Work at the same company for 20 years and retire

[PrettySquareGal]

Since that isn't the norm anymore, I am wondering if anyone here is actually working for the same place and plans to retire and receive a pension? If not, does your company offer related benefits? It seems that fewer and fewer do nowadays.

 

[Miss Neecerie]

Since that isn't the norm anymore, I am wondering if anyone here is actually working for the same place and plans to retire and receive a pension? If not, does your company offer related benefits? It seems that fewer and fewer do nowadays.

I have only worked for them for 3 years.....but I work for a giant company where it is very very common to spend a whole career.

In the company magazine each month they put the list of service anniversaries and its quite normal to see as much as 45 years of service....

Most of the folks on my larger project team....have at the short end 15 years...and at the longer end....well lets just say some of them who are still working here....helped build Apollo....


We do indeed have a company paid for pension, as well as some really stellar 401k matching....so if I could manage to stay here for the next 20 years til I retire....I would be lucky.

 

[Paisley]

I'd have to stay here for another 27 years--I'm only 38.

It could happen.

 

[PADDY]

Friend of mine has worked for 40 years for the one company...then...(bad news)

Company went into receivership and the pension that he thought he was going to get to set him and his wife up for retirement went down the swanny river!! I feel totally gutted for the two of them, after giving a company 40 years of your life.

Another friend who has just retired after 30 years working for the same company (he began when he was 16!) has had to part company due to health issues. He didn't get a leaving present or anything!! The boss called him a few days later on the phone to say "thanks for your service!!"

Grrrrrrrrrrrrr!!!!! what sort of way is that to pay loyalty??

 

[LizzieMaine]

The only people I know who've ever been able to do that are military folks -- get their 20 years in, and then retire in time to start a civilian career. I've spent my whole working life in various forms of the media, and have never known anyone to retire on any kind of a pension. However, I've known a lot of people who've had to work till the day they died.

My retirement plan? I'll end up one of those shopping-cart ladies returning deposit bottles to pay the rent back at the flophouse. But I'll be the best-dressed bag lady on the street.

 

[Nathan Flowers]

Same here.

I work for the State, and have a retirement system that hopefully won't go belly-up. We'll generally make less than our private sector counterparts, but its stability is top notch.

I can retire at 54 with 30 years in the state's system.

 

[Barry]

My father worked for the same company for 30 years in basically the same position but his duties expanded as the company grew. The company is somewhat of an unusual success story and my father was basically there from day one. He was fortunate.

I would like to find a place to stay for a long time but it is unlikely that I'll find it.

 

[Tommy Fedora]

I worked for 20 years for the same company and then they went out of business. I walked away with nothing.
My present employer offers the best benefits in the world. If my age and years of service add up to 75 or more when I retire, I get free medical benefits for life. As it is, after five years of employment the benefits are free.

 

[Lady Day]

Id hope I can be lucky enough to work for a company that would 'care' for me enough to provide for me in my golden years after 20+ years of hard work and service.

Oh wait, dreaming, sorry

LD

 

[Clara Noir]

I work for a small independent retailer. I've been there 4 years...since I was 14. The odds of me working there 'til I retire are slim. There are no bonuses ever for anyone, but I do love it there. I can see myself setting up a bespoke jewellery company and staying in the shop as guaranteed income. Sigh.

 

[Paisley]

Company went into receivership and the pension that he thought he was going to get to set him and his wife up for retirement went down the swanny river!! I feel totally gutted for the two of them, after giving a company 40 years of your life.

This is why a 401(k) is better than a pension plan. Preferably, have your 401(k) in something besides company stock.

I've been laid off from enough companies to not expect much employer loyalty. Although I have a good employer now, I don't keep more stuff in my office than I can carry home in one box.

 

[Rooster]

I worked for a school district as the Director of Maintanence for 17 years. On call 24hours a day 7 days a week 365 days a year. When I resigned to pusue my self employed dreams. I got a plaque.. quite similar to a swift kick in the seat of the pants. I do have a state retirement pension though.
I much prefer self employedness, even if I ain't gettin' rich :cheers1:

 

[HoosierDaddy]

I worked for a large company for 34 yrs retiring early at 52 with full pension,insurance,and 401K. Sadly it seems that this kinda security is becoming a thing of the past.
HD

 

[52Styleline]

I hope I don't bore you with this, but here is basically what happened to the old standard pension.

Once upon a time, there was the traditional pension that larger firms used to offer which was called a Defined Benefit retirement account. Once a happy worker qualified, he would receive a defined amount (usually monthly) for the term of the pension and live happily ever after in retirement. Some companies began to wonder why they had all that nice pension money laying about when they could put it to better use...Teamsters Union was also big on doing this. This resulted in "unfunded pensions" meaning that when Happy Worker retired and came to the castle for his retirement, the money on which he was counting was gone... Woe, said the retiree. Woe said the company and immediately filed for bankruptcy.

