One of the first things to consider with a pension is whether it will be enough to cover your core expenses in retirement. Understanding what your pension provides helps you decide how much additional savings you may need.
If you have a pension, it’s smart to evaluate whether it offers a lump sum option or regular monthly payments. Sometimes taking a lump sum and investing it may be advantageous, while other times, a steady income stream is better for stability.
Don’t forget to check if your pension has survivor benefits. Planning for a spouse’s needs is crucial, especially if they rely on part of your pension income to help with expenses after you’re gone.
It’s always good to review whether your pension keeps up with inflation. If it doesn’t, you might need other savings or investments that can grow over time to cover rising costs in retirement.
Consider your tax strategy with a pension. Since pension income is often taxable, understanding your tax bracket in retirement can help you plan withdrawals from other accounts more effectively.
Even with a pension, having an emergency fund is important. Pensions provide stability, but having extra savings for unexpected expenses can give you greater financial security in retirement.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Jihan Wu you're such a life saver
As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them. People prefer to spend money on liabilities, Rather than investing in assets and be very profitable
As a recently retired federal employee my pension is modest but the real benefit is that I can remain in the Federal Employees Health Benefit system (FEHB). This means that my health insurance costs me only $260 per month.
@@user-99.99Same for my husband. I’m fortunate to be able to be on the ins plan also. He has a good amount of his monthly pension deducted so if he passes away first I can get half of the pension. With that and my social security I will be fine. We also have savings and 401ks to supplement but those aren’t needed right now for monthly expenses
Nice! I have a similar benefit as a local government employee in California through CalPERS. They call it PEMHCA (Public Employees' Medical and Hospital Care Act), which pays us a stipens to cover the Medicare part C premiums (Medicare Advance). Thank goodness for that!
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 determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I have been very lucky. I retired from the Army back in 2010 at 37 and have a military pension of $30k a year. Then, I went to work for Fed and will retire at 62 with approx $30k FERS pension. We have no debt. Our house is paid for using all of my danger and deployment pay. I also have a funded TSP, ROTH, and will take SS at 62. My wife has a small 401k and Roth and she will also take SS at 62. Our plan is to have $125k a year to live on. The key is debt- get rid of it anyway possible and live below your means. Not like a monk but live below your means.
Have been enjoying my six figure pension since 2015. Retired at 55, haven’t touched my 401 or SS yet. I worked hard and took all the O/T I could get. The plumbers and pipe fitters union is awesome.
Frickin' awesome!!! If you can swing it, and are in good health, take ss @ 70. If you live past 82, it will be the right move, receiving way more overall (76% more) than taking it at 62. Good for you, man! Happy retirement!
@@isd605 Thank you, retirement is going great, everyday is a Saturday. If your mechanical and like to work hard and don’t mind getting dirty the union building trades career path is great. Like HVACR, electrician, pipe trades, elevator/ escalator… I did commercial HVAC service and construction and was always working. The pay and benefits are good but the real seller for joining the brotherhood was the pension plan.
just do some tax planning on any of your pre tax contributions as you unwind it when you start RMD in mid 70s.. you may find that you need to take distribution to avoid a huuuuuge tax bill down the road
Nice work! When I joined my local at 25 in 1991 the said full retirement at 55. Well here I am at 58, the lie was real. I will be eligible for “Un-reduced” pension at 60, so 35 yrs in Commercial Roofing for peanuts! With only about 4K a month 👎
I have a federal pension and my wife has a property settlement military pension and social security. All have full inflation adjustments adding up to over 170k annually.We have retirement funds of 1.5 million that just keeps growing because we don’t need it. We are very comfortable in low cost Albuquerque NM and grateful how things turned out. She is the daughter of a working class Missouri farmer and I was brought up by a struggling Ohio single mother.
The time it takes to turn $500,000 into $1 million depends on your investment strategy and the rate of return. . If you put it in a high-yield savings account with an interest rate of 4%, you'd earn $100,000 per month with a good financior planner. However, if you invest it in the stock market, which has historically returned about 7% annually on average, you could potentially make around $250,000 per month still depending on your market and risk taking strategy. So you need a good investment plan to earn well for a short period of time.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
Taking break may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. A licensed CFA whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help...
$40K fed pension, SS $22K, side gig for fun of about $18K and pull about $52K from my TSP for about 5 years. Kept fully invested in the S&P 500 C Fund for 34 years and TSP is about $3.7 million.
Same in California. My wife and I are both state government retirees (next month) with pensions and SS as well. Really takes a lot of stress away knowing we have that income every month.
@ I did start young. I cannot start drawing my pension until I’m 55, which will be 35 years of service. I could work longer if I wish. There is a 3% COLA. In addition, I can draw my SS at 62 if I wish. I have also done well investing both in a standard brokerage account and a Roth IRA. My goal is once I retire, there is no worries about finances.
With the City of Los Angeles, civilian employees can retire with pension at 55 years of age with 30 years of service. Tier 1 retirement benefit is highest 12 month salary times years of service times 2.16%. There is annual COLA and healthcare benefits. Also the default spousal continuance benefit is 50%. Those hired after 2016 are considered Tier 3 and have higher age requirements and lower pension benefits.
So glad I joined the military at age 19 after high school; some laugh, some made fun of me. Fast forward 2O22; I too laugh and cried; as I fully retired @ 42 with pension (w/ COLA) a rental properties that generates passive income; a blessing in disguised! All the best everyone.
