[USER]

Looking for advice on employer pension plans.
For context I’m a 27yo working as a RN. My employer offers a pension plan.

The state that I live in has a few major hospital systems, mine currently being the highest paying system.

I add this because there wouldn’t be much room for negotiating a higher salary at a different hospital system to offset the loss of a pension.

How much would a pension plan sway you in staying with a current employer vs switching jobs?

It’s hard to imagine being at the same company for so many years given my current age, but I also know pensions aren’t all that common anymore.

Also important to add that I’m aware nothing is guaranteed, especially given how many years would pass before I’d see a penny.

I’m moving about 45 minutes away from my current job which is what has got me thinking about a potential new job.

[Erin]

I’m also an RN and was in that exact position (highest paying healthcare system in the state with a pension) and felt locked into that position.

I ended up being laid off and it was stressful at first applying to lots of lower paid jobs, but now I’ve landed a job I feel so much happier in, with pay that’s not too far behind what I’d been making.

I was vested in the pension at my last position so it wasn’t so hard to let it go, and if I ever work for the county (which I’ve done before in public health), that contribute to that same pension I had. Right now I feel good/fine with just the 401k.

The pension didn’t include healthcare benefits post retirement but if it had it would’ve been much harder to part with.

I like the simplicity of a 401k as far as being able to calculate/estimate net worth and projected retirement income.

I know it can be estimated with a pension but it always seemed elusive to me.

I also just like the freedom of being able to leave and search for a better fit if I want to.

I completely saw myself remaining at that job for the pay and the pension and now I’m so glad I was forced out of it.

[John]

Here’s the bad side of pensions: (and social security/annuities/dividend stocks) They are forced income. You really can’t not take them.(well you can but….) They force you into potentially higher tax brackets.

I will be in a certain bracket for life due to a med size pension.

Is this the worst thing in the world? No but when you hit a certain level of affluence the pension becomes almost a joke.

There are many ways to clear substantial amounts of income and pay no tax but with forced income you’re stuck.

Of course this assumes you can amass a lot of money but just something I never considered until I RE.

[Alex]

I’m also an RN and just left a job with a pension. It’s disappointing to leave a job with a pension but ultimately the job wasn’t making me happy and there was no room for growth, not at this time.

Will your vesting continue if you leave the job and ever go back?

I was okay leaving because I was 2.5 years in (5 years needed to be vested) and if I go back to that system, my time will pick up where I left off.

[Keegan]

My mom had a pension and was laid off 5 times and had to get new jobs through the union each time.

[Author]

Posts