Pensions aren’t as common as they were back when my Dad was working at International Harvester. They made Farm Equipment there in Rock Island, IL. They had a Union there which my Dad was a Shop Steward for the Union. They also had a Pension and Health Care for life for Mom and Dad. Pretty good deal. I am going by what he told me I never read all the details of it.
In todays world it seems like fewer and fewer companies offer a Pension plan. Companies that don’t have Pension plans normally have a 401K plan, even most small companies offer one. We teach our boys that if their company offers a pension, they need to find a way to work there long enough to qualify for it. Of course, if they just started there and it is a dead-end job then maybe it isn’t worth for them sticking it out. If the business would go out of business then that is out of their control also.
As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
Darlene already has a lot of years in with her current company towards her Pension plan with them. It would be good for her to stick with them till she qualifies for the Pension. She is able to even work just 20 to 30 hours a week average and still get credit towards the Pension.
Her Pension contract is a revised contract from earlier years so it isn’t as good but it could still help us out at retirement time. We project it could be around $6,000 per year income for life. Possibly starting for her at age 65.
A lot of the guys I golfed with are retired from Pension plans also but they are in their 70’s and 80’s. I have worked for several different companies over my career and none of them offered a Pension plan. So, I am glad Darlene is able to at least get a Pension at her job.
Darlene also has money invested in her 401K plan to help supplement the Pension money. Plus, we have other investments and Passive Income Streams. For more details listen to the whole Podcast.
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