I'm loving my retirement so far! My wife and I worked hard to reach this point - we're both retired, debt-free, and fortunate to have over $3 million in net worth. We achieved this through a saving and investing lifestyle in the stock market, which now generates weekly income for us. And now, we get to enjoy the fruits of our labor! We're traveling, golfing, and spending quality time with the grandkids. We feel grateful to be living smart and frugal, making the most of our golden years.
Absolutely! I'm in the same boat. I just got back from a road trip across the country. It's amazing how much energy and freedom we have now. Make the most of it, because it won't last forever!
I'm a young dad and I'm really glad to hear your story - it inspires me! I'm still working, but I'm counting down the days until I can enjoy my retirement Years. Can you please share your tips? What's the key to achieving this milestone and making the most of your retirement years? Any tips would be greatly appreciated!
Building a successful retirement requires discipline and strategy. Our journey's key takeaways include starting early, living below our means, diversifying investments, creating multiple income streams, planning for taxes, prioritizing relationships, and maintaining an active and healthy lifestyle.
Additionally consult with a fiduciary advisor, who can help grow your funds, Create a personalized plan and better prepare you for a successful retirement. we are with Tracy Britt Cool Consulting a US-based fiduciary. Check online if she meets your requirements.
I hit $3 million in my late 40's and hope to reach a $5-6 million net worth by age 65. Most of my friends retired at age 50 with $5-10 million net worth. I am far behind my peers and am working harder than ever to catch up!
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Lisa Grace Myer turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
It is gone, we lived through the zenith of our time.The corrupt government will take down this country like what happened to Rome. My condolence for anyone approaching retirement you may have concerns over whether your pension pot will stretch to cover the rising costs of living. Bad energy policy, bad foreign policy, bad regulatory policy , and insane fiscal policy
I think it's especially difficult for retirees and near retirees. My condolences to anyone retiring in this crisis, all those years of work just to loose it all to a crisis you didn't cause.
50 and retiring early. I'm really concerned abt the future in all aspects of where we all going, in this breath finances ; how to stay afloat. I'm thinking about investing for the first time in the capital-market but how can i achieve all that given that the market has being a mess most of the year?
This is why I've entrusted a fiduciary with my investmnt decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to over $850k. My personal best so far
With a Roth IRA, contributions are made with after-tax dollars, meaning you can withdraw your contributions at any time, tax-free and penalty-free. Additionally, any investment gains can also be withdrawn tax-free and penalty-free upon meeting certain conditions. I’m currently debating whether to continue contributing or to liquidate my $338k stock portfolio-I'm at a crossroads.
Penalty-free if you meet certain exceptions especially if you withdraw before 59 1/2 years old or own the account less than 5 years which could amount to a 10% penalty.
Maybe not..most states in the south don't have unions because they are right to work state. Teacher's unions are not what it appears to be. We do have pentions.
Change your terminology. I’m not lucky to have a pension, I’m fortunate. There is a huge difference. I made financial and personal sacrifices for my pension. My income took off after retiring from the military. I once had a director that was surprised that I was receiving a military pension at 45 years old. He said, “that’s almost like ripping off the government”! He was college educated and of age to join the military. I suggested to him, the recruiter is open. Go down, sign up and spend 20+ years serving. When you retire look me up after receiving your first pension check. Then tell me how much you feel like you’re ripping the government off? Needless to say he never took my well meaning advice. Fortunate, not lucky!
@@RetNavyChiefBTC Exactly Chief, I spent 32 years as a street cop. I make no apologies for the pensions I receive as they were earned. I did some really nasty, hard, scary stuff. There are much easier ways to make a living than military or LE. The pension is the good stuff at the end after all the mediocre salaries and benefits.. and you are right, ANYONE can get these benfits if they are that good as the military and LE is ALWAYS hiring..
Thanks for your knowledge and time. Lots of people trying todecidi on the spouse benefit; 100%, 50%, or just take the full pension benefit with no reduction.
I'm still navigating the pension calculation process, but I understand that cost of living adjustments (COLAs) play a significant role in maintaining our standard of living throughout retirement.
