If you’ve heard it once, you’ve heard it a thousand times: older Americans overwhelmingly support aging in place in their own homes, with some recent survey data indicating at or over 90% of seniors supporting retirement living in their own homes.
But sometimes the cost of renovations can exceed the amount of cash that a retiree has access to, particularly for the majority of older Americans living on fixed incomes and relying on benefit programs like Social Security.
To that end, a recent column published in U.S. News & World Report asked a number of seniors aging in place and experts about the best and most effective renovations they can make to meet their goals for remaining in their own homes.
Dak Kopec, a professor at the University of Nevada, Las Vegas explained that the age of the property itself is a big determinant of the costs associated with aging in place renovations.
“Widening doorways, enlarging bathrooms and installing stair lifts in an older home can quickly become expensive,” the column said based on his input, but there are still less expensive options that can go a long way. Some of the least expensive additions to support aging in place include grab bars and support railings that are available from major home improvement stores.
While some may be turned off by cheaper additions since they can draw attention to the concept that the occupant of a home is getting older, making targeted changes can help, and it’s not always a given that certain things must be changed in a home. Stairs are often targets of scrutiny, but it also depends on the person, Kopec said.
“Don’t automatically think you have to do away with stairs,” the column said based on Kopec’s input. “In his experience, older adults who continue to use stairs maintain their knee and leg strength longer.”
Home remodeling site Fixr told the outlet that the national average cost of aging-in-place renovations can run the gamut between $3,000 and $15,000, depending on the work performed. More drastic renovations can double or even triple that figure. But a group of retirees were consistent in targeting one room of the home in particular: the bathroom.
Those with limited mobility face challenges to their safety and physical well-being when adding water on slick surfaces into the mix, and investing in accessibility fixes there can have a big impact on both safety and mental outlook.
“It was terrifying to get into the shower by myself,” said a 67-year old retiree interviewed for the piece.
Another senior, interior designer Nancy Bean, described the challenges for her older husband — afflicted with Parkinson’s disease — who is afraid of falling in or out of the bathtub due to issues with his balance.
“Low-entry or curbless showers are game-changers for those with limited mobility. But it’s also crucial to have the proper tiling or mats on the floor to avoid slips and falls,” according to input from Bean.
Earlier this year, a story published by the Associated Press (AP) detailed the pivot that some major home improvement retailers were making toward aging-in-place. Some of the chains reporting increased renovation and modification activity include The Home Depot and Lowe’s, two of the largest home improvement retailers in the U.S.
The Home Depot is refreshing an in-house brand with accessibility in mind for things like grab bars and easier-to-use faucets. Meanwhile, in 2021, Lowe’s established a single stop for items including wheelchair ramps and shower benches, the story explained.
The new office will offer various reverse mortgage services, including traditional home equity conversion mortgages (HECMs), HECM for purchase, and proprietary reverse mortgage products with higher lending limits and greater flexibility. The team of certified reverse mortgage specialists at the Miami office is dedicated to helping retirees strategically access their home equity. Additionally, the office … [Read more…]
It’s breakfast time, you’re hungry, and I’m offering you two options:
A healthy, adult hen
Two dozen eggs
Your first thought is probably: “Seriously? It’s just breakfast. I don’t want a live chicken running around my house.”
Forget that thought for now.
If you’re like me, your mind next asks, “If I do choose thechicken, how many eggs can I expect over time? What’s the risk the chicken doesn’t get to two dozen eggs? Am I willing to wait for two dozen – or hopefully more – eggs to arrive?”
When we know those answers, we can make a smart decision. It’s a time value of chicken question. It’s why Warren Buffett recites Aesop’s fables.
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A similar mathematical question lies at the heart of financial planning: how do we compare lump sum savings against a stream of income?
The question might sound simple. But people get it wrong all the time, and their financial lives are at stake.
Savings vs. Income: Would You Rather?
Would you rather have $140,000 today or $10,000 yearly for life? David Blanchett and Michael Finke posed that question in a study published by an annuity industry group.
Yes – we should exercise caution. It’s natural for an annuity industry group to publish pro-annuity media, and this study is certainly pro-annuity, as we’ll see. In general, I’m not a fan of annuities. Nevertheless, I think the study’s results are directionally accurate.
This is a hen vs. eggs question! $10,000 per year is like our hen: a steady income stream. The $140,000 is like our eggs: a big lump sum all at once., The study points out that person could use their $140,000 to buy an income annuity and guarantee themselves $10,000 per year for life. In other words, the two options are functionally identical.
However, study respondents don’t see the options as identical. Instead, most respondents prefer the $10,000 per year for life. It’s viewed as safer and more accessible to spend. The logic is:
If someone knows another $10,000 is coming next year, they’re willing to spend the $10,000 they receive this year.
But the lump sum doesn’t inspire that same confidence because it all depends on if or how you invest it. What if I spend down the $140,000 to nothing?! I’d much rather have the $10,000 per year at that point.
This is Loss Aversion 101. If you can guarantee a person won’t lose – just as the stream of income guarantees – that person is biologically biased to see that option as more appealing. Even if it isn’t!
The Big Problem
The problem with this “income vs. savings” logic becomes evident if we tweak our numbers.
What if I offer you a $200,000 lump sum vs. $10,000 yearly?
The pure math tells us it’s a no-brainer. Choose the lump sum! You could use that lump sum to produce an income stream greater than $10,000 annually.
But some would ask, “Can you guarantee that income? Or are you making a bet that you likely can produce more than $10K per year? What if you’re wrong?” And because of that risk of being wrong, they would still choose the $10K per year.
How does someone overcome this bias?
