Quote:
Originally Posted by bsloan1960
Over your working life you pay in Much More than you collect in retirement.
Most pensions are self-funded (from My Pay Check), as well as an employers contributions over time.
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A couple of points I think you misspoke.
Statistically most of us get back more than we pay in. That said if we saved just our half of the ss contribution (6%) and invested it we would end up with 2 to 3 times what we typically collect.
My pension was fully funded by my employer.
My 401 was partially matched by my employer but the vast majority was my sole contribution.
It's pretty rare to have both a pension and matching 401, I was lucky. In today's employment world a traditional pension is all but gone. I worry for future workers. I'm happy to be able to start my family with a good headstart.