Ah-HA! Said the Government. Let us make a law prohibiting those evil companies from raiding the pension funds. In fact, let us make them perform complex actuarial calculations to estimate how long each employee will live in retirement and make them lock up that sum in advance so that it will always be there for the Happy Retiree. Then the Government saw that it was good, and went away congratulating themselves for their excellent work.

Holy Mackrel!!! Said the accountants. To meet this retirement funding requirement means that we have to tie up vast quantities of dollars, thereby giving us much less with which to run the company...Let us consider doing away with pensions.

Whoopie!!! Said a lawyer. I have just discovered this obscure section of the IRS code which enables employees and employers to put money away tax deferred. Even though it was designed for a specific employer, let me go about preaching the message of the 401(k) far and wide.
I shall call it....Defined Contribution Retirement Account.

Hot Dog! Said the Companies. We now have something with which to replace the hated Defined Benefit Pension Account which has been sucking our operating capital dry. This new Plan is good enough that our workers will not be inclined to lynch the Company's owners...yet will save us vast quantities of wonderful money. Just think, the employees will fund their own retirement plans....The owners clapped their hands with glee and had another wonderful thought. If we make a small contribution to our employee's plan each year, we can convince them that we are still concerned about their old age...and we get to write off the contribution.

Wowzers! Said the Stock Market....it's windfall time..all these uneducated investors with their 401(k) funds....I know, let's have a stock runup..

And so boys and girls...that is how the once boring Defined Pension Plan became the 401(k) and how, no matter how unqualified they may be, every worker is now an investor in the national or global economy with no guarantee as to how much money they will have in retirement.

 

[PrettySquareGal]

I hope I don't bore you with this, but here is basically what happened to the old standard pension.

Once upon a time, there was the traditional pension that larger firms used to offer which was called a Defined Benefit retirement account. Once a happy worker qualified, he would receive a defined amount (usually monthly) for the term of the pension and live happily ever after in retirement. Some companies began to wonder why they had all that nice pension money laying about when they could put it to better use...Teamsters Union was also big on doing this. This resulted in "unfunded pensions" meaning that when Happy Worker retired and came to the castle for his retirement, the money on which he was counting was gone... Woe, said the retiree. Woe said the company and immediately filed for bankruptcy.

Ah-HA! Said the Government. Let us make a law prohibiting those evil companies from raiding the pension funds. In fact, let us make them perform complex actuarial calculations to estimate how long each employee will live in retirement and make them lock up that sum in advance so that it will always be there for the Happy Retiree. Then the Government saw that it was good, and went away congratulating themselves for their excellent work.

Holy Mackrel!!! Said the accountants. To meet this retirement funding requirement means that we have to tie up vast quantities of dollars, thereby giving us much less with which to run the company...Let us consider doing away with pensions.

Whoopie!!! Said a lawyer. I have just discovered this obscure section of the IRS code which enables employees and employers to put money away tax deferred. Let me go about preaching the message of the 401(k) far and wide.
I shall call it....Defined Contribution Retirement Account.

Hot Dog! Said the Companies. We now have something with which to replace the hated Defined Benefit Pension Account which has been sucking our operating capital dry. This new Plan is good enough that our workers will not be inclined to lynch the Company's owners...yet will save us vast quantities of wonderful money. Just think, the employees will fund their own retirement plans....The owners clapped their hands with glee and had another wonderful thought. If we make a small contribution to our employee's plan each year, we can convince them that we are still concerned about their old age...and we get to write off the contribution.

Wowzers! Said the Stock Market....it's windfall time..all these uneducated investors with their 401(k) funds....I know, let's have a stock runup..

And so boys and girls...that is how the once boring Defined Pension Plan became the 41(k) and how, no matter how unqualified they may be, every worker is now an investor in the national or global economy.

Yippee! That was actually riveting, and informative.

 

[Paisley]

What is the purpose of a company? Is it to make products or provide services, or to provide jobs and fund their employees' retirement?

Given how most companies are run by crisis management and don't care about long-term employment, I'd rather be in charge of my own retirement. I'd also rather not have to stay at a company for 20 years or more to be able to retire.

 

[HoosierDaddy]

52styleline
You hit the nail directly on the head with your explanation! I was very fortunate to retain both a good Company pension and 401K. Retiring early,I'm able to really enjoy it!
HD

 

[The Reno Kid]

My older brother just retired in January after 35 years with the same company. He has a full traditional pension.

 

[Grnidwitch]

Pushing 17yrs and counting

In April of this year, it will be 17 yrs that I've been with this company. I have intentions of leaving at the 20+ year mark. I can't retire, the pay hasn't been that good but I am fully vested. This is a family owned company and it really has become a part of MY family. I will work until I can't any more. Then, we'll see.