Among Friends

[Shogirl]

Like others have said, you can't pass up 'free' money!  I've been putting in a retirement plan for 41 years that has been matched by my company and now I have a nice nest egg.  There have been lean times throughout the years (divorces and bankruptcy, to name a few) but I remember my dad telling me years and years ago - "No matter how bad it gets, never stop putting into your retirement plan that the company matches; you can't afford NOT to do it."

[chrystaltree]

Thoughts about what?  it's mandatory so your only option is to quit the job and look for another one that doesn't have a mandatory retirement fund deduction.  You must have known about this before you accepted the job.

[Tribesters]

Finding a job that offers a pension these days is a rarity. Most places have frozen pensions & replaced them with 401k's. I think you are fortunate to have a pension but I would be concerned with keeping it solvent. Perhaps that why the "mandatory" contributions. People are retiring earlier & living longer. Fewer employees paying in= more money going out than coming in.

I saw a segment on the news about people receiving notices their pensions would be cut by significant amounts with little or no notice. They assumed they were safe but apparently Congress failed to protect worker's pensions. (I would bet their pensions are secure though). What do they expect our senior citizens to do if their pensions are cut in half? Lot of them can't just go out & get a job. You work your whole life hoping to enjoy your retirement and then it's snatched away from you. Not fair.

[violann]

YES @Tribesters, absolutely totally unfair. 

[Imadickens]

oh yes, it hurts! I imagine even more if you've been out of work! But, it is sooo worth it when you start collecting it!

[DiAnne]

I have friend who worked part-time for the state and had to contribute to mandatory retirement when she was in college.  She is now retired and gets a pension of $500 a month from the state for her 4-5 years of part time employment.  It is almost like a gift that comes every month.  

[Financialgrl]

Yes, 11.47% is a lot but the fact that there is a same match - you will probably never get that elsewhere.  You won't want to hear this - but you will have to sift thru your budget and see where you can make cuts to help you thru this.

I'm retired already - but I, myself am in a similar situation whereby I am moving and my new home (I've picked a model in a subdivision and they build a home to that) will take 9 months to build but I'm presently a few thousand dollars from what I'll need at that closing.  Like you I have other places I can withdraw $ but I do not want to bc I'll have to pay taxes on that to pull it out and that $ is what I need/want available in the future.  SO, I'm doing everything I can to make sure I get to the goal I've set for myself - and I'll do anything to get to my goal - from cancelling cable to saving change and putting it into the credit union's coin counter to deposit into my account.  

Good luck - let's do this together!

[cuddlesmama]

I also work for the state as a Nurse I only have in 22 years for the state but have worked non state jobs also. When you retire from the state SS will deduct 40% from your SS check so sometimes I wonder if it was woth it to work for the state. Anyway my husband is telling me to retire we have saved a large nest egg but it is still a hard decision I will be getting only 55.7% of my pay and I am going to be 63 this year. It sounds great but still scary.

[CalminHeart]

When my kids were younger and through college, I didn't contribute a ton to my retirememnt account at work.  Once they finished college, I increased it to 12%.  I barely noticed the difference since it also reduced taxes deducted from my pay.  I gradually increased it.  I just retired and am glad I put a lot into it.  

[qvcaddition]

Twenty years ago this year to the month, I retired from and HMO. I was 60 at the time and told I had no retirement because I was not vested having only worked there four years and 6  months.  We all had to take the first package out or get fired with nothing.  So, I was last one hired and took the package.  I did not look for retirement because of what I was told.  I got a part time job in another hospital and retired completely when my Father died and left me a trust.

Twenty years later I get a letter stating that I need to fill out papers for my retirement money due me at age 70, the IRS needs me to file.  I told them what I stated here, never had a retirement, but filled out papers they sent.

Lo and behold, a huge sum of money came to me retroactive 20 years and now I also get a monthly income at age 80.  I thought it was a scam and investigated before I sent in information on papers sent tgo me..  No scam.  I immediatly called a tax person and sent in a estimate tax amount to avoid penitialies next year  or this year, I didn't know.

I ASKED, WHAT TOOK YOU 20 YEARS TO CONTACT ME OR EVEN A FEW YEARS?  APPARENTLY  the retirement company was sold and an audit was done and people like me fell through the cracks.

NEVER GIVE UP ON ANYTHING,  SURPRISES COME OUT OF NO WHERE WHEN YOU LEAST EXPECT THEM. THIS WAS A GREAT SAVINGS I WAS NOT AWARE I HAD.  I COULD NOT HAVE SAVED  THIS AMOUNT IF i TRIED.