Best advice (especially if you don’t have one) tell your kids to get a CALPERS or CALSTRS pension if you live in California (all careers) however you have to work 30 years or more!
I have a military pension after serving 30 years (with cola) and a state pension without cola. Those two pensions covers all my expenses plus cash left over. Add in social security and that's more savings. Haven't touched my IRAs. I always keep in mind that my wife will receive 55% of my military pension when I pass away. She gets 100% of the state pension. OBTW, when I was teaching, a fellow teacher told me that I was lucky. This coming from a guy who didn't have to move every four years and didn't do the seven deployments I did. Told him off. Semper Fidelis
OohRah, Semper Fi…if you have qualifying injuries or illnesses, you could also be entitled to VA benefits. Another stream of COLA adjusted income. I’m retired USMC as well. I have my retirement and VA. When I retire fully, I’ll get Social Security, private pension, and 401k on top of that. 🫡
My company got rid of pensions after the Enron scandal. I was vested so have about 25k sitting in an account that will be a lump sum cash out when I retire. The job started matching 6% of 401k contributions instead. And recently an old job told me they didn’t want to manage my pension plan anymore and I had to decide what to do with it. My current 401k administrator let me roll it over so now all my retirement funds are in one spot.
I have a friend that is 84 years old. He retired with social security and a pension. His total income allowed him to live comfortably in 2004. But his pension has not increased in the last 29 years. He can not longer live on his total income due to inflation and a static pension. At 84 years old he now has to work part time in retail to put food on the table. It is sad to see someone his age with a bad heart, have to go to work 4 days a week.
After 32 years as a social worker I took my pension at age 56.. since it’s only taxed federally in my state the net amount is not much less then my take home pay while working. Part time work will supplement my income and help off set the healthcare payments on my husbands plan. Hindsight is 20/20 and he sure wishes he worked for a company that offered pensions as he will need to work another 6 years before he can retire.. career choices matter as does a commitment to the end reward
I'll hit 20 years working at the VA hospital at age 62 and my pension will be about $1,500/month in today's money. I can keep my benefits for about $550/month, so my pension will be $950/m. My base salary is $74,000/yr+ i was hired after 2014 so I have to pay 4.4% of my salary into the pension where as beforehand they paid 0.08% for their FERS pension. Frderal pensions are not free as people assume. I pay 5% into the TSP also..
It depends on what federal pension you retired under. I’m retired Federal LEOS . I have a law enforcement pension at 26.6 service and 10/years military added and I bought back my military time. At retirement 36.5 of service. I retired in 2020 as GS13 in DC. My retired age was 55 which you know LEOS is mandatory at 57. All fed pensions are not the same. My monthly pension is 4950.00 a month. That’s after taxes and insurance etc
After retiring almost 3 years ago I received my pension. The yearly cola isn’t much, but also get Va disability which does go up. But living overseas has changed that balance of power to my favor. If social security is around in 8 years when I turn 62, that will be a nice bonus.
My wife and I will both have pensions with COLA. I look at that like a big allocation in bonds. I believe it makes sense to expose the other portions of our investments to higher risk. Why am I wrong?
Thanks for quantifying the pension benefits when the pension has no COLA. I’m not where I want to be, but I have a better idea about the direction I need to go. Again, thanks.
my federal pension is worth 1.8 Mil with cola, wife will get half when I die, she also has her own federal pension, with cola. No debt plus SS, was a 40 year fed ( including buying back military time). and VA disability
Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.
Agreed! this is why I work with one. My $520k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advsor are working on more figures for this year. IMO, financial advisors are the most sought-after professionals after doctors.
The rule of thumb is a 6% annual rate of return. If it’s greater than 6%, take the monthly annuity. If it’s less take the lump sum. For me, it was a no brainer at 8.4%. Also you calculate how many years it would take to recover your lump sum. For me, that’s 11.8 years. Currently 65 and in good health, that seems doable.
If you're planning to take your private-sector pension as monthly payments, you need to consider if your company will be around for the length of time that you'll be collecting your pension, and how well funded is the pension fund. If your company goes bankrupt, your pension might be guaranteed by PBGC (Pension Benefit Guaranty Corporation). You should also keep well-informed on the solvency of PBGC itself. For government pensions, I have no knowledge on what happens if those fail. Maybe someone who knows can answer.
@@clintonwhite2966 Are you referring to PBGC? Do you know this is a US government agency, chartered to protect private-sector pensions? It was created as a result of the ERISA act passed by the US Congress in 1974.
I wish you talked about Windfall Elimination Provision and how that affects those who have a government pension that didn't take social security taxes but earned 40 quarters or more at jobs that did tax social security taxes to receive social security benefits at qualifying date.
The 4% rule is based on a portfolio allocation of 50% stocks and 50% bonds, meaning it assumes a balanced mix between equities and fixed income assets like government bonds; this is considered a fairly conservative portfolio composition. Bengen said a 60/40 allocation could get you a 4.7% safe w/d rate.
Azul, I appreciate your content. Very educational. Having a pension can increase your fixed income in retirement on top of social security. This can allow a person to look at their investments from a more long term perspective and have a higher percentage of stock, that while they are more volatile, they do offer greater returns long term.