According to the study mentioned above, a simple income annuity would help by converting the $200,000 lump sum into a $14,000 per year guaranteed income stream, crushing the $10,000 per year option.
Note: the study’s ratio of $140,000 lump sum to $10,000 annual income stream suggests internal rates of return of: 0% over 14 years, 3.7% over 20 years, 5.8% over 30 years, and 6.6% over 40 years. This alignswell with Schwab’s guaranteed annuity payouts, as of this writing.
But as I’veexplained here before on The Best Interest: do you want to run the risk of a 0% return for 14 yearssimply to achieve the “nirvana” of 6.6% annually for 40 years?
That doesn’t work for me.
Quick Aside: Dividend Stocks!
The same faulty logic of “income >> lump sum” exists in the world of dividend stocks.
One of the greatest myths about dividend stocks is that they’re inherently superior to other stocks because they produce a dividend income stream. (Here’s a complete breakdown of all the faulty dividend stock logic.)
The income allure of dividend stocks convinces many retirees to stock their portfolios full of them. “You can get a 6% per year dividend AND still own your stock at the end of the day!”
A more diversified stock portfolio might “only” pay a 2% dividend while its price increases 8% a year (over the long run). If a retiree wanted to live off this second portfolio, they would have to sell some of their shares. That selling begs a scary question: What if we sell and sell again and again until we run out of stocks?!
The same question scares people looking at the $140,000 lump sum: what if we spend and spend again and again until we run out of money?! They opt for a steady income stream. They opt for dividend stocks.
Their normal, understandable monkey brains overvalue the income stream and undervalue the lump sum. Don’t be that monkey!
What To Do Instead?
One of my goals here at The Best Interest is to instill confidence. Specifically, the confidence that a diversified portfolio can achieve particular performance goals over sufficiently long periods.
Not without risk, mind you. That’s important. To achieve investment reward, we must assume investment risk. But I want to instill confidence that you can assume some risk (however much is appropriate for you) and good things will happen over long periods of time.
Such a portfolio can translate a lump sum into an income stream or an income stream into a lump sum. We need to fight the urge to overvalue one over the other.
Specifically, we need to have enough confidence in math to overcome our monkey loss aversion that overvalues income and undervalues a lump sum of money.
I’m not sure that confidence can be spoken into existence – at least not in the short-term. But with enough smart evidence and time, confidence builds.
Maybe even enough confidence to choose that chicken over the eggs.
Thank you for reading! If you enjoyed this article, join 8000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
Want to learn more about The Best Interest’s back story? Read here.
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Financial advisors are playing a crucial role in guiding clients towards retirement security. They are counseling retired clients on generating guaranteed income (23%), prioritizing wants vs. needs (21%), and supplementing income out of necessity (16%). Advisors report that 34% of their clients plan to continue paying mortgages in retirement. In preparation for the Great Wealth … [Read more…]
The CFPB’s investigation revealed that Sutherland Global, along with its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting, had insufficient resources and staffing to manage up to 150,000 borrowers. Despite federal requirements for servicers to respond to consumer requests promptly, many borrowers could not contact the loan servicing operation. The companies … [Read more…]
The Seattle area is a hot housing market. According to Zillow, the average home price in the Emerald City is currently $884,828, up 4.3% year over year.
As home values have risen sharply, this has made the conundrum facing the area’s seniors more difficult to navigate: If they need to downsize, they may not be able to move into a home in their price range, much less be able to obtain a mortgage at a rate that can be easily absorbed on a fixed income.
But a nonprofit organization in the Seattle area is seeking to help more seniors renovate their homes to age safely. And a state property tax relief program recently raised its maximum income threshold to allow more Puget Sound-area seniors to qualify.
Rebuilding Together South Sound, based south of Seattle in Tacoma, “offers no-cost repairs to homeowners with low incomes,” according to reporting at the The Seattle Times. “Projects range from small fixes, like installing a grab bar, to significant repairs on porches and roofs.” But cost increases are arriving at the same time the organization is seeing an influx of potential clients, according to program director Rachel Lehr.
The group can only afford to help roughly 150 applicants per year, but it is regularly seeing as many as 250 to 300 applicants in that time frame.
The COVID-19 pandemic provided a boost to the organization’s funding for a time, but that also arrived in concert with a supply chain shortage that saw the cost of materials increase significantly. Lehr told the Times that projects went from an average cost of $3,000 to $4,000 to “probably double that.”
“Overall Seattle-area construction costs have stabilized in the last year, but remain 40% higher than pre-pandemic,” the Times noted.
But the area is also seeing a different problem simultaneously. People with homes that may not be appropriate for aging are not applying for enough relief, giving similar organizations in the region an opposing dynamic to work with.
“It is unclear what’s behind the lagging rate of applications for some home repair programs, but multiple factors could be at play,” the Times reported. “Soaring housing costs have driven many people with lower incomes out of Seattle and into surrounding communities. Nonprofits can struggle to reach people with limited internet use, and older adults are sometimes reluctant to seek help.”
While some of these organizations are struggling to get the word more broadly distributed throughout the Seattle region, there could be more help for a wider swath of the area’s seniors due to a recent revision to a property tax relief program.
“After a recent state law change, a long-standing property tax break program for older homeowners and people with disabilities is now open to people with higher incomes, making more Washingtonians eligible,” the Times reported Monday. “In King County, for example, the change boosted the income limit for the program by 44% this year. Homeowners making up to $84,000 can now qualify.”
There are a “flood” of applicants seeking tax assistance, the Times reported. Cost increases are indiscriminately striking workers and retirees, and are impacting renters and homeowners alike.