I was laid off after committing 36 years with the same company. I was offered the pension lump sum, which I took and after paying the taxes, I will pay off my house and will be bill free. Since I am only 58 I have some figuring out. I have a 401K which I could go heavy for 6 years before I reach 65 and then scale back the 401K percentage and substitute with SS. Thougths...
I’m 62 , nearing retirement, but my plans are in disarray. I have a 30k annuity and a depleted 401(k) with only 150k left, leaving me uncertain about my financial future. Would consulting a financial advisor be wise to get my retirement plans back on track?
Given your concerns, consulting a financial advisor is a great step. They can help optimize your funds, making your money work for you. Considering your 401(k) depletion, delaying retirement slightly might also be wise. This could provide additional time to replenish your retirement savings.
I have heard how they can help you make the best decisions. Honestly, I'm worried about losing more money. The thought of working in retirement to make ends meet is unsettling.
And what if that is all you have, even with SS you may not have enough to retire with. If you opt to work with a financial adviser, Dyor, make sure they are certified from AARP or FINRA.
It's essential to find a fiduciary advisor who is legally bound to prioritize your interests and avoid conflicts of interest. My spouse and I work with Glen Howard Chester, a retirement planner recommended by Danielle Dimartino Booth.
Under his guide, we've diversified our investments across traditional IRA and individual brokerage accounts, mirroring his master portfolio. Our investments have grown by 74% in the past year, and he rebalanced our portfolio at the start of the year, helping us maintain a cautious approach with cash reserves amid market uncertainty.
My wife and I will both have National Guard pensions at age 60 and Fed civil service pensions. Due to our 6 yr age difference, we will have a lower income period when we retire in 2028. I will be drawing my mil pension and begin drawing my FERS pension that year. She will have 3 more years before she can draw either. We haven't met with a financial planner yet, but our current strategy is to draw heavily from my traditional TSP for world travel before she begins drawing to avoid having to do ROTH conversion. When I reach age 70, we will be receiving about 12K/month in Pensions and SS.
Hey Brother - you are set! you don't' need a financial planner for advice! I am a fellow CSRS retiree and only would suggest you consider LTC if you don't have it yet.......
If you don’t have a COLA on your pension but your pension covers your expenses now, how do you calculate a lump sum needed for future expenses that rise with inflation (what is the equivalent to the 4% rule). Sure we need to think about inflation… but no one is talking about a rule of thumb for pensioners who don’t have social security (or are close to having no social security because of WEP).
Yes please do more around this topic and how about instead of Roth conversions for early retirees (pre SSI) drawing down 401K assets and putting aside in a brokage account
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Naw most didnt bother to save instead wasting their money on b.s. over 50% of people my age have nothing saved which I find ridiculous I've been saving since I was 20 along with having a pension
I have 2 pensions both with COLAs {both LE related} along with DROP account that pays till age 89...I am 58 and currently investing in a 457 plan and will be done working at 63 and take SS then. If I start up a Roth, my understanding is none of the money can be touched for 5 years, is that correct? Informative video Thank you..
My full pension in 10 years at 67 will be 4000 a month est. If I take the 100% contingency that number will fall to 3200. A month but when I die my wife will continue to collect that same 3200 every month plus my full SS which is est at 3500 at full retirement. If I pass before my wife she will have over 80k a month coming in. Then theirs all the other investments I have going. She will be fine in retirement. Thats my number 1 goal
Stock market crash, recession, great recession ? wont matter for the state pension my wife has. Also each year has a COLA increase. For our accessible investments I have traditional investment accounts. We both have SS but count on a 20% + reduction due to congress. Our state does not tax retirement income so we are looking forward to a lower tax bracket no matter what.
How to plan how much to save Roth IRA when you have a pension based on income percentage, considering your income contribution to your pension to retirement savings, when you can pull from retirement if pension starts in 40s ext,
My pension is not a defined benefit with any adjustments. It is a fund that annuitizes when I retire. Only choices I get is survivor benefit 50, 75, or 100%. No ability to Roth it.