I just turned 48 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $220k
I think the safest strategy is to diversify investments. But if you need proper advice, consider speaking with a financial expertise. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
Thanks for sharing your experience! I’ve been managing my portfolio myself, but it’s not working out. Do you have any recommendations for a good investment advisor? I could really use some help.
Teresa L. Athas a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I just looked up her website on google and I would say she really has an impressive background in investing. I have sent her an email hope she gets back to me soon. Thanks
!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Kristine Lynn Weber, for her expertise and exposure to different areas of the market.
Without a doubt! Kristine Lynn Weber is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Kristine Lynn Weber is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking?
I have a pension that used to have COLA, but hasn’t for a while other than on an ad hoc basis. I’m estimating it’ll increase by only about 1% a year, so I’ll need to rely more on my savings and investments as times go on.
In FL it's 1.6% x (number of years). So, 30 years would be 48%. So, take 48% of (the average of your 5 highest earning years). That's your yearly pension, with a COLA of about 1%, no health insurance. Not bad. Also, there is a $5 x (years of service) benefit given to you monthly toward your health insurance costs. I'm not complaining.
You got me seriously contemplating shorting my work timeline. I am 64 in December, and was going to work 2 more to get all my stuff paid off. Leaning on going sooner. Our pensions have COLA and will transfer to the spouse on death.
I’m going to have a pension when I retire and it doesn’t have an adjustment for inflation. It’s part of my retirement plan but I’m assuming that it will go down every year as inflation goes up.
I keep enough to rebuild my life in bonds BIL...replace house/cars/things....rest is in VTI and a few others. My SSA and pension are enough to pay the bills other than that, more than enough really.
NJ government employees haven't been receiving COLA for the past 10 years. Politicians from both parties failed to fund their portion for decades while the employees had no choice but to pay. This caused huge deficit and underfunding. Then came along Gov. Chris Christie, who does get credit for trying to right the wrong, but the "reform" meant freezing of COLA until the fund gets healthy enough to be equivalent to 80% of required balance. That might take another 15 years. So the employees, through no fault of their own, could be stuck with frozen COLA for quarter of a century. Conversely speaking, they lose $ each year and likely get like 50% of what they earned.
The concern with a federal pension is your spouse. The pension is there as long as you're breathing. Once you pass, that money dries up. You never know when death will knock on your door. So, my goals are not much different from people without a pension to ensure that my wife is financially secure.
As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
Melissa Terri Swayne is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
My pension includes a continuation of my fully paid health insurance that transitions to an Advantage plan at 65. Any idea how to calculate the value of that?
Let me guess ... a lifetime defined benefit law enforecement pension w/COLAs & full medical/dental ins where you can retire btw 50 - 55 y/o ... or a similar military officer pension where you're retiring in the same age range?
@@ministryoftruth8588you guessed it. Not only that if it a special disability pension from on the job injuries it also tax free. Add that to the list as well as spouse gets 80% of the pension after I die. Not bad if you can get it.
Mine (military/VA) is approximately $9.1K a month, inflation protected. I have no idea how much that'll equal because I don't know the CPI adjustment. I've been retired for 7 years, so it's been with about $700k taking in account inflation. I fell the bigger benefit is the medical benefit. Tricare allows me and my wife to retire at any time we want without worry of medical insurance/debt. All that said, we still save 25% on each of our salary in 401(k), as well fully fund each Roth IRA using the backdoor Roth.
Been collecting a smaller pension now 5 yrs, all goes in travel money acct for travel in retirement & 12k was moved to a Roth for better rate of growth. Another smaller pension within 2 yrs at time of retirement. My thoughts, every little bit helps.
4% is a worst case scenario. Bill Bengen (discovered the 4% rule) just did a podcast with Paula Pant from Afford Anything talking about the misconceptions of withdrawal rates. Acceptable withdrawal rates depend on your personal situation. Dave Ramsay doesn’t have it all right either.
Hello Azul! This question has been nagging me and maybe you could offer your thoughts here: I hear that the Federal Government will never go bankrupt, even if on paper it is, will the Federal Government likely continue to print money and pay out Federal Pensions to it's Federal employees?
I share your concern and it's a good question. I do think if things got so bad they would go into means testing with pension/VA disability/and social security. I feel a dark storm is going to hit everyone. Hope I'm wrong.
I have a pension with out any kind of COLA. Luckily it’s low 70K a year but will stay that way forever. My wife gets half if I go first. Maxed SSI at FRA. Working out great so far.
I believe investors should always put their cash to work. In 2024, we’ll likely see greater market diversification. I plan to invest around $350k of my savings in stocks next year, with the hope of generating significant returns, potentially millions.
I retired on an Army pension 10 years ago. It amazes me in my Gen X lifetime military pensions went from being a joke compared to civilian pensions to being so coveted I don't mention it to strangers because I can see the envy in their eyes. In the 60s and 70s Congress let military pay increases lapse. And lapse so badly a military retiree getting paid 50% to 75% of nearly nothing for 20 to 30 years of service respectively retired in poverty unless they were a Colonel or General. Nowadays even a mid rank sergeant can retire OK. Getting paid the month you leave (at ~40 or ~50 years old) instead of at 65 makes a huge difference too. Meanwhile civilian pensions seem nearly extinct. I lived frugally during my career by paying half my salary to kill my credit card/student loan debt and later investing. So living on a 50% pension isn't a big deal. I have substantial investments I trim for emergencies and luxuries that keep growing because my withdrawal rate is ~1% to 2% annually.