“Folks are trying to find whatever way they can to try and keep their costs down,” said Christina Clem, spokesperson for AARP Washington. The local chapter of the influential senior lobbying organization worked to expand the property tax exemption and ”has encouraged tens of thousands of its members to apply,” the Times reported.
Despite being a homeowner in a sought-out region, many are facing affordability challenges related to the additional obligations, Clem told the outlet.
“Even if you have your home paid off, if you can’t afford the property taxes, that’s a problem,” she said.
In regards to your recent “When to Take Social Security” article, you left something out. You can take Social Security early (say, age 62), then invest that money, and your investment will end up better than if you had waited on Social Security until age 67 or age 70.
Interesting! But does the math work? Let’s dive in. Should you take Social Security early and invest it?
What Kind of “Returns” Do You Get For Waiting on Social Security?
Let’s start by looking at Social Security. What kind of “return on investment” do you receive by delaying your Social Security decision?
There’s no easy way to do this today without a spreadsheet, so we will use this Google Sheet to show you some math. (I keep the original file pristine so all readers see the same numbers, but you can go to File –> Make a Copy to create your own copy of the file to play around with.)
For starters, we need to understand how retirees’ benefits change as they age. Depending on their birth year, today’s retirees reach their “Full Retirement Age” (FRA) at 66 or 67 years old. Depending on the age at which they apply for Social Security, they’ll receive a certain percentage of their full benefits, described in the table below.
To make the math easy, we will assume our retiree’s Primary Insurance Amount (PIA)…aka the amount you receive if you wait until FRA…is $1000 per month. So “100%” on the table above equals $1000 per mont
The longer our retiree waits, the higher their monthly payments will be. But what does that look like as an “investment?” And how does inflation factor in?
What About Inflation?
The Social Security Administration adjusts everybody’s Social Security payments yearly to account for inflation. This “cost of living adjustment” is often shortened to “COLA.”
The average COLA adjustment since 1975 has been 3.66%. We need to include that in our spreadsheet too.
Baseline Analysis – No Investments Yet
Let’s start with a baseline analysis. We’ll examine a series of retirees who collect their Social Security monthly, and immediately spend it. They make no investments with their Social Security cash flow. We could conceptualize this as hiding those dollars underneath their mattresses.
We’ll compare results by looking at the total dollar amounts collected over time. This will be our baseline analysis. You can follow along on the spreadsheet tab labeled “No Investment Return (Yet) – Nominal Dollars Only”
The results: in this scenario, early collection only makes sense for a retiree who dies before age 74. This should make sense. We know that delaying Social Security makes more and more sense the longer someone lives.
Let’s add in investment returns.
Analysis 1: Investing in a 4.7% Savings Account
Let’s consider a retiree who takes all of their Social Security income and deposits it into a savings account bearing 4.7% annual interest.
Why 4.7%? That’s the average overnight Federal Funds rate since 1960, and modern-day high-yield savings accounts tend to offer interest rates that are closely correlated to the Fed Funds rate.
Note: if your personal pile of cash isn’t in a high-yield savings account, you should ask yourself why that is…
The results: if you pass away at age 77 or earlier, collecting earlier makes sense. Otherwise, waiting until FRA or later likely makes sense. This is no different than “traditional” Social Security advice.
Analysis 2: Investing in a “Standard” 60/40 Portfolio
What if our retirees put their money in a tried-and-true 60/40 portfolio?
From 1950 until today, that kind of diversified 60/40 portfolio has returned an average of 9.3% per year.
The results: Whoa! As shown on the “A2” tab, collecting as early as possible makes sense for anyone who would pass away before age 88.
We know, on average, most 62 years olds are going to pass away well before age 88. The smart, probabilistic thing to do then, is collect Social Security as early as possible and invest it in something like a 60/40 portfolio (or, something with greater returns).
But wait…because I’ve only showed you half the story. And that’s a major problem.
Big Problem: What’s the Risk?
If we zoom out on reader DT’s idea as originally stated, we should confidently conclude: OF COURSE it makes sense! If you have sufficiently high investment returns, you should always start as early as possible.
Even if the benefit of delaying Social Security was 20% per year, but I had an investment that paid me 40% per year, I’d rather start collecting as soon as possible and get the money invested. Given sufficiently high returns, you always want to get the compound growth started.
But we must return, once again, to a foundational pillar of investing and oft-repeated maxim of The Best Interest: Risk and return are intrinsically connected.Returns are not “free.” They are compensation for taking on investment risk.
Whenever an investor compares returns alone, without also comparing the risks involved, they’re making an incomplete analysis. DT’s original question only considers return. It doesn’t consider risk.
What Comparison Makes Sense?
The benefits of delaying Social Security are guaranteed by the U.S. government. That’s very low risk. What kind of investment risk should we compare that to?
I see two viable options.
First, why does Warren Buffett invest all of Berkshire Hathaway’s extra cash into U.S. Treasuries, instead of an S&P 500 index fund? Doesn’t he know the S&P 500 has much better long-term returns?!
Answer: U.S. Treasuries are as risk-free as anything in the investing universe, backed by the full faith and credit of the U.S. government. As long as Uncle Sam pays debts, U.S. treasuries are risk-free. The S&P 500 is far from risk-free, and Buffett knows it. He wants his cash to be safe and ready for deployment at a moment’s notice. The S&P 500 cannot fulfill that need.
The first logical comparison today, then, is to use a true “risk-free” rate as our investment return. Something like a high-yield bank account (FDIC insured) or short-term U.S. Treasury is appropriate. Conveniently, we already did that in Analysis #1, where our conclusion is no different than traditional Social Security advice: the “break even” point occurs in the late 70s.
Note: this is reason for the concept of “risk-adjusted returns.”To compare only the returns of two investments is not an apples-to-apples comparison.
