Wednesday, December 2, 2009

Pension started

Back in September I sent in all the paperwork required to start my pension on November 1. You might think this would be soon enough to get my first payment on time but it seems it wasn't. I didn't receive anything until Wednesday when I was paid for November and December. Fortunately the delay didn't matter for me but people who need the first payment on time should make sure they get all the paperwork done well in advance.

My pension is a small fraction of what I was being paid but it does look a bit better on a net basis since a smaller percentage is being taken out. On the other hand I will have to start paying my own medical insurance next year. Still the pension amount will be adequate for me to live on (although if inflation is high it may not remain so). If you are well paid (as I was) it isn't really necessary to match (or nearly match) your previous income for a satisfactory retirement. I find the benefit of not working to be worth quite a bit.

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