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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

A lot of Boomers saved nothing. My parents have my dad's pension and social security. They never invested otherwise. It's pretty common. Investing in IRAs and 401ks is more of a Gen X thing. A lot of Boomers did not do that even thought those options became available during their working years.

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][/quote]

Ugh, don’t group late boomers/Generation Jones with old boomers.  We are the sweet spot - have pensions, but also saved plenty in 401ks.[/quote]

My parents are 72 and 73. Don't assume everyone lives in an area like DC. [/quote]

My Mom retired in 1993 at age of 65 and had a healthy 401k and a ESOP. 401ks started in 1981. My Mom was actually a SAHM till 53. So went back to work in late 1970s and worked at American Express that offered 401ks shortly after law passed. So from 1981 to 1993 my Mom put into 401k. And she is too old to be a Boomer. A Boomer would have been pretty young in career in 1981 and would of had plenty of time to put into a 401k.

She had 100k in the 401k in 1993 when retired. The Dow was only 3,300 that year. If she was still alive and RMDs did not exist whe would have like 4 million     [/quote]

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