How long until you get a pension?

Discussion in 'Questions From New Drivers' started by zoekatya, Oct 23, 2015.

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  1. Chinatown

    Chinatown Road Train Member

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    Central States which manages many Teamster pensions predicts they will be completely bankrupt by 2026. The way they're sweating it now, I think it will be many years sooner than 2026. Try to have another backup plan to supplement Teamster pension and Social Security. How about "move to the Philippines?"
     
    Chinatown, Oct 26, 2015
    #31
    rabbiporkchop Thanks this.
  2. rabbiporkchop

    rabbiporkchop Road Train Member

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    I would never rely on a pension for my existence. I've always got a backup plan.
     
    rabbiporkchop, Oct 26, 2015
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    RockinChair, Longarm and Chinatown Thank this.
  3. RockinChair

    RockinChair Road Train Member

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    Pensions, like Social Security, are not owned by you. You are completely at the mercy of the management company (pension) or the federal government (SS); if they mess up, you won't be getting paid anymore. And in most cases, when you die, the payments stop.

    But if you have an IRA and/or a 401(k), you own that money. And when you die, it will become part of your estate, meaning that your heirs can inherit it.
     
    RockinChair, Oct 27, 2015
    #33
  4. wsyrob

    wsyrob Trucker Forum STAFF Staff Member

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    I worked for the YMCA for 25 years before getting into trucking. They have one of the best retirement plans I have ever seen. Its national so all the Y's contribute. I was paid a salary all my years there. The Y paid 12% of that salary into the fund into 2 accounts 7% in one, 5% in the other. Nothing came out of my check which was a good thing when I was young and stupid as I would not have saved that money.

    . You are vested after 5 years. When I left the Y I could have cashed out and taken the 7% side with me. I left it all in there. I could retire tomorrow at 58 making about 35K for the rest of my life and my wife's life. That amount goes up each year and tops 50K at age 65. Unlike the teamsters the YMCA is a growing organization and that pension fund will be there.
     
    wsyrob, Oct 27, 2015
    #34
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