Comments on: Pension Envy http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/ Tue, 07 Feb 2012 18:14:07 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Canada Day LinkStuff And New Canadian Blog Spotlight http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-29885 Canada Day LinkStuff And New Canadian Blog Spotlight Wed, 15 Jul 2009 15:32:47 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-29885 [...] Canadian Dream says that some people have pension envy. [...] [...] Canadian Dream says that some people have pension envy. [...]

]]> By: Canada Day LinkStuff And New Canadian Blog Spotlight « Daily News http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-29551 Canada Day LinkStuff And New Canadian Blog Spotlight « Daily News Sat, 11 Jul 2009 00:25:44 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-29551 [...] Canadian Dream says that some people have pension envy. [...] [...] Canadian Dream says that some people have pension envy. [...]

]]> By: Canadian Money http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-28701 Canadian Money Sat, 27 Jun 2009 06:11:46 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-28701 My defined benefit plan allowed me to retire as early as age 55. I left at 56 and my pension drops down at age 65 by about the same amount as I will get from CPP. Another thought..Is the CPP a defined plan? CM My defined benefit plan allowed me to retire as early as age 55. I left at 56 and my pension drops down at age 65 by about the same amount as I will get from CPP.

Another thought..Is the CPP a defined plan?

CM

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-28622 Canadian Dream Fri, 26 Jun 2009 12:14:59 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-28622 Interesting that most people who commented don't really like their DB plans all that much. I suppose that shouldn't be all that surprising given this blog is partly dedicated to early retirement. Tim Interesting that most people who commented don’t really like their DB plans all that much. I suppose that shouldn’t be all that surprising given this blog is partly dedicated to early retirement.

Tim

]]> By: Mintycake http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-28576 Mintycake Fri, 26 Jun 2009 02:24:40 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-28576 I've got a db plan, which is pretty rare in the industry I work in. However, it totally sucks unless you're at the firm for at least 10 years, which I totally cannot see myself doing. My plan is for when I quit that I'll take the commuted value and add it to my locked in plan. I'm hoping the commuted value will be half way decent. I’ve got a db plan, which is pretty rare in the industry I work in. However, it totally sucks unless you’re at the firm for at least 10 years, which I totally cannot see myself doing. My plan is for when I quit that I’ll take the commuted value and add it to my locked in plan. I’m hoping the commuted value will be half way decent.

]]> By: chad http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-28490 chad Thu, 25 Jun 2009 03:38:53 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-28490 i had a defined pension with canada biggest courier company and its so underfunds its not even funny.I transfered out to a Lira and it cost me a lot in a rrsp pension adjusment.I know I'm getting a better return and that the money is going to be there.Defined pension not so peace of mind all depends who its with and a lot of things can change. i had a defined pension with canada biggest courier company and its so underfunds its not even funny.I transfered out to a Lira and it cost me a lot in a rrsp pension adjusment.I know I’m getting a better return and that the money is going to be there.Defined pension not so peace of mind all depends who its with and a lot of things can change.

]]> By: Darryl http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-28489 Darryl Thu, 25 Jun 2009 03:11:10 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-28489 I've got a DB plan as well...from the comments so far it doesn't seem that rare! Regardless, I can appreciate the downsides noted above, decreased RRSP room, need to stay with an employer long term. I do, however take issue with the term "golden handcuffs". If you hate the job, staying for the pension is a fool's play - much like saving every penny for retirement, even if it means eating dogfood and being miserable. Fortunately for me, I love my job, have some advancement prospects (I've been promoted 2 times in the last 4 years) and worked at 9 different offices within my regional area. I've got just 23 years to go until I have a full pension and my retirement worries are taken care of. I’ve got a DB plan as well…from the comments so far it doesn’t seem that rare!
Regardless, I can appreciate the downsides noted above, decreased RRSP room, need to stay with an employer long term.
I do, however take issue with the term “golden handcuffs”. If you hate the job, staying for the pension is a fool’s play – much like saving every penny for retirement, even if it means eating dogfood and being miserable.
Fortunately for me, I love my job, have some advancement prospects (I’ve been promoted 2 times in the last 4 years) and worked at 9 different offices within my regional area. I’ve got just 23 years to go until I have a full pension and my retirement worries are taken care of.

]]> By: Cash Canuck http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-28485 Cash Canuck Thu, 25 Jun 2009 01:59:27 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-28485 DB plan member here (crown corp). I completely agree with the term "golden handcuffs". The point made by Julie about eating up RRSP room strikes a chord with me as well. Don't get me wrong, I feel really lucky to be a part of a DB plan especially given recent market fluctuations. However, the penalties and restrictions built into the DB can make one feel "locked in" to one employer. Some people I work with hate their jobs and continue to work because they are chasing an extra couple percentage points on the pension. I hope never to be that person. DB plan member here (crown corp). I completely agree with the term “golden handcuffs”. The point made by Julie about eating up RRSP room strikes a chord with me as well. Don’t get me wrong, I feel really lucky to be a part of a DB plan especially given recent market fluctuations. However, the penalties and restrictions built into the DB can make one feel “locked in” to one employer. Some people I work with hate their jobs and continue to work because they are chasing an extra couple percentage points on the pension. I hope never to be that person.

]]> By: Dave http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-28457 Dave Wed, 24 Jun 2009 18:39:50 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-28457 My work had a DB, but then switched so that new employee's to a DC plan and offered existing employee's an option to switch to the DC. I took the option, only time will tell if it will be better. I have 8 years of DB pension and the rest will be in DC. It was a hard decision but knowing that I want to retire no later than at 55 years of age, losing 6% a year under the DB plan for early retirement pretty much made my decision for me. My work had a DB, but then switched so that new employee’s to a DC plan and offered existing employee’s an option to switch to the DC.

I took the option, only time will tell if it will be better. I have 8 years of DB pension and the rest will be in DC.

It was a hard decision but knowing that I want to retire no later than at 55 years of age, losing 6% a year under the DB plan for early retirement pretty much made my decision for me.

]]> By: MM http://blog.canadian-dream-free-at-45.com/2009/06/24/pension-envy/comment-page-1/#comment-28450 MM Wed, 24 Jun 2009 16:36:07 +0000 http://blog.canadian-dream-free-at-45.com/?p=800#comment-28450 I'm currently wearing the golden handcuffs with just over 6 years in to service. I can't imagine sticking around for another 25 doing the same thing. That's why I'm saving my own 10% on top of the pension to hopefully get away sooner. I’m currently wearing the golden handcuffs with just over 6 years in to service. I can’t imagine sticking around for another 25 doing the same thing. That’s why I’m saving my own 10% on top of the pension to hopefully get away sooner.

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