General Discussion

kelly1mm

(5,756 posts)

15. Besides public safety and military pensions, I know of no other defined benefit

Sun Dec 7, 2014, 01:33 AM

Dec 2014

pension plans that let you draw funds before your mid- 50's at all and only if you take a SIGNIFICANT permanent reduction in benefits to do so. For example, my wife's pension will be $1600 per month (inflation adjusted) when she begins to draw out at 62. If she took 'early' retirement at 55 (which is STILL 9 years from now) it would be $976 per month.

Not saying that the law or the plans could not be set up to allow it, it is just that I know of none that do.

However, none of this is my point anyway. My point is that by having the account (IRA/401k) be something I control, I can make the decisions on how to draw it down. And, just like the GM/Delphi salaried employees and Detroit retirees are learning, that 'promised' benefit is not so rock solid as they believed.

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Congress could soon allow pension plans to cut benefits for current retirees [View all] annabanana Dec 2014 OP

Awful LeftInTX Dec 2014 #1

This is horrible! yeoman6987 Dec 2014 #5

This is why, despite all the drawbacks, I fully support 401k/IRA plans over kelly1mm Dec 2014 #2

What in the world are you talking about? I know a lot of people who retired early with a antigop Dec 2014 #8

My wife and I just retiured this past June. She was a school teacher for 22 years and retired at 46 kelly1mm Dec 2014 #12

that's just because you and your wife's pension was set up that way. There is nothing LEGALLY antigop Dec 2014 #13

Besides public safety and military pensions, I know of no other defined benefit kelly1mm Dec 2014 #15

There are plans that do...you just don't know about them. antigop Dec 2014 #17

I am pushing my agenda. What I am saying is that I am very glad that I control the majority kelly1mm Dec 2014 #18

GO watch the PBS Frontline link I posted. And how did those ENRON 401(k)'s work out? antigop Dec 2014 #29

Where do you think definded benefit pension money is invested? Wall Street! Look at CALPERS, kelly1mm Dec 2014 #20

You are...why do you think Wall Street loves 401(k)'s over defined benefit pensions? Why would antigop Dec 2014 #28

Do you deny that defined benefit pension plans like CALPERS and the Teamsters invest in Wall Street? kelly1mm Dec 2014 #34

WATCH. THE. PBS. FRONTLINE. VIDEO. I. POSTED. AND. STOP. PUSHING. RW. TALKING. POINTS. nt antigop Dec 2014 #35

No. You will not answer a simple question so I will not comply with your shouted demand. nt kelly1mm Dec 2014 #40

No, what? You won't watch the video I posted? Watch it. And learn. nt antigop Dec 2014 #41

Answer my question. Does CAPLPERS and or the Teamster's Pension Fund invest in Wall Street? nt kelly1mm Dec 2014 #43

Why do you think Wall Street loves 401(k)'s over defined benefit pensions? Watch the video! antigop Dec 2014 #44

thanks for the opportunity to post the video -- the one you won't watch. nt antigop Dec 2014 #45

Yes they do Omaha Steve Dec 2014 #47

Short answer is to convert to ROTH IRA and wait 5 years. It takes planning kelly1mm Dec 2014 #49

ok Omaha Steve Dec 2014 #51

Why do you think Wall Street loves 401(k)'s over defined benefit pensions? Watch the video! antigop Dec 2014 #42

Wall street already has their hands on pensioners and pensioner investment funds. Calista241 Dec 2014 #59

Nice rightwing talking points there. WATCH THE VIDEO! nt antigop Dec 2014 #61

I retired traditional and early a week ago today Omaha Steve Dec 2014 #46

My wife could retire "early" at 55 and draw her teachers pension (at a 42% discount from 'full' kelly1mm Dec 2014 #48

Since I retired early I can withdraw from my 457 without a penalty Omaha Steve Dec 2014 #50

yes - that is exactly what we did. Along with some (by todays standards) pretty amazing kelly1mm Dec 2014 #52

Marta and I both have Roths at Ameritrade Omaha Steve Dec 2014 #55

I know lots of people retired early on pensions Marrah_G Dec 2014 #57

I am sorry that at 44 you have no savings/retirement plan. Way too many americans in this position. kelly1mm Dec 2014 #58

I hope they plan on building a lot more sec 8 elderly housing Marrah_G Dec 2014 #62

Is anyone surprised by this? NaturalHigh Dec 2014 #3

"Gee, I wonder where all the money went!" NBachers Dec 2014 #4

exactly-companies are having record profits and the stock market has doubled in 6 years Johonny Dec 2014 #24

I'm sure while they're starving they'll be glad we can afford all those bombs! BrotherIvan Dec 2014 #6

it's not just the bombs onethatcares Dec 2014 #22

Yes and now cities are doing it as well BrotherIvan Dec 2014 #32

Limit it. bl968 Dec 2014 #7

Executive bonuses are ok imo as long as its not an exorbitant amount and as long as its not given cstanleytech Dec 2014 #11

There's a new one (or two, or three, or four) every day. woo me with science Dec 2014 #9

+1 LiberalLoner Dec 2014 #21

And one of the two sponsors is a Democrat martigras Dec 2014 #10

For the life of me...... DeSwiss Dec 2014 #14

Will Obama veto it or "compromise"? Tierra_y_Libertad Dec 2014 #16

This is why Democrats are losing seats. Stand up for the people damn it. liberal_at_heart Dec 2014 #19

this is funny, theyre losing seats now cause dems are not standing up for them at election time belzabubba333 Dec 2014 #23

I don't vote for people who actively vote against mine and my family's best interest. liberal_at_heart Dec 2014 #38

And what are our Democratic Party "serious people" doing to stop it? 99Forever Dec 2014 #25

why the surprise DustyJoe Dec 2014 #26

Well, Congress can show how much they are behind this idea and step up to the plate and say Thinkingabout Dec 2014 #27

Yes, indeed. cyberswede Dec 2014 #54

Right wingers would dance in the street... yuiyoshida Dec 2014 #30

A lot of fox loving republican voters get those pensions that are going to get cut kimbutgar Dec 2014 #31

Fuck faux snooze. My puggie acquaintance at work will see who's making the cuts. He ain't gona lonestarnot Dec 2014 #56

let's start with congressional pensions. spanone Dec 2014 #33

amen to that brother onethatcares Dec 2014 #36

+1 billion Rex Dec 2014 #37

We can't let this happen..but how can we stop onecent Dec 2014 #39

Words fail me. TDale313 Dec 2014 #53

Let's start with congress. Eliminate their pensions and move them to 80/20 401K's on point Dec 2014 #60