Retirement......pensions?

[npmommie]

do you have a pension you will get from your job when you retire? or are you funding your retirement completely on your own?

how much do you put toward that retirement fund per week or month or whatever?
not looking for a dollar amount but a percent.
like do you put 5% of your gross income?

just curious.

 

[StitchBuddy]

I am a teacher, so I will get a pension, assuming it is still funded by the time I get there.

My husband however must fund his own. He puts in 13% and his company puts in 12% of his yearly income. But, they were just bought out, so I am sure this will change. But, it has been nice while it lasted. Then, we try to put as much in savings or towards paying off our house as we can. We want to be morgage free in the next year, if everything goes according to plan.

 

[meriface11]

i have a pension and a 401k with company match (dollar for dollar up to 3.5%). i don't have to contribute anything to the pension, and i max out my 401k to the IRS limit. "they" say you should put away 15% of your income for retirement.

 

[clh2]

No pensions for either DH or me.

My company calls their contributions to our retirement a pension - I call it simply - a contribution towards our reitirement plan. Company puts 3% per year in a fund that makes absolutely no money. Both DH's and my employers match 401K and 403B contributions. We contribute almost 20% per year into our retirement accounts - which is why I always feel broke.

We will probably ease up on the contributions a little next year when DD starts college. Sounds odd - however, we have been agressivel ybuilding our retirement accounts since before we were married - 21 years ago.

 

[RitaE]

My husband has 3 different pensions. They all allow for a reduced monthly benefit to cover the life of both spouses - but one of them I get nothing if he were to die before age 65. I always joke with him about how I need to take really, really good care of him until that birthday. I consider them a higher probability than Social Security.

He contributes to a 401k but he isn't allowed to put in 15% under the highly compensated employee regulations. The company matches that up to $5000 a year. Then he has a Non-Qualified Excess plan that they also contribute to.

Then I have an IRA of my own.

 

[drinkme]

Dh and I both have pensions. Dh's will be a small one from his previous job, mine a bit bigger (still not that big though, lol). We also contribute to a 401K.

 

[JamesMom]

No pensions here. Hubby saves 9% of salary including 3% max company match in 401(k). He got a raise this week (yeah! First in 4 years) and so we will increase our contribution to total 12% in January. We have a hospital bill to pay off, first I am a stay-at-home mom, no retirement plan for that, lol.

 

[travelbug]

I have a good pension coming, barring something disastrous of course. It's hard to ignore what has happened with some people's pensions in recent years.

I also contribute regularly to a 403B (currently about 12% with a small 1% match) and a Roth IRA.

 

[Disneycrazymom]

Self employed - save 25% and worry it won't be enough!

 

[aprilgail2]

I am a stay-at-home mom, no retirement plan for that, lol.

Well once the kids are older and if you head back to work you can start working on a pension then--its never to late!

 

[aprilgail2]

I have a company paid pension which I shall be collecting in 23 months when I turn 50! I also have a 457 (similar to 401K but can collect at 50 1/2 rather than 60) and also will get railroad retirement (similar to social security but better) we don't pay into social security where I work so we are not eligible to collect it.

 

[Sagginit]

i have no pension. as soon as I qualified for my companies 401K I started contributing, up to 6% is what the company matches so that puts me at 12% of my income. i feel i really should be contributing more but with my two moves in the last few months i have not been able to afford it. hopefully in a year i will be able to start putting more in once i'm settled and have everything i need for a while.

 

[nowellsl]

I have a state pension. Thanks to our new Governor I will begin to contribute 3% of my salary to my pension on July 1. I also have a small 403B but I haven't had it very long.

 

[momx2]

I have a state pension. Thanks to our new Governor I will begin to contribute 3% of my salary to my pension on July 1. I also have a small 403B but I haven't had it very long.

Wow! I didn't know there were states where the employee didn't contribute. I will get a state pension also, but I have always contributed 5% of my salary to it. I know there are risks with a state retirement, but there are risks with any type of retirement plans. I should collect approx. 50 - 60% of my average income of my "high five" which is basically my last 5 years of employment. I will be eligible for full retirement with health insurance for myself after 27 years of service, which will be in about 9 more years. I will be 52 years old.

My DH has nada! Not very good planning on our part.

 

[Keli]

I have a 401k which between my employer and myself get 20% of my annual salary. My dh has a retirement plan that appears to stink big time, probably won't amount to much in the end, so we also save in his company sponsored thrift plan. That's a way better deal than their retirement. They match your investments up to a maximum % (can't remember how much that is but dh increases his investment to the max each time he gets a raise) and you pick they mutual funds out of a list of choices that are fairly broad. Since we're still a lot of years from retirement we've been fairly aggressive in our investing and have done well overall. We're becoming a little more conservative over time though and as we near retirement it will probably all be in t-bills or something, lol.
But I worry we started too late and don't put away enough. If we both make it to normal retirement age still working I'm sure we'll be fine but the whatifs do worry me.

 

[Disneycrazymom]

I have a state pension. Thanks to our new Governor I will begin to contribute 3% of my salary to my pension on July 1. I also have a small 403B but I haven't had it very long.

You are keeping 97% and have a fully funded retirement. And you sound angry about that? I bet you don't pay much for your health coverage either. Why should the tax payers pay ours and yours too?

 

[goodeats]

I'm a SAHM, and right now we contribute 9% including match of DH's salary to a 401K. We were contributing 18% including match, but some unexpected expenses have lowered our liquid savings to an uncomfortable amount for us and we're beefing it up super fast. We already have about 2X DH's income in retirement savings (in our early 30's) so I feel comfortable lowering the amount for a short time. We also have a rental property that we hope to hold on to until retirement that will provide some passive income as well. Or we'll sell it and get the lump sum.

My last job had a pension and when I left and I opted to take a lump sum rollover to an IRA instead of waiting until I'm 65 to collect a piddly amount each month. Being only 30 I wasn't convinced the pension would still be there when I'm 65. A bird in the hand and all that!

 

[arthur06]

With my company (on 401k) I get 100% match on my first 3% and a 50% match on my next 2%. So, i put in 5% and they put in 4%.

I have two other accounts that I contribute to as well.

 

[averysmom]

I'm a teacher (in Canada), so I'll have a pension. My monthly contributions, and I only work 75%, are $448.00, so it had better be around I also do 220 a month in RRSPs (the cdn 401K)

Dh doesn't have a pension - he does 12% off of each cheque into RRSPs and his company matches up to 3.5%.

 

[roliepolieoliefan]

I have a state pension. Thanks to our new Governor I will begin to contribute 3% of my salary to my pension on July 1. .

Seriously, you're upset about 3%? Welcome to what the majority of us have always had to do....contribute to our retirement. But wait oh yea DH and I don't even have pensions and we have to contribute a whole lot more.