It’s not that an Army pension is so great, it’s just that most people don’t have a pension of any sort. Army salaries(especially non-officer) keep the yearly pension amounts relatively light.
Something that isn’t mentioned is how nearly everyone that served gets some sort of payment for an injury even if it was a paper cut. I have worked with several ex military and they all get something. One guy said he gets 200.00/month for a sprained ankle he got playing basketball on the weekend. And he’s been getting that since he was 22yrs old.
It all comes out in the wash, military pension or not. I got out of the Navy in 96’ as an E-5. The ONLY reason I did was because the enlisted pay scales were so abysmal. There was really no real way to save money making $15K/year. And even promoting to an E-7 wasn’t really all that much money. I would have stayed in otherwise. But, 9/11 hit and pretty much spontaneously, all of the pay scales went through the stratosphere to living wages. But still, it’s not like one made so much money that they would have enough to invest 10-15%\year. Back then there wasn’t pay in for 401k contribution plan like now. If you enter service now, you are automatically getting a 35% pension and then the TSP (think 401k) plans. It’s a sacrifice whether you are going to g civilian or military. Again, there are truly no free lunches in this world.
@@52CAI work in federal law enforcement. I’m a 5 year Navy veteran. Most guys I work with are vets. Yes, it’s sad, but I would say 80-90% of veterans are on disability going up to $3K/ month tax free. It’s a scam that many people don’t know about. And if you are 30% service Connected disability you get all kinds of other freebies, such as job preference over those who aren’t service connected disabled. I could put in tor it, but as I tell my cohorts, “I didn’t join the service to extort the federal government.” Honestly it’s the biggest scam going in the federal government. Over $3 billion per year in veterans disability benefits. And honestly, if you are 100% disabled from military service, for say PTSD, then why the hell can you be hired into civilian federal law enforcement, where you are expected to utilize firearms. Ridiculous
@@DJohnson-od6oj One of the guys I work with said when you’re about to be discharged you go to a 3day class. In that class they go over your medical records and they find something no matter how trivial to get you disability pay. If you truly don’t have any injuries then guys will pull the mental card. Seems to me if recruitment would tells this to guys more would sign up. My BIL is a navy lifer. He is living a lottery winner lifestyle. I know he is getting something but he won’t say what.
My pension also doesn't have a COLA, however every month I defer the pension it grows 1% until age 72. I can model what my pension is based on the date I expect to take it.
Thank you for your video, you know.. I can’t recommend Shellane Maxwell enough! When I first approached her, I was overwhelmed about retirement planning…Thanks to her guidance, I was able to restructure my investments and focus on high-yield options. Within just a year, my retirement fund grew by 25%!
One of the first things to consider with a pension is whether it will be enough to cover your core expenses in retirement. Understanding what your pension provides helps you decide how much additional savings you may need.
If you have a pension, it’s smart to evaluate whether it offers a lump sum option or regular monthly payments. Sometimes taking a lump sum and investing it may be advantageous, while other times, a steady income stream is better for stability.
Don’t forget to check if your pension has survivor benefits. Planning for a spouse’s needs is crucial, especially if they rely on part of your pension income to help with expenses after you’re gone.
It’s always good to review whether your pension keeps up with inflation. If it doesn’t, you might need other savings or investments that can grow over time to cover rising costs in retirement.
Consider your tax strategy with a pension. Since pension income is often taxable, understanding your tax bracket in retirement can help you plan withdrawals from other accounts more effectively.
Even with a pension, having an emergency fund is important. Pensions provide stability, but having extra savings for unexpected expenses can give you greater financial security in retirement.
Hit 240k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in August 2024.,,.
I would really love to know how much work you did put in to get to this stage
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Jihan Wu you're such a life saver
As a beginner in this, it’s essential for you to have a mentor to keep you accountable.
Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Waking up every 10th of each month to £210,000 it’s a blessing to I and my family… Big gratitude to this same Jihan Wu🙌
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them. People prefer to spend money on liabilities, Rather than investing in assets and be very profitable
As a recently retired federal employee my pension is modest but the real benefit is that I can remain in the Federal Employees Health Benefit system (FEHB). This means that my health insurance costs me only $260 per month.
Same boat. FEHB is one of the best benefits we get (for now, anyway).
@@user-99.99Same for my husband. I’m fortunate to be able to be on the ins plan also. He has a good amount of his monthly pension deducted so if he passes away first I can get half of the pension. With that and my social security I will be fine. We also have savings and 401ks to supplement but those aren’t needed right now for monthly expenses
Nice! I have a similar benefit as a local government employee in California through CalPERS. They call it PEMHCA (Public Employees' Medical and Hospital Care Act), which pays us a stipens to cover the Medicare part C premiums (Medicare Advance). Thank goodness for that!
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 determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
Please pardon me, who guides you on the process of it all?
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
My pension is $84k a year (with cola) tax free from getting severely wounded in combat. I am very blessed.
tu es blessé oui
You deserve it brother! Thanks for your service.
I have been very lucky. I retired from the Army back in 2010 at 37 and have a military pension of $30k a year. Then, I went to work for Fed and will retire at 62 with approx $30k FERS pension. We have no debt. Our house is paid for using all of my danger and deployment pay. I also have a funded TSP, ROTH, and will take SS at 62. My wife has a small 401k and Roth and she will also take SS at 62. Our plan is to have $125k a year to live on. The key is debt- get rid of it anyway possible and live below your means. Not like a monk but live below your means.