How does the pension affect availability of affordable health care? It seems that when I retire with my pension, I won’t be eligible for the lower cost Medicare plans that someone with tax advantaged income could strategize out, but will be much more out of pocket because of the regular income. Am I correct or way out in left field? I am saving as hard as I can in Roth’s, both IRA’s and a 403b, but I’m afraid my pension will come back to bite me with health care costs…
The #1 thing anyone with a pension needs to know is not mentioned in this video. The #1 thing is that your pension is not safe. What is your backup plan? Early in the last decade the law was changed to drastically reduce the benefits provided by the Pension Benefit Guaranty Corporation if your plan fails. You will only get a fraction of your expected pension. And that's only if your provider was a member and was paying into the PBGC. Many private plans do not, and ZERO public pension plans are covered by the PBGC. So, what's your backup if your plan fails?
Hey Brother - what you said about private plans is correct but incorrect with regards to military and federal pension plans. They are not covered by PBGC because they are 100% guaranteed by the US Government!
@@123itsMrJD Public sector plans include state governments, local governments, public universities, etc., and that cohort is extremely vulnerable. As you said federal pensions aren't covered by the PBGC. Hence, " ZERO public pension plans are covered by the PBGC" is both true and significant. And if you think that the incoming administration, with an intended cabinet appointee who explicitly wants to eliminate 75% of the federal workforce, wouldn't try to concoct a way to torpedo "guaranteed" federal pensions, you might want to reconsider that. They're playing to supporters who think that all federal employees are in soft cushy jobs with exorbitant salaries and benefits. Have a backup plan.
This guy says something that doesn't make sense. $60k on a consistent flow at 44 years old allows you to go easily earn another $60k somewhere else. Take the $60!
Want to know why home taxes go up every year in the county across America....Yeah stll the gov pensions. Even the poor with a home paid for who dont have a pot to piss in has to pay for pensions.
Get a job that has a pension. Come back after working 20+ years there and let me know how it went. Don't forget to work a second job so you can pay into Social Security for at least 10 years, so you qualify for Medicare when you turn 65.
You fail to mention the biggest concern about pensions ... that the pension plan goes up in smoke. For company-sponsored pension plans, there's a risk that the company goes bankrupt. Similarly, there is a risk that the company is bought out. For government-sponsored plans, there's a risk of the government going bankrupt ... especially if it is a small municipal government. (Note: Most government-sponsored retirement programs are stipulated and voted on as a bill for an act. The civil servant's benefits are established by law. They can also be repealed by law, if the legislative body so chooses.) Even if the pension fund is preserved, there may be changes in the pension benefits. For example, some pensions come with health care benefits. It is in the realm of possibility that at some point in time in the future, the employer may terminate or reduce such benefits. While there may be no empirical data for the individual worker to evaluate HOW MUCH of a risk these situations pose, he should nonetheless consider such impacts to his retirement. Nothing is guaranteed.
just retired with a police pension and i tried to school all the young officers on created multiple streams of income for yourself when you retire so if you dont want to work again you dont have too. pension/457/taxable account in high yield ETF. 3 streams aint bad, could have been better.
I agree with you, I also have a pension, 457/401k/DROP-403b as a retired LEO. I also have a brokerage account and have a stream of 14k per year on qualified dividends (no tax as long as I keep in the 12% bracket). I am trying to come up with a few more ideas for income streams.
Thanks for watching! Have any pension questions?? Drop them below and let's see if we can help you out!
I'm loving my retirement so far! My wife and I worked hard to reach this point - we're both retired, debt-free, and fortunate to have over $3 million in net worth. We achieved this through a saving and investing lifestyle in the stock market, which now generates weekly income for us. And now, we get to enjoy the fruits of our labor! We're traveling, golfing, and spending quality time with the grandkids. We feel grateful to be living smart and frugal, making the most of our golden years.
Absolutely! I'm in the same boat. I just got back from a road trip across the country. It's amazing how much energy and freedom we have now. Make the most of it, because it won't last forever!
I'm a young dad and I'm really glad to hear your story - it inspires me! I'm still working, but I'm counting down the days until I can enjoy my retirement Years. Can you please share your tips? What's the key to achieving this milestone and making the most of your retirement years? Any tips would be greatly appreciated!
