leaving my current role in 18 months, jump to the private sector for the money. But the possibility of the pension plan reopening…is the value significant enough to stay put? I’d need to stay put 5 years to vest to minimum rate(20% of final salary) 15 years to vest to maximum (50% of final salary). [/quote]

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