The second option is to show the downsides of Analysis #2. That is, to show how 9.3% per year from a 60/40 portfolio is far from a guarantee. More specifically, I’d like to show how the downside risk of a 60/40 portfolio could turn our result on its head. What happens if we suffer some bad markets during our early Social Security period?
Looking at historical returns, a 60/40 portfolio has had 10-year periods with returns below 2% per year. What if we started our Social Security timeline with that kind of low return, and then made up for it at the end of the analysis? That’s what I show on our spreadsheet on the A3 tab.
The results? The 60/40 “solution” comes with risks! In this scenario, “taking Social Security early and investing it” only worked out if our retiree died before age 75. That’s not a good outcome. Doubly so if Social Security is a safety net or backstop in your financial plan.
To Apply or Not Apply
If your Social Security is “play money” in your financial plan, and you’re ok with risking a loss, then I can see the merit and appeal of DT’s proposal. You can apply for Social Security early, invest it (reasonably), and the odds are in your favor that you’ll end up in a good spot.
But it’s no guarantee.
And the entire point of the Social Security system is to provide a guaranteed benefit to retirees. If Social Security plays even a minor role in your financial plan, I would strongly discourage putting that money at investment risk to eek out extra returns.
When we make a level comparison by using a risk-free rate, like in Analysis #1, we see there is no net benefit to taking Social Security early to invest it.
Thank you for reading! If you enjoyed this article, join 8000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
Want to learn more about The Best Interest’s back story? Read here.
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Do you want to find jobs with pensions? Pensions might seem old-fashioned and while they’re not as common as before, some careers still offer this kind of retirement plan. Pension plans can be found in both government and certain private sector jobs too. For example, teachers, police officers, and firefighters typically have pensions waiting for…
Do you want to find jobs with pensions?
Pensions might seem old-fashioned and while they’re not as common as before, some careers still offer this kind of retirement plan.
Pension plans can be found in both government and certain private sector jobs too. For example, teachers, police officers, and firefighters typically have pensions waiting for them after many years of work. Nurses, government employees, and military members also sometimes have this benefit, which helps them to retire without worrying as much about money.
Even though retirement benefits are changing, with more companies offering plans like a 401(k) where employees contribute, pensions are still very important for many workers thinking about how to save for retirement.
What Is a Pension?
Pensions, also called defined benefit plans, aren’t like regular savings accounts. Instead, your job sets up an amount of money you’ll receive each month after you retire. This is kind of like getting a monthly paycheck that continues even after you stop working.
You might come across terms like 401(k) or IRA (Individual Retirement Accounts). These are known as defined contribution plans because you or your employer add money to them. When you retire, you’ll get whatever amount you’ve saved up in these accounts.
In a traditional pension plan, your employer assures you, “Don’t worry, we’ve already calculated how much you’ll receive later.” This amount is typically based on your years of service and your salary. The amount varies from job to job and state to state. For some, it may be enough to retire on, for others, it may not.
Also, there’s something called vesting. That’s when you’ve worked for a certain period to qualify for the full pension promised to you.
Most Popular Jobs With Pensions
Below are the best jobs with pensions.
1. Public school teacher
Public school teaching is one of the best jobs that can pay you a pension after many years of service.
On average, a teacher in the U.S. can earn around $30,000 a year to start.
Pensions for teachers vary from place to place. But typically, after you teach for a certain number of years, you can get a pension that pays you money regularly when you retire.
Recommended reading: 33 Best Summer Jobs for Teachers To Make Extra Money
2. USPS worker
The United States Postal Service (USPS) has jobs with pensions.
Pension Plans:
Civil Service Retirement System (CSRS) – If you got hired before 1984, you are probably part of CSRS. This plan gives you a stable pension based on your years of service and salary.
Federal Employee Retirement System (FERS) – Hired after 1984? Then you’re likely in FERS. It pays a smaller monthly pension, but you also get Social Security and a savings plan that can match your contribution.
Just to give you an idea, under CSRS, if someone with about a $60,000 average salary retires after 20 years, they might see around $1,824 monthly. That’s before any deductions for health insurance or survivor benefits.
3. Police officer (and detective)
Becoming a police officer can be a great job for someone who wants to help their community. Not only do you get the chance to keep your neighborhood safe but you also get some great benefits, like a pension.
Your pay as a police officer can depend on where you live and work.
4. Firefighter
Firefighters often have pensions because their work is tough and risky. With a pension, you know you’ll have money coming in when you retire, based on how long you’ve worked and your salary.
5. Construction worker
If you’re thinking about jobs that have a stable future and a pension, don’t overlook construction work. There are many large construction companies that still have pension plans, although this is becoming less common.
6. Registered nurse
As a registered nurse, you have some options for pensions. If you work as a nurse for the government, like in a public hospital or as a school nurse, you may be able to get a pension.
Some private hospitals and clinics might give pensions too, but it’s not as common.
Recommended reading: 27 Best Side Hustles For Nurses To Make Extra Money
7. Bus driver
Public bus driver positions sometimes come with a pension, such as if you drive for public transportation (the city bus, for example) or for the school system.
8. Government jobs
There are many government jobs with pensions.
You can start looking for government jobs with pensions by researching different levels of government jobs, including federal, state, and local positions.
Federal jobs with agencies like the FBI, IRS, or Department of Education often include pensions. State jobs can be found in departments like transportation, health, or education. Local opportunities might be in city or county offices, police departments, and public schools.
