Eldergays

It came at a cost. I have a very healthy pension because I worked in a government job for 25 years. It wasn't difficult work but it was time consuming. Because of that, I didn't pursue any of the creative outlets I enjoyed in my college days so that's the downside. I do have the time now to write, paint and travel but don't have the enthusiasm for it that I had in my younger years. So the money is great but was it worth it? Don't know but I'm glad I'm comfortable.

What's a pension?

^^ Most local and state government workers still get generous pensions. That's why taxpayers' burden will continue to grow to support them. The same goes with federal workers.

R1 so you’re implying that people today do not work long tedious hours like you did? Please.

R4 No, that wasn't my intention.

It's wonderful. I worked for the Federal gov't. for 37 years. Retired at 58. Every month, I get a direct deposit of $6458. (That's after taxes and deduction for health insurance, of course. ) My house is paid for. Unfortunately, there's not much to spend it on anymore ... can't go out, can't travel. I do buy a lot of unnecessary stuff online.

r6 Interesting. Will you also get social security? What was your base pay at retirement.

I'm retired with a pension and am truly grateful to have it. I also retired from government and worked really hard to earn it. Long days, stress, exacting standards. I went way out of my comfort zone to succeed and eventually became comfortable doing things I never thought I'd do.

I also made other investments. IRA, deferred comp, real estate, an annuity.. We were always told not to just rely on social security and a pension, but to have other savings, too. I only wish I had started saving earlier. I encourage all young people to save what they can, even if it's a little bit. The elder years can be very uncertain. What's enough in one decade may not be enough in your final years.

I'm not quite there yet, but like I said, I'm very grateful for what I managed to save.

I was laid off when I was 59. It took me a year to find a job because no one would hire me (I was too old). The only job I could find was a state job. It was a horrible job, the pay was the worst, many of my coworkers and most of management were worthless and vile, and it paid $1,000 a month LESS than the job I was laid off from. I worked there for exactly 5 years which was how long you had to work for the state to be fully vested in their retirement (pension) plan. I retired and went on Social Security. My retirement (pension) amount is based on my salary and how long I worked there. It does pay me $300 per month which subsidizes the measly amount that Social Security pays me. Applying for a government job (something I NEVER thought I would do) was the smartest thing I did.

What did you do for the feds, r37? How did you spend your youth?

Notice the word common to nearly all of the above posts, OP? "Government." Private sector employers haven't provided employee pensions since the early 1980s or earlier.

401(k)s spelled the death knell for traditional defined benefit pension plans.

r7 gov't. workers do not receive SS (and they don't pay into it). I assume money is taken from their pay the same as SS to create their pensions. r9 receives SS because he worked a job outside of gov't. before the gov't. job

r7 No Social Security. Federal employees hired before 1983 weren't covered unless they switched to a different pension plan at that time which provides for a 401(k)-type plan, a smaller pension, and Social Security. We got the option to use the 401(k)--but without employer matching. I took advantage of that and have around $400K in that plan. I haven't started taking withdrawals yet.

If I were eligible for Social Security from some other employment (I'm not), the government would take away more than 90% of it under a program that limits so-called "double-dipping." So I decided once I retired that I wouldn't do any kind of work that requires me to pay into SS, since I'd never see a dime of it in benefits. I've only done volunteer work since then.

My base salary was around $140K when I retired. My pension is based on around 71% of my "high 3" years of salary.

[quote] [R1] so you’re implying that people today do not work long tedious hours like you did? Please.

I think I know what R1 is saying. I worked in a government job, but not 25 years. I worked long enough (10 years) for my benefits to vest, though. So, when I retire, I will be getting health insurance and some type of pension. I should know this, but I'm not sure whether I have to pay 50% of the insurance premium or not. Also, I'm not sure how much ($) pension I can look forward to from that particular job.

Anyway, the gov't job was a soul killer and I didn't even work there as long as others have. There's a price to pay for the pension, etc. It has taken me a long time to shake it off.

Like one of those cheap hotels in Europe?

Do Eldergays collect them?

I thought they just collected cock rings.

Most of my friends have nothing but social security.

All most of us have today is a lousy 401k which is not a guaranteed amount by any means. I’ve also noticed that Government jobs usually go to friends and family only. So please don’t lecture us Corporate people that you work sooooo much harder in a Government job. Anytime I’ve have to interact with a Government employee, I’m met with a surly and lazy attitude. If I behaved that way to clients my company would fire me.