Thread: A pension

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 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.

Originally Posted by 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.

Originally Posted by 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 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.

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!

Originally Posted by 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.

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!)

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

Congrats Jimmy! Ever so important is planning ahead especially with it likely our younger folks will never see a Social Security payment. I have a small pension, social security and a 70% military disability pay.

Yea when I started working for the Federal Govt all my friends made fun of me and over the years out earned me by plenty. However now I'm retired and getting that check every month and the medical benefits and they are still working and will be for many years to come. Funny they don't bring up the job thing anymore.

Anyone who changes from pension to 401 is crazy unless you work for a private company and then if they go under you can loose most of you pension too.

This is a private company I work for, which is why I am seriously considering the change.

I already have a 401k in addition to the pension, but they will match an additional 6% under the new plan.

Originally Posted by thebigspendur

Yea when I started working for the Federal Govt all my friends made fun of me and over the years out earned me by plenty. However now I'm retired and getting that check every month and the medical benefits and they are still working and will be for many years to come. Funny they don't bring up the job thing anymore.

Anyone who changes from pension to 401 is crazy unless you work for a private company and then if they go under you can loose most of you pension too.

Originally Posted by Slartibartfast

This is a private company I work for, which is why I am seriously considering the change.

I already have a 401k in addition to the pension, but they will match an additional 6% under the new plan.

I don't know much about money except how to spend it but I believe that with a pension you're federally protected to get something even if the fund source goes into the tank. I don't know if it is that way with the 401k type thing.