(no subject)

[graculus]

My pension projection arrived this week. Apparently I would need to work till I'm approximately 140 years old in order to assure myself of a reasonable income on retirement.

Hmmm. Maybe I should start playing the lottery again?

Comments

[sg1scribe.livejournal.com]

Don't you just love financial institutions. We keep getting letters from our endowment company that translate into 'Thank you for giving us your money each month. We're just writing to let you know that when you want it back, we're only going to return about half of it. You might want to find some other way to pay off your mortgage but frankly that's not our problem and we don't give a toss. Have a nice day.'

[graculus.livejournal.com]

Managed to dig myself out of that particular hole by selling the previous house at the right time and moving to a cheaper area of the country... but still thinking about starting up with the lottery again! :P

[ruric.livejournal.com]

In exactly the same situation with both pensions and endowment. Will be poor as a church mouse when I'm old.

[graculus.livejournal.com]

I was fortunate enough that my previous house increased in price enough in the period between buying and selling that I was able to deal with the whole endowment mortgage mess by selling that one when I bought the present one. Likewise, I think my current house has almost tripled in price in 3 years so I won't need a huge mortgage for the next one. Fortunately.

[xochiquetzl]

I hate to say this, but according to predictions, if I save $150 a month in the state's 403B plan and combine that with my pension, I'll make more than I'm making now in retirement.

[graculus.livejournal.com]

Well, I'm glad someone isn't in as big a mess as we are! :P

[xochiquetzl]

Well, the pension's projections include the fact that they invest heavily in the stock and bond markets, in addition to the cash they bring in from participants. As does my private IRA and the 403B. If we have another Great Depression, I'm screwed.

Their salaries tend to be lower than the private sector, so the pension and insurance are big draws for them.

[captain-tiv.livejournal.com]

You get a pension?? We don't. :(

I'm using the CD/ROTH IRA plan to save money on my own because whatever type of Social Security is available when I get to retirement age (maybe around 90?) won't be enough. My company doesn't even have a 401K plan. There's profit sharing, but they're not exactly sharing the profits. The big bosses put in whatever they want to.

Can I play the lottery with you too?

[graculus.livejournal.com]

I work for the government, which used to be quite a good deal until they messed with all the pension plans and now I have to start seriously looking at what I'll do since our family tends to have long lives...

[xochiquetzl]

Three words: State of Georgia.

[captain-tiv.livejournal.com]

There's a state college near me, my alma mater. I think they're a part of the "official" University of Georgia system.

[xochiquetzl]

There you go.