How long until you get a pension?

No, most companies do not have pensions.

To cash out at 100%, it usuakly requires 20+ years of service with the company. Retiring early may get the driver 50% of the agreed upon amount. Most companies don't stick around long enough to pay out

 

social security age....oh wait did Obama cash that check also

 

I'm 56, so I should get a pension from SOMEBODY...

 

If you're looking for handouts you're definitely in the right country for them

 

That's up to the company that sets up the pension when your fully vested in it. Like 401's you become eligible in pieces of it over time. These days typically only the Union companies have pensions.

 

At age 15 when you get your first job start putting $5500 a year in a traditional or Roth IRA (individual retirement account) and at 65 you will have a tidy sum to help your golden years.

If you are an owner op or lease op you also need to be opening up a a fund called Solo 401k and I think the limit is $17,500 a year going into that as well. With the rates we've had this year it is difficult to fully fund those.

If you are a company driver you'll want to participate in the company's retirement plan, usually a 401k plan and sometimes for every dollar you put in the company matches $0.50-$1 to help you build up your account.

Whatever you do, do not count on social security to be there when you get old, start saving now.

 

Live fast, die young.

 

It all depends on the company. I had great benefits and retired early. We had three ways you could save for your retirement. A company plan much like a 401K. Then a savings plan which had one side where you could not take any money out until you retired but the company match up to 6% of what you invested. Then the other side where you could get the company to match 4% and you could barrow against yourself or take money out but you had penalties for taxes if you took any out. If you invested in the 6% program and you place enough in to get the 6%, and you did the same for the 4% plan after 20 years you'd have over 7 figures. In the company plan you did not invest any monies into it so it returned the least, but still a good plan for no money out of your pocket. That's a major oil company based in California. About 20 years ago they sold to BP then to Tesoro. Since Tesoro took over just about all the good benefits went out the window. A lot of golden handshakes were offered to the drivers and a lot took the lump sum so a good number of drivers retired early. I don't know how much they were offered because I went out on a medical retirement. But it all depends on the company. The cheaper the company the less you get for the time you put in. Always look for the future when looking for a new job.

 

I've busted my butt for every handout I ever got