Word: pensioneer
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Sound too good to be true? It is. Unless you have $1 million or more to put in the pot. That's most often the minimum investment required for one of these deals. As a result, investors fall into three broad groups: wealthy individuals, institutions such as pension funds, and large corporations like GE and Citicorp...
Alan Ouimet, 61, of Madison, Conn., feels the same way. He embarked on a charitable second career 10 years ago, after retiring as a special agent with the FBI. With a pension worth $41,000, or 70% of his previous annual salary of $59,000, the security of a $250,000 life-insurance policy and his $280,000 home as assets, Ouimet began running the Franciscan Family Apostolate Inc., a Guilford, Conn., charity that is helping 1,100 impoverished families in India rebuild their lives. His current salary: around $30,000 a year. "I enjoyed my 31 years with...
RETIRING EARLY WILL PROBABLY MEAN A DROP IN PENSION...
...course, having a pension--which can sometimes provide a substantial percentage of your current salary--adds a nice cushion for early retirement. Pension plans typically pay 1% of salary for every year of service (e.g., if you worked for a company for 20 years, your pension would be 20% of your annual salary), although government and union jobs tend to have much loftier pensions. "But remember that you will earn less pension with an early retirement," Westbrook points out. Plans can pay as much as 35% less if you retire at 50 or 55, vs. 65, Westbrook says. Again, this...
...moved from the corporate world of IBM, where he worked for 29 years as a program manager, to a classroom at Elizabeth High School in New Jersey, where he's now a math teacher. After getting a buyout package in 1991 that included a year's salary, a full pension worth one-third of his salary and a guarantee of continued corporate-paid medical benefits for himself and his wife Judith, Weinstein went to the Teaneck, N.J., campus of Fairleigh Dickinson University for a teaching certificate. With a background in math and science, a longtime interest in teaching...