I work part time, 30 hours a week, but I am entitled to full benefits. I get all the over time I need, so basically I work around 40 or more hours a week once I apply for overtime. Worse comes to worse I can always go back to the normal 30 hours with no harm done.

I just set up my 401k. After one year of work, which will be next September, my company will match 100% of the first 3% I contribute, and 50% of the next 3% I contribute. They will also make an annual contribution, but I'm not sure about how that will work or what it is based off of.

If something happens, I can always roll my 401k into some type of IRA I was told. This is all new to me, I'm still learning alot about it and the process.

 

I have a pension; +1 does not. We're both drawing SS. We're still able to save money most every month. We have Tricare/military medical. It's great if you live near major military hospitals; pretty shabby if you don't. If we want or need it, WFAFB is 200 miles away. Medicare in two years will be a health care access improvement for us. Tricare for life then bomes our supplement.
I had it drilled into me as a teenager to save 25% of every dollar I made. I did, often at the expense of a higher standard of living. It's our nest egg. I have never taken a dime out of it nor its dividends, interest , or gains, and I don't plan to do so.
I am among the few who contend it is significantly cheaper to live in retirement; it has been for us. I went into retirement with no mortgages, no credit card bills, and two paid off nearly new cars. Plus, we moved to much cheaper area of the country. I would recommend all of those for people contemplating taking the retirement step.

 

Actually, "not going to work" is retirement. Most pensions are reduced if you start to draw them before a certain age. (65 if it's a crappy pension, 62 if it's a good one.)

At my employer, you qualify for retiree health insurance benefits if you're age 55 and have 10 years service when you leave.

Social Security checks can begin at 62 (at a reduced monthly amount) but if you're no longer working you don't have to start collecting. You can spend your own money until you need to start SS. MOST people who can retire early start drawing it at 62. I hope to retire at 62 but not start drawing SS until 66: I plan on living to 100. ;-)

My wife worked for 32 years for her employer. Several times, she passed up job offers that paid more because her current employer's benefit package tipped the scales in favor of staying.

The c^&*(^$%ers just announced that they are not going to pay the promised retirement benefits. It's legal. Just say, "Thank you sir. May I have another?"

You cannot trust anything that Corporate America says.

 

Sounds like what happened to my mother in law at polaroid.
they got hosed but the ex-ceo finally got indicted.

 

Both the +1 and I are fortunate to have good retirement plans - I for the Fed Gov't and he as retired Navy plus a 401K with his current employer. As well as good medical coverage for both of us which continues in retirement. Another reason to stay in this area for the foreseeable future - excellent medical facilities, both for me and him. I'm very glad I made the decision all those years ago to go with the Feds. The income may not be as high as private industry, but the vacation and retirement benefits make up for it.

I also worked for five years in private industry before joining the Feds, so I can collect some Social Security if I work another five years (20 quarters) in private industry after retirement. But the SS will be minimal because of my gov't pension.

Francesco - you are very smart to have a retirement plan early and be paying attention to it.

 

I only wish I would have started earlier, but I guess 2 years earlier wouldn't have made much difference.

 

+1 and I were fortunate enough to get into work places with pension plans and thrift plans for saving for retirement. We were able to defer income and so far its worked out for us. We're fairly new to the completely retired game so much is tbd. We do not have a medical plan, but +1 was able to get supplemental insurance in addition to medicare. I bought a private policy that I feel is reasonably priced and covers what I anticipate needs to be covered. Its all a roll of the dice with insurance and anymore, its a roll of dice with retirement plans. We've managed to evade the heavy losses many people took since we'd moved things over into "safer" funds before the big stock market losses hit many. +1 also did not retire until we paid off our home and we do not finance cars. When he retired we were debt free and hope to remain so for the rest of our lives. Any minor debt we incur, we pay off with required distributions in our retirement plans.

 

Sounds like many of you are getting a pension from your employer as a retirement benefit. And those who worked for the government (including the military) are also getting medical insurance coverage after retirement. So for you, there is a real difference between "retiring" and "not going to work".

I have a 401K account, but my employer does not match anything. So it is all my own money. Unfortunately, my account lost 45% of its value last year. I already qualify for early "retirement" with my employer (age plus years of service). But as far as I can tell, there is no real retirement benefits from my employer, so for me, there is no difference between "retiring" and "not going to work".

 

Especially since the Feds will honor their end of the bargain; private sector companies are welshing on their retirement commitments right and left. Ford took away retiree health insurance from its salaried employees. (Well, they cover them until age 65 then dump the responsibility onto Medicare.) My wife's employer just gutted her retirement benefits, after 32 years of employment there. They just say, "I know that the retirement plan was part of your pay for all those years you worked, but we're taking the money back."

You just can't trust corporate America to live up to their promises any more.

 

You are right...it is a sad state of affairs.