Hi!
I’m 35. I have a pension which is my biggest fear (I plan on getting it but you never know). I have about 50k I contributed to it so far and if i were ever to leave the industry – I get no match from the pension or that awesome growth of a 401k. If I get it I’ll be good but how can i maximize my retirement to be on target without it? How do people have a back up?
I have no debt. A large sum in savings. Opened a Roth IRA last year and maxed it out last year and this year. And I just opened up a 403b I HOPE to max out this year (it would be the only year I realistically could).
What is on par for retirement in situations like these ?
Am I on target for Retirement
byu/Suspicious_pecans inpersonalfinance
Posted by Suspicious_pecans
3 Comments
real talk pensions are sketch these days
Pensions are fine. They are insured by the PBGC now and that means you will get your pension. Its pretty unlikely that your pension would pay beyond the statutory PBGC limit. And when you leave your job you can elect to transfer the lump sum of the pension into a traditional IRA.
If you have access to a 403b then go ahead and contribute as much as you can to save for retirement that way.
Its pretty unlikely that you are exempt from social security so just remember that you have multiple streams for retirement. You have social security, the pension, the 403b, and the IRAs.
As long as you can save even just a bit for retirement you will be fine.
On target for why sort of retirement?
Public (ie government) or private pension?
And you haven’t given any numbers to anyone to make any sort of judgment.