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Originally posted by mustardjohn
Bad situation. Another negative about pensions is that they are often back end loaded to keep you in a job with significant penalties if you don't reach a certain age, say 58, and years of service. The total of age and service adding to 85. Penalties can be as high as -10%/year for every year under 85. What we need is portable pensions. The comapnies don't want this as it adds to turnover problems. It would be great to get to count all work service toward the 85. But loyalty of large companies is waning and it is getting harder and harder to get to the magic 85. Looks like I won't make it as our company is being spun off and sold. It could be worse though. Looks like I will get to retire and draw a pension while still working. Maybe. Other wise I will be in the job market. Which gets harder the older you get.
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The deal we had before was 25yrs (full time service) and out at any age with $2000 retirement or $2500 after age 57, with insurance. At 30 yrs you'd get $3000 at any age. I worked 2 1/2 yrs part-time so that doesn't count towards my retirement at this point. It -6% for every year before 62 in the new plan with a cap of $3500 retirement. The main problem we are having is that the fund that we are in is a group fund.. different companies are covered under it and some are going bankrupty and some just can't pay thier share anymore leaving the burden of thousands of retirees on the companies that still exist and do pay thier share.
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Florida is great but there are many nice warm places on the Gulf Coast in Mississippi, Alabama, Texas and Louisana that may be less expensive. South Georgia ain't bad either.
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I've thought about Texas because its close to the Florida climate but I like living close to the beach, ocean side. I can't imagine not living close to the ocean but the west coast doesn't appeal to me, don't think I would be able to afford it.