Building a successful retirement requires discipline and strategy. Our journey's key takeaways include starting early, living below our means, diversifying investments, creating multiple income streams, planning for taxes, prioritizing relationships, and maintaining an active and healthy lifestyle.
Additionally consult with a fiduciary advisor, who can help grow your funds, Create a personalized plan and better prepare you for a successful retirement. we are with Tracy Britt Cool Consulting a US-based fiduciary. Check online if she meets your requirements.
I hit $3 million in my late 40's and hope to reach a $5-6 million net worth by age 65. Most of my friends retired at age 50 with $5-10 million net worth. I am far behind my peers and am working harder than ever to catch up!
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Lisa Grace Myer turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
It is gone, we lived through the zenith of our time.The corrupt government will take down this country like what happened to Rome. My condolence for anyone approaching retirement you may have concerns over whether your pension pot will stretch to cover the rising costs of living. Bad energy policy, bad foreign policy, bad regulatory policy , and insane fiscal policy
I think it's especially difficult for retirees and near retirees. My condolences to anyone retiring in this crisis, all those years of work just to loose it all to a crisis you didn't cause.
50 and retiring early. I'm really concerned abt the future in all aspects of where we all going, in this breath finances ; how to stay afloat. I'm thinking about investing for the first time in the capital-market but how can i achieve all that given that the market has being a mess most of the year?
Its a great time to get in the market as stocks are on discount but i advice you get a coach or an expert guide you .
This is why I've entrusted a fiduciary with my investmnt decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to over $850k. My personal best so far
@@JamesDinsdale-e6q How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
Retiring with a pension is such a great benefit! The stability it provides makes the transition into retirement much smoother.
Yes! It is a great benefit for those that have them!
Lifetime payment is wonderful.
With a Roth IRA, contributions are made with after-tax dollars, meaning you can withdraw your contributions at any time, tax-free and penalty-free. Additionally, any investment gains can also be withdrawn tax-free and penalty-free upon meeting certain conditions. I’m currently debating whether to continue contributing or to liquidate my $338k stock portfolio-I'm at a crossroads.
You still need to report that on your taxes
Penalty-free if you meet certain exceptions especially if you withdraw before 59 1/2 years old or own the account less than 5 years which could amount to a 10% penalty.
You should mention that the majority of pension recipients were in a union job.
amen
Maybe not..most states in the south don't have unions because they are right to work state. Teacher's unions are not what it appears to be. We do have pentions.
Getting 75% of 130k and also doing max on 457. 23k a year
Can you speak about the Social Security fairness act just passed by the house and heading to the senate? It’s big for pension holders.
Change your terminology. I’m not lucky to have a pension, I’m fortunate. There is a huge difference. I made financial and personal sacrifices for my pension. My income took off after retiring from the military. I once had a director that was surprised that I was receiving a military pension at 45 years old. He said, “that’s almost like ripping off the government”! He was college educated and of age to join the military. I suggested to him, the recruiter is open. Go down, sign up and spend 20+ years serving. When you retire look me up after receiving your first pension check. Then tell me how much you feel like you’re ripping the government off? Needless to say he never took my well meaning advice. Fortunate, not lucky!
I hear you boss. Retired Army 25 years + VA, grateful and fortunate to make it to the other side. Could care less what people think!
@@joshuawilliams2409 Thanks for your service Brother!
Right there with you brother 13 years military medical retired 26 year city landfill pension
WE EARNED IT
By sacrifices we made
@@helloharry1418 Hey Brothers - Retired, federal DOD/IC CSRS civilian (GG-15) retiree here and living the dream!
@@RetNavyChiefBTC Exactly Chief, I spent 32 years as a street cop. I make no apologies for the pensions I receive as they were earned. I did some really nasty, hard, scary stuff. There are much easier ways to make a living than military or LE. The pension is the good stuff at the end after all the mediocre salaries and benefits.. and you are right, ANYONE can get these benfits if they are that good as the military and LE is ALWAYS hiring..
Thanks for your knowledge and time. Lots of people trying todecidi on the spouse benefit; 100%, 50%, or just take the full pension benefit with no reduction.
I'm still navigating the pension calculation process, but I understand that cost of living adjustments (COLAs) play a significant role in maintaining our standard of living throughout retirement.
