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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I recently met someone and he told me that she will retired with a $65000 pension, but he won't have any social security because he never paid into it. So people with pension don't have social security? This person also told that's their only source of retirement. They have no 401k, no Roth nothing just a pension. But he said that his home is paid off and he also has a rental that brings him $1500 after all expenses. That can't be enough to retire just $65k per year and additional $1500/month.

What's the appeal of pension if one can't have social security? Or is it specific to some companies where you choose one or the other. This person I think retired as a teacher but I don't know the state.[/quote]

Considering that the average salary of a US worker is ~62k per year I’m not sure how you would come to the conclusion that someone with a 65k pension, an extra 15k/ year in rental income and a paid off home would be unable to get by. …you sound wildly out of touch with reality.[/quote]

Yep [/quote]

Do: get that but I'm a bit shocked they wouldn't have saved some on their own even without a 401k to do so.  Don't get how you get to 60+ and literally have nothing saved and expect your pension to be everything [/quote]

Actually I don’t think you get it at all…Are you OP?  If so, you said you “think” the person in question was a teacher.

Obviously it varies by state but on average teacher pensions cover 60-80% of their final working salary.

For someone making maybe ~100k max at their peak (and probably paying at least 5-10 percent of that towards pension/union dues on top of regular taxes) being able to retire with a paid off mortgage plus a cash flowing rental property and a relatively quite generous pension is already a major accomplishment and sets them up to be far better financially positioned in retirement than they ever were during their working career.[/quote]

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