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LA pension or 401(k)?
Posted on 2/4/13 at 8:52 pm
Posted on 2/4/13 at 8:52 pm
pension formula is:
(average salary of highest 5 years)X 2.5% X(# years worked)
OR
personal retirement where employer contributes 5.625% to 401k.
In both cases, I contribute 8%.
What would you do at 30 years old?
(average salary of highest 5 years)X 2.5% X(# years worked)
OR
personal retirement where employer contributes 5.625% to 401k.
In both cases, I contribute 8%.
What would you do at 30 years old?
4
Posted on 2/4/13 at 9:15 pm to The Hamburglar
Do you think the pension will be around when you retire? Or do you think that there will be major reform between now and then?
Posted on 2/4/13 at 9:23 pm to The Hamburglar
What's vested dates for each? Payout and actuarial adjustments for pension?
Do you expect to stay there long term (ie retire there)?
Do you expect to stay there long term (ie retire there)?
Posted on 2/5/13 at 8:42 am to The Hamburglar
quote:
pension formula is:
(average salary of highest 5 years)X 2.5% X(# years worked)
do you plan to be there 20 years?
Posted on 2/5/13 at 9:48 am to The Hamburglar
I work for the state also and I went with the 401k. The pension is great if you think you will work there forever or if you expect the pension to actually still be there when you retire.
I don't trust the economy or the state government to stay off of my pension retirement so I switched to the 401k shortly after my start date. I'd rather trust the market over the next 30-35 years.
I don't trust the economy or the state government to stay off of my pension retirement so I switched to the 401k shortly after my start date. I'd rather trust the market over the next 30-35 years.
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