I was laid off after committing 36 years with the same company. I was offered the pension lump sum, which I took and after paying the taxes, I will pay off my house and will be bill free. Since I am only 58 I have some figuring out. I have a 401K which I could go heavy for 6 years before I reach 65 and then scale back the 401K percentage and substitute with SS. Thougths...
I’m 62 , nearing retirement, but my plans are in disarray. I have a 30k annuity and a depleted 401(k) with only 150k left, leaving me uncertain about my financial future. Would consulting a financial advisor be wise to get my retirement plans back on track?
Given your concerns, consulting a financial advisor is a great step. They can help optimize your funds, making your money work for you. Considering your 401(k) depletion, delaying retirement slightly might also be wise. This could provide additional time to replenish your retirement savings.
I have heard how they can help you make the best decisions.
Honestly, I'm worried about losing more money. The thought of working in retirement to make ends meet is unsettling.
And what if that is all you have, even with SS you may not have enough to retire with. If you opt to work with a financial adviser, Dyor, make sure they are certified from AARP or FINRA.
It's essential to find a fiduciary advisor who is legally bound to prioritize your interests and avoid conflicts of interest. My spouse and I work with Glen Howard Chester, a retirement planner recommended by Danielle Dimartino Booth.
Under his guide, we've diversified our investments across traditional IRA and individual brokerage accounts, mirroring his master portfolio. Our investments have grown by 74% in the past year, and he rebalanced our portfolio at the start of the year, helping us maintain a cautious approach with cash reserves amid market uncertainty.
What is 'Nest Egg' you mentioned at 1:39?
All the $ you save.
My wife and I will both have National Guard pensions at age 60 and Fed civil service pensions. Due to our 6 yr age difference, we will have a lower income period when we retire in 2028. I will be drawing my mil pension and begin drawing my FERS pension that year. She will have 3 more years before she can draw either. We haven't met with a financial planner yet, but our current strategy is to draw heavily from my traditional TSP for world travel before she begins drawing to avoid having to do ROTH conversion. When I reach age 70, we will be receiving about 12K/month in Pensions and SS.
Hey Brother - you are set! you don't' need a financial planner for advice! I am a fellow CSRS retiree and only would suggest you consider LTC if you don't have it yet.......
Good topic and helpful
Thank you!
If you don’t have a COLA on your pension but your pension covers your expenses now, how do you calculate a lump sum needed for future expenses that rise with inflation (what is the equivalent to the 4% rule). Sure we need to think about inflation… but no one is talking about a rule of thumb for pensioners who don’t have social security (or are close to having no social security because of WEP).
Yes please do more around this topic and how about instead of Roth conversions for early retirees (pre SSI) drawing down 401K assets and putting aside in a brokage account
Great! Interesting idea! I'll see what we can do with that topic!
Have you made a video about taking a lump sum payout vs monthly payouts? I am planning on taking the lump some and investing it.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Naw most didnt bother to save instead wasting their money on b.s. over 50% of people my age have nothing saved which I find ridiculous I've been saving since I was 20 along with having a pension
I have 2 pensions both with COLAs {both LE related} along with DROP account that pays till age 89...I am 58 and currently investing in a 457 plan and will be done working at 63 and take SS then. If I start up a Roth, my understanding is none of the money can be touched for 5 years, is that correct? Informative video Thank you..
My full pension in 10 years at 67 will be 4000 a month est.
If I take the 100% contingency that number will fall to 3200. A month but when I die my wife will continue to collect that same 3200 every month plus my full SS which is est at 3500 at full retirement.
If I pass before my wife she will have over 80k a month coming in.
Then theirs all the other investments I have going. She will be fine in retirement. Thats my number 1 goal
Can debt collectors go after your pension.
Stock market crash, recession, great recession ? wont matter for the state pension my wife has. Also each year has a COLA increase. For our accessible investments I have traditional investment accounts. We both have SS but count on a 20% + reduction due to congress. Our state does not tax retirement income so we are looking forward to a lower tax bracket no matter what.
How to plan how much to save Roth IRA when you have a pension based on income percentage, considering your income contribution to your pension to retirement savings, when you can pull from retirement if pension starts in 40s ext,
Let me see what I can pull together for that! Thanks for your input!
