Coldworld
60 months and counting
Ive always wondered why alaska has much much lower rates than the rest of the west even though its VERY expensive to live there.
Dreaded Pension Funding Level Letter
- Thread starter brownmonster
- Start date
Ive always wondered why alaska has much much lower rates than the rest of the west even though its VERY expensive to live there.
1989
Well-Known Member
Come on, how much can an igoo cost? Jk
satellitedriver
Moderator
Yeah, but their so expensive to heat.
Now that is funny.
Coldworld
60 months and counting
Is there anyone in Alaska who can answer that??? Isnt it true that they get some kind of yearly check from oil revenue, thought I read that somewhere or maybe they get a larger tax rebate through oil, its something.
helenofcalifornia
Well-Known Member
Drewed said that each Alaskan got $1800 (?) a year in oil revenue sharing. That figure is probably off a bit, but I do remember it being in the thousands, not hundreds.
helenofcalifornia
Well-Known Member
Tech Girl, I moved my 401K before the market made the horrible collapse. (Remember the dot com bust of 2000?) I was fortunate (?) to be off getting a new knee done at the time and had time to watch the market. I put all my 401K in stable value fund and did not lose a penny. When I returned to work one year later, I had made about $7000 without investing a dime of my money. Maybe the people that watch our 401k's have too much money to deal with and if they moved it all it would cause even a bigger collapse of the market. Just saying, there is no one that can watch and monitor your money better than yourself. I am always asking the financially-minded drivers at work what they are doing with their 401k's and what it is invested in. You will find people after a time that you can trust that they know what they are talking about and can give good advice. I will never watch my money wither away again like it did with the dot com bust and do nothing. Took a couple of years to rebuild it.
UpstateNYUPSer(Ret)
Well-Known Member
I know that there are a couple of us (myself and ML) who have been considering early retirement but I have a feeling that this will no longer be an option.
UpstateNYUPSer(Ret)
Well-Known Member
I will let you know if your still alive when I get there
Huh?
brownmonster
Man of Great Wisdom
That might have been a lucky short term move but long term makes no difference. Now if you would have slid the whole pile back into stocks in march 2009, that would have been a slick move.
What'dyabringmetoday???
Well-Known Member
I hope you have contacted the fund. When I did, they told me $600 a month at 20 years and $1200 at 25. Not worth leaving early. Of course, all of the current numbers will be going out the window soon.
UpstateNYUPSer(Ret)
Well-Known Member
We will be receiving a list of options from the fund to vote on as they work to restore the health of the plan. Early retirement is no longer an option. They are talking about setting a minimum retirement age (55?) and reducing their contributions to our pension balances, relying solely on contributions from the company. From what I have heard the figure that we were quoted in their most recent mailing will be pretty close to what we can expect to receive at retirement. Mine was just over $50K annually.
Goose made an excellent point--we have retirees making more in retirement than they were while they were working. How many pensions can survive with that kind of payout?
What'dyabringmetoday???
Well-Known Member
Early retirement never "really" was an option, unless you wanted to give up most of your pension. I am sure you will still be able to leave whenever you want, but not staying will be costly. And to answer your question, no pension can survive the way this one is being administered. It will run out of money. It is unfortunate more people do not get involved, go to meetings, and stand together and work together to fix the problems we face. The "every man for himself" model is not working.
How many retirees are making more in retirement than they were while they were working???
Normally a retirees makes less as a retiree, and because his monthly benefit is not protected by annual cost of living adjustments, he looses additional ground the longer he lives.
I thought only Congress and certain golden parachute CEO's made more in retirement.
UpstateNYUPSer(Ret)
Well-Known Member
Jon, I don't have exact numbers, but there are at least 15-20 retirees in my center alone who fall in that category, some drawing as much as $6K/month in pension. Our more recent retirees are drawing $4K/month, which is what I expect to receive when it is my turn in 9 years and is a bit higher that what I net now. This could be one of the reasons why our plan is in critical status.
Your fund's monthly benefit amount must be the highest around.
Of course, after taxes and health insurance premimums are deducted, it won't be quite so much.
And if you choose the surviving spouse coverage option, or other options, it will be reduced further.
And then there's inflation eating away at your fixed income year after year.
Of course, after taxes and health insurance premimums are deducted, it won't be quite so much.
And if you choose the surviving spouse coverage option, or other options, it will be reduced further.
And then there's inflation eating away at your fixed income year after year.
UpstateNYUPSer(Ret)
Well-Known Member
State taxes are self pay on a quarterly basis. Health insurance is also self pay.
I figure $4K/month plus $1.2K/month SSI when the time comes should allow me to leave my 401k untouched until I am required to draw from it.
I plan on being debt free when I retire.
I figure $4K/month plus $1.2K/month SSI when the time comes should allow me to leave my 401k untouched until I am required to draw from it.
I plan on being debt free when I retire.
klein
Für Meno :)
I wouldn't count on SSI, but 4K to live is enough , anyways.
They are already playing with the thought of giving SSI only to those that don't have any other pension income.
Watch the "Your$$$$$" show weekends on CNN.
UpstateNYUPSer(Ret)
Well-Known Member
SSI will still be there but will not be there for my children. I consider SSI to be my "fun money".
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