Have been enjoying my six figure pension since 2015. Retired at 55, haven’t touched my 401 or SS yet. I worked hard and took all the O/T I could get. The plumbers and pipe fitters union is awesome.
Frickin' awesome!!! If you can swing it, and are in good health, take ss @ 70. If you live past 82, it will be the right move, receiving way more overall (76% more) than taking it at 62. Good for you, man! Happy retirement!
@@isd605 Thank you, retirement is going great, everyday is a Saturday. If your mechanical and like to work hard and don’t mind getting dirty the union building trades career path is great. Like HVACR, electrician, pipe trades, elevator/ escalator… I did commercial HVAC service and construction and was always working. The pay and benefits are good but the real seller for joining the brotherhood was the pension plan.
just do some tax planning on any of your pre tax contributions as you unwind it when you start RMD in mid 70s.. you may find that you need to take distribution to avoid a huuuuuge tax bill down the road
Nice work! When I joined my local at 25 in 1991 the said full retirement at 55. Well here I am at 58, the lie was real. I will be eligible for “Un-reduced” pension at 60, so 35 yrs in Commercial Roofing for peanuts! With only about 4K a month 👎
I have a federal pension and my wife has a property settlement military pension and social security. All have full inflation adjustments adding up to over 170k annually.We have retirement funds of 1.5 million that just keeps growing because we don’t need it. We are very comfortable in low cost Albuquerque NM and grateful how things turned out. She is the daughter of a working class Missouri farmer and I was brought up by a struggling Ohio single mother.
Good job!
How long will it take to turn $500 K into $1 million ?,thinking of going into stock !
The time it takes to turn $500,000 into $1 million depends on your investment strategy and the rate of return. . If you put it in a high-yield savings account with an interest rate of 4%, you'd earn $100,000 per month with a good financior planner. However, if you invest it in the stock market, which has historically returned about 7% annually on average, you could potentially make around $250,000 per month still depending on your market and risk taking strategy. So you need a good investment plan to earn well for a short period of time.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
Taking break may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. A licensed CFA whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help...
Oh please I’d love that. Thanks!
*CATHERINE DIANE PELICAN*
$40K fed pension, SS $22K, side gig for fun of about $18K and pull about $52K from my TSP for about 5 years. Kept fully invested in the S&P 500 C Fund for 34 years and TSP is about $3.7 million.
Thank you for your service to the country😊
@ It was an honor and there were no dull days!
We have government (State of Texas) pensions, and they have no cost of living increase. I'm still very happy to have it.
Same in California. My wife and I are both state government retirees (next month) with pensions and SS as well. Really takes a lot of stress away knowing we have that income every month.
Make sure your spouse is also given your pension if you die, even if it lowers your monthly amount.
Going into my 30th year at a job with a pension…5 more to go, God help me!
Isn't 30 years enough to retire? Maybe you started young, and you'll be 55 with 35 years? That will be awesome! I'm assuming you'll have COLA too?
@ I did start young. I cannot start drawing my pension until I’m 55, which will be 35 years of service. I could work longer if I wish. There is a 3% COLA. In addition, I can draw my SS at 62 if I wish. I have also done well investing both in a standard brokerage account and a Roth IRA. My goal is once I retire, there is no worries about finances.
With the City of Los Angeles, civilian employees can retire with pension at 55 years of age with 30 years of service. Tier 1 retirement benefit is highest 12 month salary times years of service times 2.16%. There is annual COLA and healthcare benefits. Also the default spousal continuance benefit is 50%. Those hired after 2016 are considered Tier 3 and have higher age requirements and lower pension benefits.
So glad I joined the military at age 19 after high school; some laugh, some made fun of me. Fast forward 2O22; I too laugh and cried; as I fully retired @ 42 with pension (w/ COLA) a rental properties that generates passive income; a blessing in disguised! All the best everyone.
Thank you for covering the less common retirement vehicles. Most state employees and even federal still have pensions and need your wisdom.
Best advice (especially if you don’t have one) tell your kids to get a CALPERS or CALSTRS pension if you live in California (all careers) however you have to work 30 years or more!
I have a military pension after serving 30 years (with cola) and a state pension without cola. Those two pensions covers all my expenses plus cash left over. Add in social security and that's more savings. Haven't touched my IRAs. I always keep in mind that my wife will receive 55% of my military pension when I pass away. She gets 100% of the state pension. OBTW, when I was teaching, a fellow teacher told me that I was lucky. This coming from a guy who didn't have to move every four years and didn't do the seven deployments I did. Told him off. Semper Fidelis
OohRah, Semper Fi…if you have qualifying injuries or illnesses, you could also be entitled to VA benefits. Another stream of COLA adjusted income. I’m retired USMC as well. I have my retirement and VA. When I retire fully, I’ll get Social Security, private pension, and 401k on top of that. 🫡
@SSGunnyG luckily I m very healthy. Ran 11 miles this morning. Only disability is hearing at,10% disability. Life is good
My company got rid of pensions after the Enron scandal. I was vested so have about 25k sitting in an account that will be a lump sum cash out when I retire. The job started matching 6% of 401k contributions instead. And recently an old job told me they didn’t want to manage my pension plan anymore and I had to decide what to do with it. My current 401k administrator let me roll it over so now all my retirement funds are in one spot.
