A pension

[JimmyHAD]

I was a teenager when I started doing union ironwork. One of the things older folks told me was that someday I would be glad to have the pension benefits. Knowing I wouldn't live to be 30 I didn't appreciate that. When I passed 30 I still didn't think much about it, it was so far away.

I did 20 years erecting structural steel and got out of it due to injuries incurred on the job. The dark cloud, worst thing in the world at the time, had a silver lining and I've been a pro tattooer since then.

Today I will cash my first pension benefit check. It is not that much but enough to cover my mortgage and go out to dinner with the change. To all of you young folks out there, if you can get a job that offers pension benefits grab it.

[Slartibartfast]

Congrats.

I actually have a choice to make at work right now. Stay in the pension program or switch to an "enhanced" 401k program where they match 9% and the money i have in the pension just earns interest.

I was a teenager when I started doing union ironwork. One of the things older folks told me was that someday I would be glad to have the pension benefits. Knowing I wouldn't live to be 30 I didn't appreciate that. When I passed 30 I still didn't think much about it, it was so far away.

I did 20 years erecting structural steel and got out of it due to injuries incurred on the job. The dark cloud, worst thing in the world at the time, had a silver lining and I've been a pro tattooer since then.

Today I will cash my first pension benefit check. It is not that much but enough to cover my mortgage and go out to dinner with the change. To all of you young folks out there, if you can get a job that offers pension benefits grab it.

[JimmyHAD]

Congrats.

I actually have a choice to make at work right now. Stay in the pension program or switch to an "enhanced" 401k program where they match 9% and the money i have in the pension just earns interest.

I was just talking to a co-worker last night ..... his wife has been with the post office for over 20 years. They offered a similar arrangement and she stayed with the pension. A mutual friend that also has that much time in the PO took the offer and has lived to regret it. I don't know the details but if it was me I would think long and hard. Especially since the ongoing financial debacle of the past years.

[Stubear]

Congrats Jimmy! Glad you're covered there..!

I started a pension right when I started work and I've been paying the maximum I can into it right from the word go. The most important thing you can do when you're young is to keep your options open for later in life I think..!

I dont want to work in the City for ever and I'd like the option later on to jack it in and teach guitar or something!

[Mvcrash]

I was a teenager when I started doing union ironwork. One of the things older folks told me was that someday I would be glad to have the pension benefits. Knowing I wouldn't live to be 30 I didn't appreciate that. When I passed 30 I still didn't think much about it, it was so far away.

I did 20 years erecting structural steel and got out of it due to injuries incurred on the job. The dark cloud, worst thing in the world at the time, had a silver lining and I've been a pro tattooer since then.

Today I will cash my first pension benefit check. It is not that much but enough to cover my mortgage and go out to dinner with the change. To all of you young folks out there, if you can get a job that offers pension benefits grab it.

Congrats!!!!! I know how you feel. It is the gift that keeps on giving. I do the snoopy dance when I wake up every 1st of the month. I've been collecting a pension since September 2007.

When I took my former job at 21 years old, my friends all made fun of me and asked why I was doing it. There was no money,terrible hours and sometimes very difficult working conditions. I answered that it was something I always wanted to try and I got free medical benefits that saved me $300 per year. (who knew how expensive they would become)
They laughed at me anyway.

I hope you collect that pension for many, many healthy years!!


If you were close enough I'd by the drinks!Okole Maluna! (Bottoms Up!)

[Snipersnest]

Enjoy your retirement! Only thing is, the days fly by now. Scary!

[jba302]

I was a teenager when I started doing union ironwork. One of the things older folks told me was that someday I would be glad to have the pension benefits. Knowing I wouldn't live to be 30 I didn't appreciate that. When I passed 30 I still didn't think much about it, it was so far away.

I did 20 years erecting structural steel and got out of it due to injuries incurred on the job. The dark cloud, worst thing in the world at the time, had a silver lining and I've been a pro tattooer since then.

Today I will cash my first pension benefit check. It is not that much but enough to cover my mortgage and go out to dinner with the change. To all of you young folks out there, if you can get a job that offers pension benefits grab it.

Pensions are definitely not where they used to be. My father is a union carpenter and can tell me exactly where his pension will be in x years / hours submitted / whatever. My company has an odd pension structure on top of a 401k program. I'm just hoping both will be around by the time I'm ready to be put to pasture.

[jockeys]

this is going to sound like a dumb question, but I'm curious:

how is a pension substantially different from an employer-matched 401k? I entered the workforce in the last 10 years, so I've never even worked for a company that offered such a thing.

I invest heavily in both 401k (+company match) and a Roth IRA... I don't expect to ever see a dime of social security and anyone who's planning on that is pretty naive.

[JimmyHAD]

As I said before, once a person is vested with the requisite number of years they will get their pension. If the company goes belly up they will still get some of it through a federal program guaranteeing it. I don't know about 401ks or other investments like that. From what I read in the paper Enron employees lost it all thanks to Kenny boy and his cohorts. IOW, isn't it market based ? Is there a guarantee that you'll get what you've got coming ? FWIW, I am looking forward to the social security in four more years.

[jockeys]

a 401k is basically an investment account, and you can invest with it however you like. sometimes an employer will limit what investments you can do to a preselected list of mutual funds, but good 401k plans let you buy stocks, commodities, whatever.

that way, the only limit on how much you have is how good you are at investing