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[quote=Anonymous]Help me understand my pension numbers. I want to know how I am doing compared to those who have a 401k. I don't think I am doing that great, but I am thankful for the "safer" job. It just means I need to start investing in other type of investments because as of now I just have a 529 for my son (I have never been married I am single), an 8 months emergency fund, and my pension. My only debt is a monthly car loan. And I rent. As far inheritance, I guess I will inherit my parents home. I am their only child. But thankfully they are in amazing shape both 70, so they will be around for awhile crossing fingers.

So I am 46 and I have been with my employer for 14 years. For example, If I leave this summer and take cash the amount will be $200k or  if I defer and take the pension at 62 the amount will be 25k/year pension. But If I take the pension instead at 60 or 65 respectively, the yearly pension amounts will be $59k/year or ($27k year and $327k lump sum), and at 65 the yearly pension amounts will be $65k/year or ($31k/year and $425k lump sum)

I am just trying to figure out if I had a $401k instead, what would be the equivalent amount? Most people have a 401k, so I am just want to know how I am doing compared to most.

My guess is perhaps the $200k cash amount would be the 401k equivalent. If yes, that's a disaster and either I leave NOW and take a higher paying job elsewhere if I can find one at my age , or stay until 62 (assuming of course I am not laid off by then) and take the lifetime pension.[/quote]

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