I have a friend that is 84 years old. He retired with social security and a pension. His total income allowed him to live comfortably in 2004. But his pension has not increased in the last 29 years. He can not longer live on his total income due to inflation and a static pension.
At 84 years old he now has to work part time in retail to put food on the table.
It is sad to see someone his age with a bad heart, have to go to work 4 days a week.
Wow! That is very sad!! 😔
After 32 years as a social worker I took my pension at age 56.. since it’s only taxed federally in my state the net amount is not much less then my take home pay while working. Part time work will supplement my income and help off set the healthcare payments on my husbands plan. Hindsight is 20/20 and he sure wishes he worked for a company that offered pensions as he will need to work another 6 years before he can retire.. career choices matter as does a commitment to the end reward
I'll hit 20 years working at the VA hospital at age 62 and my pension will be about $1,500/month in today's money. I can keep my benefits for about $550/month, so my pension will be $950/m. My base salary is $74,000/yr+ i was hired after 2014 so I have to pay 4.4% of my salary into the pension where as beforehand they paid 0.08% for their FERS pension. Frderal pensions are not free as people assume. I pay 5% into the TSP also..
It depends on what federal pension you retired under. I’m retired Federal LEOS . I have a law enforcement pension at 26.6 service and 10/years military added and I bought back my military time. At retirement 36.5 of service. I retired in 2020 as GS13 in DC. My retired age was 55 which you know LEOS is mandatory at 57. All fed pensions are not the same. My monthly pension is 4950.00 a month. That’s after taxes and insurance etc
You are great! Thank you for your insights. You taking the time to teach us your expertise without charge is very kind. GOD BLESS YOU AND THANK YOU
After retiring almost 3 years ago I received my pension. The yearly cola isn’t much, but also get Va disability which does go up. But living overseas has changed that balance of power to my favor. If social security is around in 8 years when I turn 62, that will be a nice bonus.
My wife and I will both have pensions with COLA. I look at that like a big allocation in bonds. I believe it makes sense to expose the other portions of our investments to higher risk. Why am I wrong?
Thanks for quantifying the pension benefits when the pension has no COLA. I’m not where I want to be, but I have a better idea about the direction I need to go. Again, thanks.
my federal pension is worth 1.8 Mil with cola, wife will get half when I die, she also has her own federal pension, with cola. No debt plus SS, was a 40 year fed ( including buying back military time). and VA disability
3500 x 12 = 42000 - 42000 x 15 = 630000. Thank you sir
For every $4000 in pension annual payment is worth $100,000 in ira dollars.
Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.
If you lack knowledge about market investing tactics, get advice from a financial counselor.
Agreed! this is why I work with one. My $520k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advsor are working on more figures for this year. IMO, financial advisors are the most sought-after professionals after doctors.
Pls who is this coach that guides you? I’m in dire need of one, my stock portfolio is declining rapidly
Her name is ‘Celia Kathleen Martel’ Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm pleased with the advisor's prompt and knowledgeable assistance. Their professionalism instills confidence. Looking forward to further discussions.
The rule of thumb is a 6% annual rate of return. If it’s greater than 6%, take the monthly annuity. If it’s less take the lump sum. For me, it was a no brainer at 8.4%. Also you calculate how many years it would take to recover your lump sum. For me, that’s 11.8 years. Currently 65 and in good health, that seems doable.
Started at 21 and am very thankful I thought about retirement at 21 🙌🙏🙌🙏🙌
If you're planning to take your private-sector pension as monthly payments, you need to consider if your company will be around for the length of time that you'll be collecting your pension, and how well funded is the pension fund. If your company goes bankrupt, your pension might be guaranteed by PBGC (Pension Benefit Guaranty Corporation). You should also keep well-informed on the solvency of PBGC itself. For government pensions, I have no knowledge on what happens if those fail. Maybe someone who knows can answer.
AND…..you’ve been reported for promoting a scam.
@@clintonwhite2966 Are you referring to PBGC? Do you know this is a US government agency, chartered to protect private-sector pensions? It was created as a result of the ERISA act passed by the US Congress in 1974.
Pension and a five year DROP are practically impossible to beat.
I wish you talked about Windfall Elimination Provision and how that affects those who have a government pension that didn't take social security taxes but earned 40 quarters or more at jobs that did tax social security taxes to receive social security benefits at qualifying date.
The 4% rule is based on a portfolio allocation of 50% stocks and 50% bonds, meaning it assumes a balanced mix between equities and fixed income assets like government bonds; this is considered a fairly conservative portfolio composition.
Bengen said a 60/40 allocation could get you a 4.7% safe w/d rate.
Azul, I appreciate your content. Very educational. Having a pension can increase your fixed income in retirement on top of social security. This can allow a person to look at their investments from a more long term perspective and have a higher percentage of stock, that while they are more volatile, they do offer greater returns long term.
I just turned 48 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $220k
I think the safest strategy is to diversify investments. But if you need proper advice, consider speaking with a financial expertise. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
Thanks for sharing your experience! I’ve been managing my portfolio myself, but it’s not working out. Do you have any recommendations for a good investment advisor? I could really use some help.
Teresa L. Athas a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I just looked up her website on google and I would say she really has an impressive background in investing. I have sent her an email hope she gets back to me soon. Thanks
Retire as soon as it’s practical. Nobody on their deathbed wished they spent more time at the office.
