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Pension for all hours worked or A/C?
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<blockquote data-quote="I GOT ONE MORE" data-source="post: 5613638" data-attributes="member: 5997"><p>Interesting thread, pension hands down.</p><p></p><p>Your pension is not admired until you start receiving it.</p><p>MOST jobs don't have one. Most folks must live off SS and their savings.</p><p></p><p>I took SS at 62. I did the math, I would break even in 11years and 10 months if I waited to FRA.</p><p>Having SS, pension, and 401k (which is all in an IRA now) completely replaced my income, and then some.</p><p></p><p>Here in the Western Conference, you retire with your insurance for $300/month for a couple.</p><p>When one reaches 65, medicare takes over with your retiree insurance taking 2nd position....kinda like a supplement or advantage plan. Monthly cost is reduced $100, when the other spouse reaches 65....monthly cost is reduced another $100.</p><p>So you end up with secondary insurance for $100 monthly.</p><p>There are still copays and annual deductibles($400) and 80/20 for the first $1000 before the retiree Insurance acts like active employee insurance. And $165 monthly fee for the government Medicare. I find out soon how all that works.</p><p></p><p>It's more than you were used to paying, but still a huge bargain compared to others and the open market.</p><p></p><p>One MAJOR caveat for the Western Conference, when you retire.....do not let your insurance lapse.</p><p>Active and retiree insurance are not connected. So when you are applying for pension benefits, you also must apply for retiree insurance benefits. They are completely separate and require TWO different applications. They are not connected or automatic.</p><p>If you have a gap from active to retiree, you will lose your insurance benefit forever.</p><p>Some of my coworkers found out the hard way.</p><p></p><p>You job has provided well for all things you have, and will continue to, well after that weekly paycheck stops.</p></blockquote><p></p>
[QUOTE="I GOT ONE MORE, post: 5613638, member: 5997"] Interesting thread, pension hands down. Your pension is not admired until you start receiving it. MOST jobs don't have one. Most folks must live off SS and their savings. I took SS at 62. I did the math, I would break even in 11years and 10 months if I waited to FRA. Having SS, pension, and 401k (which is all in an IRA now) completely replaced my income, and then some. Here in the Western Conference, you retire with your insurance for $300/month for a couple. When one reaches 65, medicare takes over with your retiree insurance taking 2nd position....kinda like a supplement or advantage plan. Monthly cost is reduced $100, when the other spouse reaches 65....monthly cost is reduced another $100. So you end up with secondary insurance for $100 monthly. There are still copays and annual deductibles($400) and 80/20 for the first $1000 before the retiree Insurance acts like active employee insurance. And $165 monthly fee for the government Medicare. I find out soon how all that works. It's more than you were used to paying, but still a huge bargain compared to others and the open market. One MAJOR caveat for the Western Conference, when you retire.....do not let your insurance lapse. Active and retiree insurance are not connected. So when you are applying for pension benefits, you also must apply for retiree insurance benefits. They are completely separate and require TWO different applications. They are not connected or automatic. If you have a gap from active to retiree, you will lose your insurance benefit forever. Some of my coworkers found out the hard way. You job has provided well for all things you have, and will continue to, well after that weekly paycheck stops. [/QUOTE]
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