Pensions - Are they really all that and a bag of chips?

[Laidbackman]

A lot of young people think pensions alone equal 80% of total income, when in reality it's more like 40%-50%.

 

[Laidbackman]

Not to mention only 38% of Boomers even have a pension. It probably drops down to around 34% for Gen Jones. Personally, other that the ones I worked with, I don't know any Gen Jones under 65 that even have one. Two of my Gen Jones buddies under 65 would have had a pension coming if they had lived.

 

[Idaeo]

I just accepted a position today that comes with a pension. It’s 1/3 of the total retirement payout..the other two being a 401k type and a tax holding account

 

[mson]

First job had a pension, but they capped it and discontinued it when the parent company got bought. I just recently rolled it over to my IRA.

 

[Givethanks]

I'm hearing our pensions from my union are like 70% of your best 5 years and this is for a regular degular municipal worker.

 

[Laidbackman]

I'm hearing our pensions from my union are like 70% of your best 5 years and this is for a regular degular municipal worker.

If they include COLAs, you're in even better shape. I'm hearing that more businesses are bringing back pensions. They need to, if they can't replace them with something better.