How A Pension Impacts Your Retirement Planning

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060B{TN}NE How A Pension Impacts Retirement Planning

[RomanFranklin-lrri]

Having a pension can really change the game when it comes to retirement planning. It provides a steady income stream, which means you don’t have to rely solely on your savings or investments. It’s like having a financial safety net.

[CormacNJ]

When people thank me for my military service, I tell them that the Marine Corps thanks me on the first of each month. Post 30 years of service, I taught highschool for 14 years. Pension number 2 but no COLA. Lived below my means then and now. Semper Fidelis

[.]

50 working days until I retire at age 50 with a .gov pension. 31 years served as a wildland firefighter but only 24.9 count (was a temporary/ski bum for too long 🥴). Very grateful. This job broke me physically. It’s been a great ride but it’s time for me to be done. Can’t wait for the next chapter(s).

[tatianastarcic]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.

[Kalimhebert]

Retirement planning can feel overwhelming, but it's so important to really start early. What’s the most valuable piece of advice you’ve received when it comes to preparing for retirement?

[Riggsnic_co]

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[flixsymmetry]

Retired in 2020 at 53 after 30 years in law enforcement. Pension is great. Doubling it up the last 4 years with another FT position as a director of security. Paying off everything and buying my toys now. One more year and I’ll be done!

[barbarafallin]

I retired at 59, and that was 14 years ago, I do get a pension from my state job of 33years and social security, I am blessed, house and car paid off and no credit card debt

[tonysilke]

I'm 50 and nearing retirement. I've got a pension plan through my employer, but I'm not sure if it will be enough to cover my living expenses in retirement. I've also got some savings in a 401(k) plan, but I'm not sure how to optimize my withdrawals to minimize taxes.

[patriciasmith]

Receiving a pension from State of TN! I was lucky to receive the old pension plan. I have been retired since 2021! Still smiling!

[kristelwalton]

federal employees, many state employees, teachers, police, firefighters, union jobs all usually have pensions.

[cashflow]

I recently retired from the retail clerks union after 35 years. I’m receiving a defined pension and supplementing my retirement from my dividends. I have no debt and will be applying for my max SS at 70. I worked hard for my pension and I started investing when I was in my mid 20’s. It took a lot of sacrifices & time but well worth it

[machintelligence]

I am lucky to have both Social Security and a 1/2 pension from my deceased spouse.
My retirement is golden.

[robertharold]

Public safety for 23 years. Been on my pension for 14 years now

[borowland]

I have a military pension with full medical for the rest of my life. I'm about to retire from teaching at a college and it will be a large pension. My social security even at 62 will be pretty good.

[marvinphillips]

I retired at 58 with a CALPERS pension. Will qualify for SS next year 🎉. Both receive COLA increases. A big plus. I’m glad I stuck with my job for as long as I did.

[Batmangermany]

25.5 yrs in the Army. The best decision I ever made Retired fulling at 51.

[EricDaMAJ]

It amazes me that in living memory a military pension used to be a joke. For the vast majority of service members it paid 50% of an already comically tiny paycheck. The only upside is it paid as soon as the service member left. But thanks to public gratitude during GWOT that paycheck went up and so did corresponding pensions. Meanwhile government pensions (generally) became less generous and corporate pensions became nearly extinct. The government is trying to dial military pensions down to near nothing again with an elaborate IRA style substitute. But it’s doing it slowly so it won’t scare people out or bother recruiting.

[Lauradav]

I would be retiring or working less in 5 years, and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.

[STEELESTRENGTHANDCONDITI-jqkm]

Most trade unions still offer pensions.