Missing Pension Time

[DV1]

15 hours ago, Farmshine said:

Any day worked past 25 years in LEO and you need to get a life. Put your time in, get the F out and enjoy your life.


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Yep, I did that for a few years but found I had to go back to work. Tough to actually 'retire' in NJ, even on most Police and Fire pensions. For many, if not most, "retirement" is just moving from that career to another job, or career. My property taxes alone are almost 25% of my net pension check, and my house isn't huge. If you have a good amount in deferred comp, and can sell your house and downsize to a 2 bedroom condo or something like that, you can do it, but I'm not a condo guy and we like to actually go do things, not just sit around the house trying to ride out the month on what's left of a pension check after you pay all the bills. 

Best bet if you want to actually retire and enjoy your life on just a pension, is sell and leave NJ. We can't do that yet, so back to work 5 and sometimes 6 days a week.

[tcook8296]

On 1/11/2019 at 3:19 PM, Bucndoe said:

Anyone who thinks the government will take care of them, look at the American Indian.

Henry Ford

Anyone who thinks the government will take care of them,

Look at the American Citizen

 

Tom Cook

[Live to Hunt]

I have a 27 year plan. That’s just me. 

[Lphunsjr]

19 hours ago, hammer4reel said:

Wish we had 25 and out.  

Some IBEW  locals have 85 rule .

So can go with 30 if 55 years old.

My local need to be 59 1/2

Start my 36th year this July..

Our pension money is always behind.  Goes through too many  hands to get to our administrator.  

 

 

Our plan is 25 and 55 years of age, or 15 and 62. Its all based on a percentage,,,,,,55 over years of service. At 55, I will have 36 years and I will be done. Unless, like Nanuk said, a raise that will make it worth staying another 3 years being that your top 3 years is how the pension is calculated

[Bucndoe]

1 hour ago, Lphunsjr said:

Our plan is 25 and 55 years of age, or 15 and 62. Its all based on a percentage,,,,,,55 over years of service. At 55, I will have 36 years and I will be done. Unless, like Nanuk said, a raise that will make it worth staying another 3 years being that your top 3 years is how the pension is calculated

What pension system is that ?

[Lphunsjr]

PERS,,,,I work for NJ Turnpike Authority

[BHC]

October, 2021 I'll have 25 years, and I'm out

[Bucndoe]

3 hours ago, BHC said:

October, 2021 I'll have 25 years, and I'm out

That's a lot of time in for a rookie. Should go fast

Edited January 14, 2019 by Bucndoe

[Bones]

millennials got to do 30 now switched around 2011 

[BHC]

8 minutes ago, Bones said:

millennials got to do 30 now switched around 2011 

Sucks to be them

[Bucndoe]

7 minutes ago, Bones said:

millennials got to do 30 now switched around 2011 

They can still do 25 but only get 60. If they do 30 they get 65

[Bucndoe]

22 hours ago, DV1 said:

Yep, I did that for a few years but found I had to go back to work. Tough to actually 'retire' in NJ, even on most Police and Fire pensions. For many, if not most, "retirement" is just moving from that career to another job, or career. My property taxes alone are almost 25% of my net pension check, and my house isn't huge. If you have a good amount in deferred comp, and can sell your house and downsize to a 2 bedroom condo or something like that, you can do it, but I'm not a condo guy and we like to actually go do things, not just sit around the house trying to ride out the month on what's left of a pension check after you pay all the bills. 

Best bet if you want to actually retire and enjoy your life on just a pension, is sell and leave NJ. We can't do that yet, so back to work 5 and sometimes 6 days a week.

If more people took full advantage of Deferred Comp and the SACT program from the start they most likely would be able to leave at 25 a lot easier

[Shakyjake]

The State sucks at record keeping. I have almost a full year of "unpaid' pension payment. I was even sent a letter asking if I was planning to return to the pension system. All this after 14 years of pay stubs proving that I never missed a payment. I still dont have a straight answer on this since August of last year.

[nmc02]

I am scratching my head to a few that said they can't retire on a pfrs pension. That is the beauty of the pension system....you nearly make the same at retirement as you do working  (no longer pay into union, pension system, & some places no medical). Minus OT, of course. Guys I worked with say their retirement pay is VERY close to their pay when working. 

[Haskell_Hunter]

Can't wait for the "missing pension money" thread in a few years....