- #1
AstroZombie
- 11
- 0
Hello everyone,
I am interested in views regarding a traditional pension as opposed to a 401k. I am at a crossroads in my life where I can choose to move to a different career with interesting work and higher pay, but where most employers have a 401k retirement plan. My current employer has a traditional retirement pension plus a 403B.
My current work is easy and very secure, but not mentally stimulating. I miss having to solve problems and use my intellect in my job. I do enjoy it from time to time and the benefits are good, but I'd like to advance my education and actually put it to use.
I've done some math on both and depending how long live I could come out significantly ahead with a traditional pension, but I wouldn't have much to leave to my future children. I do take care of myself health wise.
A 401k could leave me with a lot of money to spend as I get older, but there is always the possibility of losing money in this type of plan or running out if I live a long time.
I've had some friends and family who have lost money in their retirement plan in the past ten years and it is quite nerve racking to say the least. One in particular has lost over thirty thousand dollars and has not recovered it in about eight years.
I feel this is a useful topic of discussion for people just starting their careers or people such as myself that are planning a career move, or just anyone. Please offer your opinions and thoughts on the current state and options for retirement.
AZ
P.S.
I realize I am blessed to have this choice in the current economy.
I am interested in views regarding a traditional pension as opposed to a 401k. I am at a crossroads in my life where I can choose to move to a different career with interesting work and higher pay, but where most employers have a 401k retirement plan. My current employer has a traditional retirement pension plus a 403B.
My current work is easy and very secure, but not mentally stimulating. I miss having to solve problems and use my intellect in my job. I do enjoy it from time to time and the benefits are good, but I'd like to advance my education and actually put it to use.
I've done some math on both and depending how long live I could come out significantly ahead with a traditional pension, but I wouldn't have much to leave to my future children. I do take care of myself health wise.
A 401k could leave me with a lot of money to spend as I get older, but there is always the possibility of losing money in this type of plan or running out if I live a long time.
I've had some friends and family who have lost money in their retirement plan in the past ten years and it is quite nerve racking to say the least. One in particular has lost over thirty thousand dollars and has not recovered it in about eight years.
I feel this is a useful topic of discussion for people just starting their careers or people such as myself that are planning a career move, or just anyone. Please offer your opinions and thoughts on the current state and options for retirement.
AZ
P.S.
I realize I am blessed to have this choice in the current economy.