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Hi fishes, I have got an offer from ZS as Decision analytics consultant in forecasting pod ... i understand in healthcare domain ZS is a good brand.. i wanna understand what kind of projects can i expect there ? does ZS sponsor mba for consultants / managers ? what kind of future growth is there ? ( not only inside the organization but in future as well ) ZS Associates ZS Associates
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Does anyone know what are the benefits given as a part of relocation asistance with jpmc? I was told by HR that I would get relocation assistance but declined for lumpsum amount.....please let me know if anyone has availed as I need to relocate with my family, so need to plan things accordingly.
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I would keep that absolutely
49K a year in my golden years is not enough for me to want to be miserable for 15 years in my prime. You should decide that for yourself.
Coach
I generally agree, but taking a $36k per year hit to retirement income is just another type of misery. That's almost half my retirement income personally. Unless there is an inheritance coming, working is the sad reality for all of us. Just have decide how each person wants to balance sacrifices today with sacrifices for tomorrow.
Is he not able to transfer to another state’s program? I would look into moving cities but keeping the same job if the pension carries over.
Currently in NYC, and looking to move to greater Seattle area, not the city. Surrounding suburban area.
Coach
It's not clear to me what the alternative is. If you move to a rural area is he just going to retire immediately or does he have other job options, and if so, what do they pay compared to the current job?
Pensions are great in theory but they are just a form of income. Other jobs simply pay you a lot more money and you can choose to invest that money in a retirement account, which is creating your own pension
If he is getting a new job with a new pension benefit, seems like you need to run some numbers of projected benefits under the new employer, including salary, pensions, and other retirement benefits. Although you are losing 36k or so, you may also be receiving other sources of retirement income to offset. So to measure the true dollar loss that is a big factor.
That is only the dollars side of it though. Living in an environment you dislike for 15 years is also a huge factor. So need to consider what you are willing to pay for a potentially more desirable quality of life.
If the next place he works has a pension program, you’re probably not giving up a ton. With good planning, you can turn personal savings into guaranteed income that can supplement the future pension payments.
Why stay somewhere for 15 years of your life if you’d be happier somewhere else. If it was 15 months that would be a different story
Nope, no way. My husband is in the same spot. Has 15 more years until a pension that right now would equal about $60k a year and free benefits for life kick in. All of that is a total waste if he leaves now.
He could take a penalty and retire early (he'll have the years but not the age by 50), so that is something we're discussing.
At 2.5% withdrawal rate - you’d need a $2M portfolio to replace that pension. Given that starts at 49 and guaranteed I would grind it out... that age is still pretty early fire
A pension is literally an annuity and an annuity is guaranteed. Not sure what your point is
How many years does he have on? And how much would he get if he started collecting his vested pension now? Pension was designed to keep you hooked to these kind of jobs. Leave the city, get the money now and invest it all in his 401k/457, you never know what will happen to pensions in the next 20 years, plus inflation will kill that $14k by his retirement age, good luck!
Additional info: we want to retire as soon as possible but are sick of city life in the east coast. Looking to move to the west coast somewhere. Is it worth it to grind about 15 more years for 36k more each year?
Only you can answer that. Is it worth it for you? Identify your priorities and you’ll find your answer. Best of luck!
If the avg person lives til 100 you’re expected to forego $2.5M.
Is the alternative going to offset that in terms of monetary and subjective values? There’s your answer.
So the delta is not really $36k, he will have a pension at the new job. What will that pension be if he still retires at 49 (in 15 years or so)? The decision may be easier if the delta is more like $20k and you can somehow lower your cost of living by $20k or close to it (I know Seattle is high cost of living area, but perhaps the suburb you’re planning to move to is will be less than NYC)
It's a tough call, OP. We would never do it. But, we love where we live, and my husband is certificated for pretty much every role in public education except superintendent so he has options for changing his career within the pension.
Can you do an analysis of the penalty by year? Maybe 15 years is too much, but 5 or 10 gets you up to where you want to be? You could also use that extra time to pad your non-pension retirement sources.
Dumb question. Are pension payments affected by inflation?
It is pension-specific. Some pensions, usually federal government pensions, provide for a Cost of Living Adjustment (COLA) every year or after a specified period of time. Some pensions, usually private pensions, do not provide for a COLA at all. And some pensions, usually state government pensions, allow "ad-hoc" COLAs, which are discretionary in nature.
It would only be crazy if you aren’t going to be prepared for retirement without it
It sounds like he can fill the pension gap with another pension gig.
A lot of pension gigs, when you hit full bird you can start drawing, no matter what age you are. But if you're short of full years (eg 30), you gotta wait to draw.
So he'll lose the $50k / yr from 49-62 ... 13 years that's $600k. Will new gigs cover that?