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Grand Magnate
Member Since Jul 2014
Location: US
Posts: 3,135
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#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. __________________ My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley |
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*Beth*, Discombobulated, lizardlady, RoxanneToto, Soupe du jour, Travelinglady
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poshgirl, RoxanneToto, WastingAsparagus, WovenGalaxy
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Legendary Wise Elder
Member Since Sep 2010
Location: North Carolina
Posts: 48,168
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#2
I say "go for it!" I get my pension, and it's lovely.
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shakespeare47
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Grand Magnate
Member Since Jul 2014
Location: US
Posts: 3,135
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#3
17 months to go!
__________________ My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley |
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catches the flowers
Member Since Jul 2019
Location: Downtown Vibes, California
Posts: 15,701
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#4
How exciting! The car and some traveling sounds fabulous. Enjoy!
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shakespeare47
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Grand Magnate
Member Since Jul 2014
Location: US
Posts: 3,135
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#5
14 months to go!
__________________ My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley |
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Magnate
Member Since Sep 2019
Location: Earth
Posts: 2,854
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#6
That's awesome. I'm excited for you!
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shakespeare47
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Junior Member
Member Since Jul 2020
Location: USA
Posts: 11
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#7
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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RoxanneToto, shakespeare47
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Grand Magnate
Member Since Jul 2014
Location: US
Posts: 3,135
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#8
10 months to go!
__________________ My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley |
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*Beth*
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*Beth*, WovenGalaxy
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catches the flowers
Member Since Jul 2019
Location: Downtown Vibes, California
Posts: 15,701
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#9
Great!
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shakespeare47
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Grand Magnate
Member Since Jul 2014
Location: US
Posts: 3,135
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#10
5 more months....
__________________ My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley |
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WovenGalaxy
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Veteran Member
Member Since Sep 2018
Location: Birmingham UK
Posts: 603
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#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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shakespeare47
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Junior Member
Member Since Aug 2021
Location: New York
Posts: 18
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#12
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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shakespeare47
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Legendary
Member Since Mar 2018
Location: United States
Posts: 10,760
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#13
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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Threadtastic Postaholic
Member Since Dec 2018
Location: New Jersey
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#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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__________________ "I carried a watermelon?" President of the no F's given society. |
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Grand Magnate
Member Since Jul 2014
Location: US
Posts: 3,135
9 437 hugs
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#15
Quote:
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). __________________ My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley Last edited by shakespeare47; Oct 29, 2021 at 01:58 PM.. |
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sarahsweets
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Grand Magnate
Member Since Jul 2014
Location: US
Posts: 3,135
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#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.
__________________ My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley |
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Legendary
Member Since Mar 2018
Location: United States
Posts: 10,760
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#17
That's great news!
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shakespeare47
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Grand Magnate
Member Since Jul 2014
Location: US
Posts: 3,135
9 437 hugs
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#18
Okay! I turned in all my paperwork - so I should get my first pension payment in less than 30 days.
__________________ My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley Last edited by shakespeare47; Dec 04, 2021 at 08:38 AM.. |
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Grand Magnate
Member Since Jul 2014
Location: US
Posts: 3,135
9 437 hugs
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#19
Quote:
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). __________________ My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley Last edited by shakespeare47; Dec 04, 2021 at 09:52 AM.. |
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Legendary
Member Since Mar 2018
Location: United States
Posts: 10,760
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#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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shakespeare47
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