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Post by lorddaxter on Feb 18, 2015 13:23:33 GMT
Who pays into a pension and how much, pension systems are weird over here, I had a look at the sunlife site and cant work out how they work, theres no real info unless Im missing something, all I want to find out is how much I pay per month and what it works out to when I retire.
I have a decent frozen UK pension, not sure if I can start paying into that instead, maybe Ill look into that too, anyway just curious!
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mistersmom
Junior Member
Abita Springs, LA
Posts: 3,749 
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Post by mistersmom on Feb 18, 2015 13:35:30 GMT
Well I'm no help. Can you call the company and ask them directly?
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Post by lorddaxter on Feb 18, 2015 14:09:00 GMT
Well I'm no help. Can you call the company and ask them directly? you dont have a pension? I see the banks do them, maybe I should go make an appt |
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mistersmom
Junior Member
Abita Springs, LA
Posts: 3,749
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Post by mistersmom on Feb 18, 2015 14:23:48 GMT
We do have retirement plans but I am embarrassed to say that I don't even really know what I have, how much is put in by my employer nor what I might be able to get out when I am of retirement age. I guess I should know these things but that seems like such a long way off (30+ years).
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Post by horselover4life on Feb 18, 2015 15:11:31 GMT
I have a pension from when I worked on LI.....worked 15 years, credited with 21 years because my job was outsourced and I was offered that as part of my severance package.
Now I am working on building another pension only just started here....
I work for the county so good benefits and a retirement plan that will pay decent once I have 10 years or more in. I have 2 years now "in the bank".
Since I have to work till age 73 to collect full SS technically, I have plenty of time to accrue that time.
My pension though will make my SS check smaller, but in the end I come out ahead.
Besides...not sure how much of the SS system will still be around and solvent not bankrupt by the time I am eligible to retire and claim benefits.
MM...30 years, it sounds like a long time, but it goes by fast {faster the older you get it seems!}.
You may be able to contribute more to make up a deficit like you can with Roth IRAs and some regular IRAs...
You can never have "to much" saved with the uncertainty of SS and retirement being around as we are all threatened with by our trusted government representatives..
Besides we all have horses and know how much $$ they can cost at times... 
I also have private/personal investments from when I worked on LI...when the stock market does well, so do my investments. I don't look to close to often as I can't touch and don't want to touch if ever....penalties are huge if touched to soon.
Pensions in my case were based upon a percentage of salary, what I contributed and then matched by the company. Some places have 401K or 403B or a variation of those plans. All have such large differences speaking to your human resources/personnel department is the only way to know what you will have "banked" and available. You should be getting a yearly update of worth and estimated monthly payout...
Have a headache yet???  .....sure is!!
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Post by lorddaxter on Feb 18, 2015 19:16:25 GMT
???
Oh the smilies arent working yet!
Its the dizzy head one!
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hugs
Junior Member
Posts: 2,647
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Post by hugs on Feb 20, 2015 12:23:42 GMT
I looked at the website for Sun Life Financial in Canada and they don't have info on the site, they want you to call an agent. That's the only way to get specifics. Otherwise there are websites which explain different products in general and how they work. Just remember, the name of the game is how much of your money goes into savings and how much goes into fees. They'll cover the fees up, one way is to have them be this teeny tiny percentage that sounds like nothing but if you apply that to a big number, like the fund itself rather than the payment, it can be a huge amount.
Just like with horses and dogs; it takes the time it takes to figure it out and NO question is dumb.
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Post by lorddaxter on Feb 20, 2015 13:08:02 GMT
Hugs, thank god, I thought I was being a dumbo!
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hugs
Junior Member
Posts: 2,647
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Pensions
Feb 20, 2015 21:49:33 GMT
via mobile
Post by hugs on Feb 20, 2015 21:49:33 GMT
 , thank god, I thought I was being a dumbo! At least that is not why |
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.....sure is!!
, thank god, I thought I was being a dumbo!