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shakespeare47
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Default Jul 07, 2020 at 07:00 PM
  #1
I was a sheet metal worker for 10 years back in the early 90's- and I'll be 55 next December. That means I can start drawing my pension. I could wait until I'm 60 and get more money every month, but I'll be able to draw from this pension for the rest of my life, so it's not like I'll get less money overall if I draw from it sooner rather than later. The monthly payments wont be enough to completely retire on - but it's more than enough to pay the mortgage.


I'm thinking about buying a 2 year old car and then just saving the rest- maybe travel more often - it will be nice to have the extra cushion in finances.

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Default Jul 08, 2020 at 09:33 PM
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I say "go for it!" I get my pension, and it's lovely.
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Default Jul 31, 2020 at 04:49 PM
  #3
17 months to go!

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Default Aug 07, 2020 at 07:21 PM
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How exciting! The car and some traveling sounds fabulous. Enjoy!

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Default Oct 06, 2020 at 01:13 AM
  #5
14 months to go!

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Default Oct 06, 2020 at 03:07 PM
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That's awesome. I'm excited for you!
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Default Oct 06, 2020 at 05:43 PM
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Take your pension now so that you have extra money in case you need it. If you don't need the money save it for a rainy day. When you retire you'll have a nice stockpile.
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Default Feb 21, 2021 at 04:08 AM
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10 months to go!

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Default Feb 22, 2021 at 04:31 PM
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Great!

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Default Aug 31, 2021 at 01:05 PM
  #10
5 more months....

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Default Sep 01, 2021 at 05:32 AM
  #11
I've just reached qualifying age for state pension here in the UK so did my application yesterday. Already draw on a company pension (have done since 60).

There's only me so what I do with the money is solely my decision.

Also want to avoid this Government changing the rules again or reneging on election promises to make the state one a decent amount.
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Default Sep 02, 2021 at 01:35 PM
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My financial guy told me that it depends how long you expect to live. I've taken my pension and Social Security early and I haven't regretted it one bit.
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Default Sep 02, 2021 at 06:08 PM
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I'll be 39 in a few days. I'm not counting on social security even still being around when I get old enough. Plus it won't be enough to live on. Most companies don't do pensions anymore. I have a 401(k) plus other retirement accounts. I doubt I'll get social security before 70 at this rate. I think it's 67 now.
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Attention Sep 04, 2021 at 04:17 AM
  #14
Were/ are you in a union? My husband is. He is a teledata/fiber opt/ inside wireman. Unfortunately in 08 everything took a dump and just when he was supposed to reap the benefits ( High hourly rate) he was laid off for a year and a half. He took a 6 week job call at a university and was hired full time. He pays his dues every month still so he can keep his pension. He was in the union roughly 10 years so his pension will only be about 500$ A month.

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Originally Posted by shakespeare47 View Post
I was a sheet metal worker for 10 years back in the early 90's- and I'll be 55 next December. That means I can start drawing my pension. I could wait until I'm 60 and get more money every month, but I'll be able to draw from this pension for the rest of my life, so it's not like I'll get less money overall if I draw from it sooner rather than later. The monthly payments wont be enough to completely retire on - but it's more than enough to pay the mortgage.


I'm thinking about buying a 2 year old car and then just saving the rest- maybe travel more often - it will be nice to have the extra cushion in finances.

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Default Oct 29, 2021 at 11:39 AM
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Originally Posted by sarahsweets View Post
Were/ are you in a union? My husband is. He is a teledata/fiber opt/ inside wireman. Unfortunately in 08 everything took a dump and just when he was supposed to reap the benefits ( High hourly rate) he was laid off for a year and a half. He took a 6 week job call at a university and was hired full time. He pays his dues every month still so he can keep his pension. He was in the union roughly 10 years so his pension will only be about 500$ A month.

I was (actually still am) in a union. Back when I started this thread, I had already gotten an estimate of benefits from our benefits office and was pleased at the numbers I saw. I just (last week) put in another "request of benefits estimate" and also requested my application papers so I can start the retirement process, and am awaiting their reply. It will be interesting to see if the numbers changed much. If I wanted, I could always delay my retirement.

Only 2 months to go! ( I think - I can't remember if I'll get my first check at the beginning or end of January).

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Last edited by shakespeare47; Oct 29, 2021 at 01:58 PM..
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Default Nov 12, 2021 at 02:18 PM
  #16
I just got my application forms and new estimate in the mail. The estimate is exactly the same as the estimate I got back in 2020.

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Default Nov 12, 2021 at 05:36 PM
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That's great news!
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Default Dec 04, 2021 at 08:20 AM
  #18
Okay! I turned in all my paperwork - so I should get my first pension payment in less than 30 days.

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Last edited by shakespeare47; Dec 04, 2021 at 08:38 AM..
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Default Dec 04, 2021 at 08:29 AM
  #19
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Originally Posted by downandlonely View Post
I'll be 39 in a few days. I'm not counting on social security even still being around when I get old enough. Plus it won't be enough to live on. Most companies don't do pensions anymore. I have a 401(k) plus other retirement accounts. I doubt I'll get social security before 70 at this rate. I think it's 67 now.
I believe that you can apply for social security benefits as early as age 62 - it's just that if you elect to retire early and start getting payments before the full retirement age of 70, you'll get less money.

It's similar to my sheetmetal workers pension. The minimum retirement age is 55, but I could wait until the full retirement age of 60 and get the full amount. I elected to retire early, so I don't get the full amount.

Something to look into?

And perhaps your 401(k) and other retirement accounts will be able to provide you with a comfortable retirement?

My wife and I also have other retirement accounts. I've been saving money for retirement since I was in my late 20's and my wife's employer contributes to her retirement account. I think we'll be able to retire completely when I am 65 and be able to draw an amount equal to our current income from our retirement accounts - but I am assuming we'll both be getting social security checks as well (knock on wood).

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Default Dec 04, 2021 at 09:55 AM
  #20
Yes, I'm saving in my 401(k) and should be ok in retirement. I just can't count on government social security alone. Full retirement age is now 67, so if I retire early I will get less. I hope to be able to work until 67. My job is not physical, so if my mind is ok I can continue to work.
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