Re: PENSION OR IRA

Allegheny · ‎03-19-2010

I so agree. Information provided is just too vague to give a decent reponse. IE., will recipient also be eligible for social security. As many said $300,000 over the long term is not much, unless there is another source of dollars coming in.

151949 · ‎03-09-2010

Where on earth do you people live who don't think $300,000 is a lot of money?

Spinach2 · ‎06-23-2016

@151949 wrote:
Where on earth do you people live who don't think $300,000 is a lot of money?

I live in California. No, that's not a lot of money to retire on if you'll live another 20 years or so.

MyGirlsMom · ‎03-09-2010

$300,000 isn't a lot of money, especially if you're depending on living off it for at least twenty - thirty years.

Keep Your Face To The Sunshine and You Will Not See The Shadow

bri20 · ‎03-10-2016

It would depend on the terms of the pension

bri20 · ‎03-10-2016

@151949 wrote:
Where on earth do you people live who don't think $300,000 is a lot of money?

It is a lot of money. But if you have to live off of that for however many years, it's not a lot

Plaid Pants2 · ‎03-14-2015

Let's do the math, shall we?

Take $300,000 and divide that by 30.

You will come up with $10,000 a year.

Now take that $10,000 and sprrad that out over 12 months.

That comes out to $833 a month.

Seeing how much everything costs today, it would difficult at best to live off of that.

silentgirl · ‎08-19-2016

Depends-not enough information, personal or financial.

Yes, collectively 300,000 is a nice sum of money, if it can continue to grow and you are able to live off of the interest without touching the principle amount.

Putting 300,000 in perspective, if you are an individual who made 100,000 a year in your working life, that would only be three years of income. No, absolutely not enough. We are in the east, I would never chance it.

Even for an individual with other forms of income, social security, investments, pension, free of mortgage, car payment and most credit card debt, the income still needs a way to grow. As others have stated if you intend to live a relatively long period. As I hope you will.

The pension would still need to grow.

esmeraldagooch · ‎03-10-2010

Too many pensions are going belly up. Do you really trust yours? Take the money, study annuities with a trusted financial planner.... Not all of them are good. That amount might get you $1.000 a month without touching the $300.000.

Just one in the news...

http://www.zerohedge.com/news/2016-12-08/dallas-police-pension-finally-ends-run-bank-halting-withdra...

151949 · ‎03-09-2010

@Spinach2 wrote:
@151949 wrote:
Where on earth do you people live who don't think $300,000 is a lot of money?

I live in California. No, that's not a lot of money to retire on if you'll live another 20 years or so.

Maybe not in California but that is a very good savings in many parts of the country - probably most of the country. Of course , it depends on how you want to live in your retirement as well. It wouldn't buy you a mansion on the ocean and a yacht - but a regular life in a regular small home where most people live modestly , it would be fine. Assuming you have SS plus this pension - you should be able to live on the earnings without ever touching the principle. Remember - by the time you retire you probably don't have a mortgage, and you don't need to buy a lot of clothing and your income taxes are very low to none.Almost everyone I know says in retirement they live on half what they made working and feel comfortable on that.