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<blockquote data-quote="herofan" data-source="post: 1045459" data-attributes="member: 17843"><p>Thanks for the replies. I do save money; that's my nature.</p><p></p><p>My retirement is what is called a Defined Benefit plan based on a set formula of employer/employee match which guarantees a lifetime benefit that is not dependent on personal contributions or market fluctuations such as with a 401k type plan; it includes medical insurance, and a cost of living increase yearly for life. This plan has been in place for employees since 1938. One can retire at any age with 27 years service, 5 years at age 60, 10 years at age 55, or wait until age 55 beyond 27 years for the best benefit amount. Amount is based on highest 5 years salary before age 55 and highest 3 years salary at age 55. We get 10 sick days each year that roll over to the next year. We can get a check for those unused days when we retire, or have their worth calculated into our yearly salary. Our retirement representative said that amount averages $10,000-$30,000 among most retirees. It can add up to $400 to you check monthly. </p><p></p><p>I didn't want to give the impression I blew all my money. I guess I just don't focus on it like some. I figure if I have $100,000 when I retire, even if it's just in a savings account, plus a check the rest of my life, I think I will make it. I was just curious if a lot of businesses don't have a retirement plan.</p></blockquote><p></p>
[QUOTE="herofan, post: 1045459, member: 17843"] Thanks for the replies. I do save money; that's my nature. My retirement is what is called a Defined Benefit plan based on a set formula of employer/employee match which guarantees a lifetime benefit that is not dependent on personal contributions or market fluctuations such as with a 401k type plan; it includes medical insurance, and a cost of living increase yearly for life. This plan has been in place for employees since 1938. One can retire at any age with 27 years service, 5 years at age 60, 10 years at age 55, or wait until age 55 beyond 27 years for the best benefit amount. Amount is based on highest 5 years salary before age 55 and highest 3 years salary at age 55. We get 10 sick days each year that roll over to the next year. We can get a check for those unused days when we retire, or have their worth calculated into our yearly salary. Our retirement representative said that amount averages $10,000-$30,000 among most retirees. It can add up to $400 to you check monthly. I didn't want to give the impression I blew all my money. I guess I just don't focus on it like some. I figure if I have $100,000 when I retire, even if it's just in a savings account, plus a check the rest of my life, I think I will make it. I was just curious if a lot of businesses don't have a retirement plan. [/QUOTE]
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