💯
!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Kristine Lynn Weber, for her expertise and exposure to different areas of the market.
Without a doubt! Kristine Lynn Weber is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable.
Kristine Lynn Weber is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking?
look up her name on the web for her website.
Taking mine in January... can't wait... currently living on much less than the pension I'm gonna get due to saving...
I'm right behind you. May of next year is when I can take my pension. I might work for a couple more years since I'm only 52.
@411sponge72 I may work again possibly 1 or 2 days a week or short contracts if I feel like or at some point but I'll wait and see
It is always better to retire too early than too late.
It is sometimes more important to get return OF your money rather than return ON your money.
Wisdom!
I have a pension that used to have COLA, but hasn’t for a while other than on an ad hoc basis. I’m estimating it’ll increase by only about 1% a year, so I’ll need to rely more on my savings and investments as times go on.
In FL it's 1.6% x (number of years). So, 30 years would be 48%. So, take 48% of (the average of your 5 highest earning years). That's your yearly pension, with a COLA of about 1%, no health insurance. Not bad. Also, there is a $5 x (years of service) benefit given to you monthly toward your health insurance costs. I'm not complaining.
You got me seriously contemplating shorting my work timeline. I am 64 in December, and was going to work 2 more to get all my stuff paid off. Leaning on going sooner. Our pensions have COLA and will transfer to the spouse on death.
Thank you.
I’m going to have a pension when I retire and it doesn’t have an adjustment for inflation. It’s part of my retirement plan but I’m assuming that it will go down every year as inflation goes up.
I keep enough to rebuild my life in bonds BIL...replace house/cars/things....rest is in VTI and a few others. My SSA and pension are enough to pay the bills other than that, more than enough really.
My stocks are intended to never sell and are in taxable accts, bonds I have in a few Roth.
Collecting my first pension while working on my second.
NJ government employees haven't been receiving COLA for the past 10 years. Politicians from both parties failed to fund their portion for decades while the employees had no choice but to pay. This caused huge deficit and underfunding.
Then came along Gov. Chris Christie, who does get credit for trying to right the wrong, but the "reform" meant freezing of COLA until the fund gets healthy enough to be equivalent to 80% of required balance. That might take another 15 years. So the employees, through no fault of their own, could be stuck with frozen COLA for quarter of a century. Conversely speaking, they lose $ each year and likely get like 50% of what they earned.
The concern with a federal pension is your spouse. The pension is there as long as you're breathing. Once you pass, that money dries up.
You never know when death will knock on your door. So, my goals are not much different from people without a pension to ensure that my wife is financially secure.
You can opt for a reduced payout assuring her 50% of your pension for as long as she lives.
As a retired federal worker, unless your spouse waive the spousal annuity, you are required to provide a spousal annuity.
As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Melissa Terri Swayne is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
30 years at ATT and retired in June. Rolled my pension into my 401k and done!
Lump?
My pension includes a continuation of my fully paid health insurance that transitions to an Advantage plan at 65. Any idea how to calculate the value of that?
Hard to calculate healthcare cost, whatever you have is a blessing. Good health to you!
My pension is worth $2,280,000.00!
Let me guess ... a lifetime defined benefit law enforecement pension w/COLAs & full medical/dental ins where you can retire btw 50 - 55 y/o ... or a similar military officer pension where you're retiring in the same age range?
@@ministryoftruth8588you guessed it. Not only that if it a special disability pension from on the job injuries it also tax free. Add that to the list as well as spouse gets 80% of the pension after I die. Not bad if you can get it.
If the background is this gent's garden I think his views are probably worth hearing.
Could I substitute Covered Call ETF for Bonds? They could create the monthly income without selling assets until the market recovers
Rule Number Four: Choose a retirement location with a low cost of living.
Thank god for socialist California. My wife and I each have decades of pensions with COLAs and they pay Medicare supplements as well.
Mine (military/VA) is approximately $9.1K a month, inflation protected. I have no idea how much that'll equal because I don't know the CPI adjustment. I've been retired for 7 years, so it's been with about $700k taking in account inflation. I fell the bigger benefit is the medical benefit. Tricare allows me and my wife to retire at any time we want without worry of medical insurance/debt.
All that said, we still save 25% on each of our salary in 401(k), as well fully fund each Roth IRA using the backdoor Roth.
If you're getting VA disability it's not taxed, so you're probably correct on that.
Been collecting a smaller pension now 5 yrs, all goes in travel money acct for travel in retirement & 12k was moved to a Roth for better rate of growth. Another smaller pension within 2 yrs at time of retirement. My thoughts, every little bit helps.
Thanks Azul! What is the acceptable withdraw from a 401K? I hear 4% Dave Ramsey say 8%. What’s correct?
4% is a worst case scenario. Bill Bengen (discovered the 4% rule) just did a podcast with Paula Pant from Afford Anything talking about the misconceptions of withdrawal rates. Acceptable withdrawal rates depend on your personal situation. Dave Ramsay doesn’t have it all right either.
Hello Azul! This question has been nagging me and maybe you could offer your thoughts here: I hear that the Federal Government will never go bankrupt, even if on paper it is, will the Federal Government likely continue to print money and pay out Federal Pensions to it's Federal employees?
I share your concern and it's a good question. I do think if things got so bad they would go into means testing with pension/VA disability/and social security. I feel a dark storm is going to hit everyone. Hope I'm wrong.
