Do you have a pension?

[Bookie]

I am retired and have a pension from the state.

I supplement that by working several mornings a week, and I have income from my retirement savings. When I must, I'll draw Social Security.

[safari]

I have a pension through my company. It's fully funded by the employer. Recently they changed it from annuity to lump sum payment. Based on the estimate, if I continue working there until retirement, I'll get about $1 mil. This is in addition to 401(k).

[FrugalFish]

Originally Posted by humandraydel

While this is true in theory, it is not necessarily true in reality. Companies and even governments (usually only municipalities) can go bankrupt - or at least get in a financial mess to where they can't afford their pension liabilities - especially if the pension fund underperforms considerably. It is unlikely, but certainly not impossible.

I just saw an interview with Dick Morris last week and he was explaining what was going on with oil prices- and that he is confident that oil is the next bubble. He said the real problem will emerge that a lot of pension money was held in the oil funds by the big firms that are driving up the price without being the consumer/recipient of the commodity. End result: some pensions will crash and burn when the oil bubble bursts. I don't know how true it is, but if it does happen, there will be a bunch of people questioning why the gov't deregulated commodities in '99 and allowed this abuse to occur.

My DH does not have a retirement or pension. He does have a 401K to which he contributes.