To find jobs, you can also check government job websites. For example, for federal jobs, you can visit USAJobs.gov. Each state has its own job portal, which you can find by searching for your state’s official website. Local government job listings are usually on city or county websites. When looking at job listings, search for keywords like “pension,” “retirement plan,” “benefits,” or “retirement system” to find jobs that have these benefits.
9. Military careers
The U.S. military consists of several branches: Army, Navy, Air Force, Marine Corps, Coast Guard, and Space Force. Each branch provides different career options, so you’ll want to research them to find the one that matches your skills and interests the most.
To be eligible for a military pension, you usually need to serve at least 20 years.
This rule applies to both enlisted personnel and officers. If you serve less than 20 years, you typically won’t get a pension, but you might qualify for other benefits like contributions to the Thrift Savings Plan (TSP) under the Blended Retirement System (BRS).
10. Private sector careers with pensions
Though they’re not as common as before, some companies provide pensions to their employees as well.
According to the Bureau of Labor Statistics, 15% of private industry workers had access to a defined benefit plan (a pension).
Here are some examples:
Manufacturing jobs – Companies in this field have long been strong providers of pension plans. Jobs ranging from assembly line workers to managers might include these benefits, often because labor unions help keep pensions available.
Utility companies – When working in electricity, water, or natural gas, you could get great retirement benefits. Jobs in the utilities sector often have pensions because they want to keep employees long-term for steady service. Some job examples of utility workers may include electricians, meter readers, line repairers, and power line installers.
Transportation – This includes careers with airlines, railroads, and shipping companies. Some of the largest transportation firms provide pension plans because they value your lengthy service and want to keep job satisfaction high.
Large corporations – There are big names out there that still have a pension. Look for companies with a longstanding history and financial stability, as they are more likely to have kept their pension commitments intact. Some examples of large companies that have pension plans include Ford, General Motors, and IBM. Some insurance companies also have pension plans for certain career paths.
As you can see, there are several private-sector employers that pay a pension as well. So, if you are looking to retire with a pension, then you do not only have to stick with federal, state, or local government jobs.
Frequently Asked Questions
Below are answers to common questions about jobs with pensions.
Is a pension better than a 401k?
A pension provides guaranteed income in retirement based on salary and years of service. A 401(k) is a savings plan where you contribute a portion of your paycheck. Pension plans are less common but have defined benefits, while a 401(k) puts the investment decisions and risks on you. I don’t think either is necessarily better than another; they are just different.
Do any companies still give pensions?
Yes, some companies in sectors like government, education, and certain corporations still have pension plans for their employees. According to the Bureau of Labor Statistics, 15% of private industry workers have access to a defined benefit plan (a pension).
Why did jobs stop offering pensions?
Many companies shifted from pensions to 401(k) plans to reduce long-term financial commitments and shift retirement savings responsibility onto employees. It’s often due to the cost and risk associated with funding traditional pension plans. Pensions are quite expensive for a company to maintain and have.
What are good entry-level jobs with pensions?
Entry-level jobs in the public sector, such as administrative roles in government agencies, tend to come with pensions. Industries like utilities, transportation, and some unionized fields also sometimes have pension benefits at the entry level.
Are there part-time jobs with pensions?
It’s less common, but some part-time jobs with government or union affiliations may have prorated pension benefits. This often requires meeting certain requirements such as length of service and hours worked.
Are jobs with pensions worth it?
Jobs with pensions can be very beneficial as they provide steady income later in life. However, you should also think about the job’s salary, growth opportunities, and if it suits your career goals when deciding if it’s worth it for you.
Plus, a lot of jobs with defined-benefit pensions also have many other things that they offer to their workers, such as better healthcare benefits.
Best Jobs With Pensions – Summary
I hope you enjoyed this article about how to find jobs with pensions.
Some of the best jobs with pensions include public school teachers, USPS, police officers, and firefighters, as well as other local and federal government jobs. There are also, of course, military pensions.
Companies also sometimes have defined-benefit pension plans to bring more financial security to their employees by helping them earn a monthly income after they retire.
As you can see, there is quite a range of jobs that still have pensions today.
There are occupations in both the public and private sector. Some may require trade school or a college degree, and some you can get started as a beginner. As you can see, there are many ways for someone to get a pension these days; it isn’t as rare as you might think.
Pensions can be a great way for retirees to have enough money in their retirement account, although, pensions are usually not enough to live on alone. Some jobs do give generous payments from their pension plan, so it is possible for some retirees to be able to live off of their pension retirement payments alone.
Are you interested in finding a job with a pension? Why or why not?
Retail banking involves offering financial services to individual consumers rather than businesses or other banks. It encompasses a range of products and services, such as checking and savings accounts, mortgages, personal loans, credit cards, certificates of deposit (CDs), and more.
Retail banking is different from corporate banking, which is the part of the banking industry that serves large companies and corporate customers. Retail banks can be local community banks, online banks, or the divisions of large commercial banks. Credit unions also offer retail banking.
Read on for a closer look at what retail banking is and how it differs from corporate banking.
What Is Retail Banking?
Retail banking, also known as personal or consumer banking, refers to financial services provided to individuals. This type of banking is designed to serve the general public and to help people and families manage their money, obtain credit, and save for the future.
Retail banks focus on making banking services easily accessible, either through physical branches, ATMs, and/or online platforms. These banks play a crucial role in the economy by offering checking accounts, high-yield savings accounts, certificates of deposit, loans, and other financial products that help individuals safely store, manage, and grow their money.
Though some retail banks also work with small businesses, retail banking is different from corporate (also known as commercial) banking, which involves working with commercial entities, such as large businesses, governments, and institutions.
Most large-scale banks have retail banking divisions. Credit unions and smaller banks, on the other hand, may be exclusively focused on retail banking.