Mine is 3.6 mil wow!
I have a pension with out any kind of COLA. Luckily it’s low 70K a year but will stay that way forever. My wife gets half if I go first. Maxed SSI at FRA. Working out great so far.
Police pension with yearly cola raises.
"Retirement isn’t an end goal, but a journey best secured by careful and consistent investments."
Well said! Retirement is the reward of disciplined investing over the long term, not just a destination.
Well said! My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.
That's a great point! Finding a reliable financial adviser would be essential for me to ensure my retirement plans are well-structured.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
CalPERS pension offers pennies on the dollar to those who want a lump sum.
I believe investors should always put their cash to work. In 2024, we’ll likely see greater market diversification. I plan to invest around $350k of my savings in stocks next year, with the hope of generating significant returns, potentially millions.
Covid was fastest both down AND back up.
Thank you Azul. Another excellent presentation!
I buy 200 bucks of scratch offs every Friday at the gas station for my retirement.
I retired on an Army pension 10 years ago. It amazes me in my Gen X lifetime military pensions went from being a joke compared to civilian pensions to being so coveted I don't mention it to strangers because I can see the envy in their eyes. In the 60s and 70s Congress let military pay increases lapse. And lapse so badly a military retiree getting paid 50% to 75% of nearly nothing for 20 to 30 years of service respectively retired in poverty unless they were a Colonel or General. Nowadays even a mid rank sergeant can retire OK. Getting paid the month you leave (at ~40 or ~50 years old) instead of at 65 makes a huge difference too. Meanwhile civilian pensions seem nearly extinct.
I lived frugally during my career by paying half my salary to kill my credit card/student loan debt and later investing. So living on a 50% pension isn't a big deal. I have substantial investments I trim for emergencies and luxuries that keep growing because my withdrawal rate is ~1% to 2% annually.
It’s not that an Army pension is so great, it’s just that most people don’t have a pension of any sort. Army salaries(especially non-officer) keep the yearly pension amounts relatively light.
Something that isn’t mentioned is how nearly everyone that served gets some sort of payment for an injury even if it was a paper cut. I have worked with several ex military and they all get something. One guy said he gets 200.00/month for a sprained ankle he got playing basketball on the weekend. And he’s been getting that since he was 22yrs old.
It all comes out in the wash, military pension or not. I got out of the Navy in 96’ as an E-5. The ONLY reason I did was because the enlisted pay scales were so abysmal. There was really no real way to save money making $15K/year. And even promoting to an E-7 wasn’t really all that much money. I would have stayed in otherwise. But, 9/11 hit and pretty much spontaneously, all of the pay scales went through the stratosphere to living wages. But still, it’s not like one made so much money that they would have enough to invest 10-15%\year. Back then there wasn’t pay in for 401k contribution plan like now. If you enter service now, you are automatically getting a 35% pension and then the TSP (think 401k) plans. It’s a sacrifice whether you are going to g civilian or military. Again, there are truly no free lunches in this world.
@@52CAI work in federal law enforcement. I’m a 5 year Navy veteran. Most guys I work with are vets. Yes, it’s sad, but I would say 80-90% of veterans are on disability going up to $3K/ month tax free. It’s a scam that many people don’t know about. And if you are 30% service
Connected disability you get all kinds of other freebies, such as job preference over those who aren’t service connected disabled. I could put in tor it, but as I tell my cohorts, “I didn’t join the service to extort the federal government.” Honestly it’s the biggest scam going in the federal government. Over $3 billion per year in veterans disability benefits. And honestly, if you are 100% disabled from military service, for say PTSD, then why the hell can you be hired into civilian federal law enforcement, where you are expected to utilize firearms. Ridiculous
@@DJohnson-od6oj One of the guys I work with said when you’re about to be discharged you go to a 3day class. In that class they go over your medical records and they find something no matter how trivial to get you disability pay. If you truly don’t have any injuries then guys will pull the mental card.
Seems to me if recruitment would tells this to guys more would sign up. My BIL is a navy lifer. He is living a lottery winner lifestyle. I know he is getting something but he won’t say what.
I’m leaving my kids the house. That will be $1M each. And I hope to spend the rest!
No COLA on my pension, unfortunately.
Same
My pension also doesn't have a COLA, however every month I defer the pension it grows 1% until age 72. I can model what my pension is based on the date I expect to take it.
Thank you for your video, you know.. I can’t recommend Shellane Maxwell enough! When I first approached her, I was overwhelmed about retirement planning…Thanks to her guidance, I was able to restructure my investments and focus on high-yield options. Within just a year, my retirement fund grew by 25%!
She mostly interacts on Telegrams, using her name.
@shellanemaxwell she’s verified
@shellanemaxwell she’s verified
. .. .
Thanks to her tax strategies, I saved over $55,000 last year, which I reinvested into my retirement account
She helped me set up a budget that enabled me to save an additional $2500 each month for my retirement fund.
What's a pension?
Google!
@@tonylevine2716 Sarcasm!
A lifetime paycheck from a company or government job.
@@glendacastillo6504 Sarcasm
@@tonylevine2716 Sarcasm!
🧡
Love My Nice Fat Pension....!!! Yeah Baby....!! Haven't Had To Touch IRA.....!! Life Is Good. Zero Debt Is Most Important.
Pensions are amazing. Instead we have CEO million and billionaires