Sounds like Roth vehicles or HSA or maybe brokerage account are appropriate for those with pension
Absolutely! I'll try to cover that in more detail in another video
My pension is not a defined benefit with any adjustments. It is a fund that annuitizes when I retire. Only choices I get is survivor benefit 50, 75, or 100%. No ability to Roth it.
How does the pension affect availability of affordable health care? It seems that when I retire with my pension, I won’t be eligible for the lower cost Medicare plans that someone with tax advantaged income could strategize out, but will be much more out of pocket because of the regular income. Am I correct or way out in left field? I am saving as hard as I can in Roth’s, both IRA’s and a 403b, but I’m afraid my pension will come back to bite me with health care costs…
We enrolled in student health insurance, halfta take a class, though but that was after one year on the ACA health insurance scam.
It's nice to have 2 lifetime pensions at age 50. VA is also tax-free
Thank you
Thanks for watching! :)
The #1 thing anyone with a pension needs to know is not mentioned in this video. The #1 thing is that your pension is not safe. What is your backup plan? Early in the last decade the law was changed to drastically reduce the benefits provided by the Pension Benefit Guaranty Corporation if your plan fails. You will only get a fraction of your expected pension. And that's only if your provider was a member and was paying into the PBGC. Many private plans do not, and ZERO public pension plans are covered by the PBGC. So, what's your backup if your plan fails?
Hey Brother - what you said about private plans is correct but incorrect with regards to military and federal pension plans. They are not covered by PBGC because they are 100% guaranteed by the US Government!
@@123itsMrJD Public sector plans include state governments, local governments, public universities, etc., and that cohort is extremely vulnerable. As you said federal pensions aren't covered by the PBGC. Hence, " ZERO public pension plans are covered by the PBGC" is both true and significant. And if you think that the incoming administration, with an intended cabinet appointee who explicitly wants to eliminate 75% of the federal workforce, wouldn't try to concoct a way to torpedo "guaranteed" federal pensions, you might want to reconsider that. They're playing to supporters who think that all federal employees are in soft cushy jobs with exorbitant salaries and benefits. Have a backup plan.
This guy says something that doesn't make sense. $60k on a consistent flow at 44 years old allows you to go easily earn another $60k somewhere else. Take the $60!
Want to know why home taxes go up every year in the county across America....Yeah stll the gov pensions. Even the poor with a home paid for who dont have a pot to piss in has to pay for pensions.
Get a job that has a pension. Come back after working 20+ years there and let me know how it went. Don't forget to work a second job so you can pay into Social Security for at least 10 years, so you qualify for Medicare when you turn 65.
You fail to mention the biggest concern about pensions ... that the pension plan goes up in smoke.
For company-sponsored pension plans, there's a risk that the company goes bankrupt. Similarly, there is a risk that the company is bought out. For government-sponsored plans, there's a risk of the government going bankrupt ... especially if it is a small municipal government. (Note: Most government-sponsored retirement programs are stipulated and voted on as a bill for an act. The civil servant's benefits are established by law. They can also be repealed by law, if the legislative body so chooses.)
Even if the pension fund is preserved, there may be changes in the pension benefits. For example, some pensions come with health care benefits. It is in the realm of possibility that at some point in time in the future, the employer may terminate or reduce such benefits.
While there may be no empirical data for the individual worker to evaluate HOW MUCH of a risk these situations pose, he should nonetheless consider such impacts to his retirement. Nothing is guaranteed.
just retired with a police pension and i tried to school all the young officers on created multiple streams of income for yourself when you retire so if you dont want to work again you dont have too. pension/457/taxable account in high yield ETF. 3 streams aint bad, could have been better.
Not bad idea at all! I like it. I'll see if I can expand on that idea in another video!
Same here. 38 years old, I have my pension, around $27k in a 457B, and a Roth IRA
I agree with you, I also have a pension, 457/401k/DROP-403b as a retired LEO. I also have a brokerage account and have a stream of 14k per year on qualified dividends (no tax as long as I keep in the 12% bracket). I am trying to come up with a few more ideas for income streams.