Recommended: 12 Things To Consider When Choosing A Bank
How Does Retail Banking Work?
Retail banking works by offering financial products and services tailored to consumers. These services are designed to help individuals and families manage their finances efficiently, save for the future, and access credit cards and loans. Retail banks make money primarily through interest on loans, fees for services, and charges for various banking products.
Features of Retail Banking
Retail banking offers a hub for all of your basic financial transactions. Here’s a look at some of the products and services they provide.
• Savings and checking accounts: Retail banks offer savings and checking accounts to help individuals manage their money. Savings accounts typically earn interest, while checking accounts provide easy access to funds for day-to-day transactions.
• Consumer loans: Retail banks commonly offer personal loans, auto loans, and home mortgages. These loans can help people finance significant purchases or investments, such as buying a home or car.
• Credit Cards: Retail banks issue credit cards that allow consumers to borrow money up to a certain limit for purchases. These cards often come with rewards, cash back, and other incentives.
• Online and mobile banking: Retail banks typically provide online and mobile banking services, allowing you to manage your accounts, transfer money, pay bills, and access other banking services from your computer or smartphone.
• Investment services: Some retail banks offer investment products like mutual funds, retirement accounts, and brokerage services to help customers build wealth over time.
• Customer service: Retail banks typically emphasize customer service. Many provide personalized financial assistance through branch staff, call centers, and online support.
Types of Retail Banks
Retail banks come in various forms, each catering to different customer needs and preferences. Here’s a look at some of the main types of retail banks.
• Commercial banks: Many people access retail banking through one of the large, commercial banks, which generally offer a retail banking division along with corporate banking services.
• Credit unions: Credit unions are nonprofit financial institutions owned by their members. They often provide similar services to commercial banks but with a focus on serving the financial needs of their members, usually offering lower fees and better interest rates.
• Online banks: Online banks operate exclusively online, without physical branches, though you typically have access to a partner network of ATMs. They often offer higher interest rates on savings accounts and lower fees due to reduced overhead costs.
• Community Banks: Community banks are smaller, locally-focused institutions that prioritize serving the needs of their local communities. They offer personalized customer service and often have a strong understanding of their local markets.
Recommended: Big Banks vs Small Banks: Key Differences?
How Is Retail Banking Different From Corporate Banking?
Retail banking and corporate banking represent two different sectors of the banking industry, each serving different customer bases and offering different services.
Retail banking focuses on individual consumers, providing them with products like bank accounts, personal loans, and credit cards. Corporate banking, on the other hand, serves businesses and corporations, offering services like business bank accounts, commercial loans, trade finance, and employer services.
Transactions in retail banking are typically smaller in size and higher in volume compared to corporate banking, which tends to focus on larger, more complex transactions.
If you’re wondering whether you would be better served by retail vs. corporate banking, here’s a snapshot how the two compare.
Retail Banking
Corporate Banking
Client base
Individual consumers
Businesses, institutions, banks, government entities
Products and services
Personal checking/savings accounts, mortgages, personal loans, credit cards
Business checking/saving accounts, business loans, merchant services, global trade services, employee benefits plans
Loan amounts
Lower
Higher
Transaction frequency and amounts
High number of transactions for low amounts
Low volume of transactions for more significant amounts
The Takeaway
Retail banking is the public face of banking that provides banking services directly to individual consumers rather than businesses or other banks. Most of us bank at a retail bank or retail division of a large commercial bank whether we realize it or not.
Whether you use a brick-and-mortar bank, online bank, or credit union, retail banking offers products and services that allow you to manage your money, access credit, save for the future, and work toward your financial goals.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
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FAQ
What is an example of retail banking?
An example of retail banking, also known as consumer banking, is when an individual opens a savings account at a local bank. The bank then allows them to deposit funds, withdraw money, and earn interest on their deposits. The same bank might also offer them a checking account for daily transactions, a mortgage to buy a home, and a credit card for everyday purchases. These services are all examples of retail banking, which is aimed at meeting the personal financial needs of individual consumers.
What are the largest retail banks?
The largest banks in the U.S. that offer retail banking include:
• Chase
• Bank of America
• Wells Fargo
• Citibank
• U.S. Bank
• PNC Bank
• Goldman Sachs Bank
• Truist Bank
• Capital One
• TD Bank
Who uses retail banking?
Retail banking is used by individual consumers to manage their personal finances. This includes:
• Students
• Young adults
• Working professionals
• Couples
• Families
• Retirees and seniors
• Small business owners
What are the retail banking products?
Retail banking offers a variety of products and services tailored to the financial needs of individual consumers. These include:
• Savings accounts
• Checking accounts
• Personal loans
• Mortgages
• Credit cards
• Certificates of deposit (CDs)
• Investment products
• Online and mobile banking services
• Debit cards
Photo credit: iStock/Passakorn Prothien
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Thanks to reader Lynn, who wrote in this week with some specifics about her household’s situation and an overarching question: When should we start taking Social Security?
I’ll provide background information below, and then we’ll discuss a few common “if –> then” heuristics to help you with your Social Security planning.
Background – The Pros and Cons of Taking Social Security Early
Social Security is a government program that provides financial support to individuals who are retired, disabled, or survivors of deceased workers, funded primarily through payroll taxes. It aims to ensure economic stability and security for eligible participants by offering benefits to mitigate income loss due to retirement, disability, or death.
Today, we’re talking about retirees.
American retirees each have an “eligible benefit” from Social Security, which is based on the following factors.
They must be 62 years old or older
They’ve worked and paid into Social Security for at least 10 years (measured quarterly, for a total of 40 or more quarterly credits)
They could be eligible for additional credits based on their spouse’s work history, too.
