Pension Qualify Time

Pensions aren’t as common as they were back when my Dad was working at International Harvester. They made Farm Equipment there in Rock Island, IL. They had a Union there which my Dad was a Shop Steward for the Union. They also had a Pension and Health Care for life for Mom and Dad. Pretty good deal. I am going by what he told me I never read all the details of it.

In todays world it seems like fewer and fewer companies offer a Pension plan. Companies that don’t have Pension plans normally have a 401K plan, even most small companies offer one. We teach our boys that if their company offers a pension, they need to find a way to work there long enough to qualify for it. Of course, if they just started there and it is a dead-end job then maybe it isn’t worth for them sticking it out. If the business would go out of business then that is out of their control also.

As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at This is for entertainment only.

Darlene’s Pension

Darlene already has a lot of years in with her current company towards her Pension plan with them. It would be good for her to stick with them till she qualifies for the Pension. She is able to even work just 20 to 30 hours a week average and still get credit towards the Pension.

Her Pension contract is a revised contract from earlier years so it isn’t as good but it could still help us out at retirement time. We project it could be around $6,000 per year income for life. Possibly starting for her at age 65.

A lot of the guys I golfed with are retired from Pension plans also but they are in their 70’s and 80’s. I have worked for several different companies over my career and none of them offered a Pension plan. So, I am glad Darlene is able to at least get a Pension at her job.

Darlene also has money invested in her 401K plan to help supplement the Pension money. Plus, we have other investments and Passive Income Streams.

Logan is going into the Navy it looks like and he is signing up for a 5 to 6-year deployment or what ever you call it. I have been suggesting to him to stay in for a full 20 years to qualify for a full retirement. He could work his way up in the Navy and get good skills. He would be out at age 38 with a Pension and then could go start a second career that he has a passion for instead of being worried about finding any job. He would have more choices. Or he could stay in the Navy longer if possible.

After the Navy recruiter left our house and told us about the Navy benefits and Pension plan, I wished I would have gone into the Navy out of High School. Logan wants to go for the Free Education program but I hope he sees all the other opportunity they offer.

A friend of mine that I bowled with in Minnesota was in the Military for I think 4 to 8 years. Then after that he joined the Reserves I believe. He said he could qualify for a Military Pension with his full time Military years plus his Reserve years. What a good gig. I told Logan about that possibility also if he didn’t want to stay in fulltime for 20 years.

Pension Available

Do you have a Pension? What are your thoughts about Pensions? Does your company offer a Pension plan or a 401K plan?

I hope Logan gets a Pension from the Military and I hope Darlene gets one from her job. We don’t know what Seth wants to do in the future. Currently he wants to go to College after High School. That’s a good start.

We suggest to our boys that even if your company offers a Pension there is no guarantee that it will always be around or the company will be around in the future. I talked to a guy back in the Midwest that had worked for a company for 15 years and was on track to retire with a Pension someday. But then he went to work one day and the doors were locked, with a sign saying “Out of Business”.

He had to start over with a new company. That seems more common in todays world. Back when I was a kid, they used to say to work for a company 30 years, get a gold watch and retire with a Pension. Todays world people change companies many times through their working years. It seems rare that someone spends their whole Adult working career life with one company.

We suggest to the boys that they need to also work on funding their 401K plans if they have one offered. Plus, on top of that work on building up assets and streams of Passive Income.

Here are some positive quotes I like;

“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill

“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett

“There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

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