Your eligible benefit is determined by your highest 35 years of earnings, with each year’s earnings adjusted for inflation (aka “indexed”). The higher your overall earnings, the greater your Social Security benefit will be.
Quick Example: AIME and PIA
Here’s a quick example:
Bob worked the same job from age 22 to age 62. His salary in 1984 was $25,000, and he’s received a 4% raise every year since; he’s earning $120,000 now in 2024 (his final working year).
We’d use the Social Security indexing factors to adjust each of his prior years’ earnings by rates of inflation. We’d then pick the highest 35 years, find the average, and divide by 12 to get Bob’s average indexed monthly earnings, or AIME.
Bob’s AIME is $8717. Here’s the Google sheet with the math. Feel free to make a copy.
Note 1: because only a certain percentage of income is subject to Social Security taxes, only that portion of earnings is considered for AIME. In 2024, the FICA income limit is $168,800. Even if someone earned millions every year for their entire career, their AIME would only include that smaller portion of income that was taxed by FICA. That logic is why the maximum AIME in 2024 is ~$13,100.
Note 2: if you don’t work a full 35 years, you’ll have some “zeroes” in your AIME math. This isn’t ideal. But depending on the rest of your work history, these zeroes could have a major effect or a minor effect. The PIA section below will shed more light.
Next comes PIA, or the Primary Insurance Amounts, aka what you actually receive from Social Security if you retire at “full retirement age,” or FRA. PIA is the real deal. An individual’s Social Security benefits (or PIA) are based on specific percentages of that individual’s AIME. For 2024, the PIA math is:
Take 90% of AIME below $1174
Plus 32% of AIME between $1174 and $7078
Plus 15% of AIME above $7078
If we run that math for Bob, whose AIME was $8717…
90% of his first $1174 = $1056.60
plus 32% of ($7078 – $1174) = $1889.28
plus 15% of ($8717 – $7078) = $245.85
For a grand total PIA of $3191.73per month.
You see – not all your AIME dollars count the same! The first dollars matter a lot – they’re counted at 90%! The latter dollars are only counted at 15%. And since high-earners’ latter dollars aren’t factored into AIME at all, we can think of those dollars as being counted at 0%. This concept is dubbed the “Social Security bends” or “bend points” because of how it looks when graphed out.
If you have a “zero year” in your 35 years of earnings, your AIME will certainly decrease. But if you’re already in the 0% or 15% section of the PIA graph, it might have only a tiny effect on your PIA. It’ll have a huge effect if you’re in the 90% section.
Bob had his final ~$1700 of AIME in the 15% section of the PIA graph. I ran a quick test and turned his 35th year into a zero. His AIME dropped from $8717 to $8487 – a $230 drop. His PIA dropped from $3192 per month to $3157 – a $35 drop. $35, you might guess, is 15% of $230.
PIA is Bob’s benefit if collects at “full retirement age.” But what if he collects early?
What About the Age You Start Collecting?
Social Security uses a concept called “full retirement age” (FRA) to determine how much of your eligible benefit you get to collect. Your personal FRA depends on the year you were born. The chart below shows the details:
FRA is either 66 or 67 years old for today’s new retirees. You can start collecting Social Security benefits before your FRA, but there’s a price to pay. Your benefits will be permanently reduced. But by postponing your benefits until after your FRA, your benefits will be permanently increased. The two charts below show both sides of that coin for both age 67 FRA retirees and age 66 FRA retirees.
Let’s do a quick decoder to make sure you understand how this all fits together.
If Bob was born in 1962 (and therefore is 62 years old today), he could start collecting Social Security right now. His FRA (based on his birth year) is 67, so we’ll consult the blue section of the table above. By collecting at age 62, Bob will only receive 70% of his full benefit. His PIA was $3192 per month; Bob would only collect 70% of that, or $2234 per month.
If Bob waits to collect, a few things will happen.
First, the AIME math and the PIA bends will likely change to account for inflation and other factors. On net, this will increase Bob’s PIA.
Second, Bob’s postponed filing age will increase his benefit amount, per the blue table above. If Bob waits until age 70, he’ll receive 124% of his PIA.
This begs a question: should Bob collect early to get those extra years of income, though at a discounted benefit? Or collect later, for fewer years, but at a much higher rate? When is the breakeven point?
The Breakeven Point for Collecting Social Security
When is the breakeven point for collecting Social Security? I looked at retirees with FRA = 67 years old. Here’s my Google sheet if you want to play around with it yourself.
With the bare eye, you can see the breakevens occur in the upper 70s. The joke in financial planning is, “Tell me when you’ll die, and I’ll tell you when to start collecting Social Security.” But the rough outline is:
If you die before age 77, collecting as early as possible would have been best.
If you die between ages 78-80, then all scenarios are roughly equal (all within ~6% of one another)
If you die after age 80, then waiting until at least “full retirement age” of 67 has distinct advantages
If you die after age 84, then waiting until the maximum collection age of 70 becomes optimal, and it only gets better the longer you live.
But there’s much more to consider than “how long will you live?”
So let’s get to the real meat of the article: what are some applicable thought processes, strategies, and if –> then scenarios to guide you and your family in Social Security decisions?
This is Hard to Get Right
As Annie Duke says (and I love to repeat), two things determine outcomes in our life:
the quality of our decisions, and
luck.
Or, put another way, there are things in your control and things out of your control.
Whatever decision you make regarding Social Security, you must accept that luck might strike, and your decision won’t have been the optimum one. It’s not because of the quality of your decisions. It’s because of luck. (This is “results-oriented thinking,” a bias worth breaking.)
You Want to Get This Right
This is close to a one-way gate.
Once you start collecting Social Security, you do have up to 12 months to 1) change your mind and 2) repay any benefits you’ve received so far. You get one of these “withdrawals” in your lifetime.
Once you delay collecting, though, you can’t go back in time and reclaim those missed benefits.
Ideally, you want to get this decision right.
Health, Illness, Family History, and Social Security
The most common questions surrounding Social Security revolve around your personal health and family history. We’ve determined that ages in the late 70s to early 80s are the “break even” point. You should ask: does anything in your personal or family history point you toward an early or late death?
If you’re healthy and all your relatives live to 100, it’s reasonable to assume you could have a similar fate. Postponing Social Security as long as possible (age 70) makes sense.
If you’re chronically ill, your relatives have all passed away early, etc., again, you can reasonably assume you could have a similar fate. Collecting Social Security as early as possible would make sense.
Granted, I’m not a doctor. One health phrase worth remembering is, “Genetics loads the gun, environment pulls the trigger.” In other words, you aren’t condemned to your family history. You have dials to control. Don’t forget that.
Do You Need It? It’s Longevity Insurance.
Do you need to take Social Security early? Will that extra income bridge the gap between cat food and a normal human diet? Because if you don’t need Social Security, why take it early?
Delaying your Social Security will act as “longevity insurance,” protecting against the risk that you will live to 90, 95, or beyond. The longer you wait, the higher your benefit will be, and the better your long-term outcomes will be.
Are You Still Planning to Work?
Are you planning to work while also collecting Social Security? Tread carefully! Your work income will actively eat away at your Social Security benefits.
Bob, for example, who is age 62, can only earn $22,320 in ordinary income before he hits trouble. For every $2.00 he earns above that limit, $1.00 will be deducted from his annual Social Security benefit. If Bob earns $125,000 (like he did last year) while also collecting Social Security at age 62, he effectively receives $0.00 in Social Security benefits while being permanently hamstrung by his choice to collect early. Ouch.
“He collects no Social Security because of this one stupid trick.”
That specific income limit increases to $59,520 during the year someone reaches their FRA, and the penalty ratio “lessens” to 3-to-1. The penalty disappears altogether once the FRA has been reached.
There’s always a corner case, so making a concrete rule about working while collecting is hard. That said, it’s like going into credit card debt. You really want to avoid it if you can. You really want to avoid starting Social Security benefits before full retirement age if you plan on working.
Consider Spousal Benefits
Spousal benefits are one of the many rabbit holes in Social Security planning. There are many paths, they go deep, and it’s easy to get lost. Trust me, Alice.
The upshot for basic Social Security planning is that your decision to collect Social Security not only affects you, but could affect your current spouse, your ex-spouse, and/or your future spouse or future widow.
Remember Bob? His PIA is $3192 per month. Bob is married to Sharon. Her PIA is $1200 per month. Let’s say they both opt to start collecting at FRA, and thus collect exactly 100% of their PIA each.
Sharon also gets to collect a spousal benefit. If she applies for a spousal benefit when she hits her FRA, she is eligible for 50% of Bob’s PIA (or $1596 per month). She’ll collect her $1200 benefit and then an additional $396 per month.
But if Sharon had applied for the spousal benefit at age 62, she’d only be eligible for ~35% of Bob’s PIA, or $1117 per month. Since this number is lower than her own benefit of $1200, Sharon will get no extra spousal benefit.
Now, what if Bob dies?
Notably, Sharon would step into Bob’s benefit, receiving the full $3192 per month!
If Bob had started collecting at age 62, though, his benefit would have been $2234 per month. Sharon would step into that $2234 per month benefit when he died.
If Bob had started collecting at age 70, his benefit would be $3958 per month. Sharon would step into that $3958 per month benefit when he died.
Bob’s decision doesn’t only affect his benefits. It also affects Sharon, assuming she outlives him.
Some rules of thumb when it comes to spousal benefits:
The lesser-earning spouse can start collecting Social Security as early as possible, especially if they’ll become eligible for a larger spousal benefit at FRA (e.g. just like Sharon, who jumped from her own benefit up to the spousal benefit of $1596)
The higher-earning spouse should delay Social Security to age 70 because their decision not only has a 100% chance of affecting their own benefit but also has a ~50% chance of affecting their spouse’s eventual benefit (if we assume the “who dies first?” question is a coin flip).
What About the Overall Financial Plan, and Sequence of Returns Risk?
How does Social Security fit into your total financial plan? Especially in the early years of retirement, where you’re most at risk for a sequence of returns disaster?
“Sequence of returns risk” refers to the potential that a poor-performing portfolio early in your retirement will cascade into long-term pain. If your assets are worth less early on, you’ll be forced to sell more of them than you anticipated. This leaves fewer assets in your portfolio to grow for the long run.
One way to mitigate this risk is to find alternate sources of retirement income. Social Security, perhaps?! If early Social Security is a vital part of your overall plan’s success, the failure risk introduced from delaying Social Security could be too great to bear.
Taxability Concerns
Social Security is taxable (for many retirees). It’s worth considering if your decision to collect Social Security will have taxation impacts and what your net-of-tax benefits are.
What Do Your Trusted Advisors Have to Say?
While every retirement is a unique adventure, these adventures often rhyme. Your trusted advisor(s) might have seen dozens or hundreds of successful retirements before, all of which rhyme with your plan.
Their counsel might sway you in an optimal direction.
“I’m Ready Uncle Sam!”
Are you ready for Social Security? It’s not an easy question to answer.
Hopefully, I’ve answered more questions today than created new ones. Still, don’t hesitate to reach out with any questions or concerns.
Thank you for reading! If you enjoyed this article, join 8000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
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