Pension Mail
This morning I received some mail which is a rarity in itself as no one uses the post man especially in South Africa. The post was from the UK where the snail mail system still works unlike here where it has been broken for many decades. Posted on the 3rd June and arrived today via priority mail stickers so 23 days is actually pretty good because it defied all odds and arrived.
I have had Birthday and Christmas cards arrive the following year and those are the ones we know about as I am sure many just never reached their destination. Todays post was rather important as it involved my pension fund moving to another service supplier and is now the 3rd such move over the last 20 years. I guess the company PIC is offering some type of saving instead of keeping this in house.
Normally all the correspondence these days is done via email as in the past I have complained that receiving any postage is a lottery. At one particular point they asked for a letter of my existence as I had not responded to a mail they sent out and had no clue they even sent it out as it was never received on my end. This is why we went to email as at least I am guaranteed of being kept in the loop.
Most people do not worry about pension schemes until they are getting on in life and only then does panic set in. Thankfully I have my work pension which is actually a very good one and they are a very large company so things should be ok in the future.
One can never be certain though especially with how the inflation has been going lately so one can not have all their eggs in one basket and sit back hoping it will all turn out rosy. I have been paying in a little extra each month knowing that at least I am trying to counteract any inflation and maybe will at least give it a better chance of being worthwhile when the time comes around to actually start receiving the payments.
The other good thing is we also have crypto which the masses have not twigged how good it really is as a monthly passive income stream. I would never have guessed how good things would turn out nearly 8 years alter with my portfolio growing steadily each day.
The crazy part is even if the prices remained as low as they are today forever by the time I start receiving my pension in the future I will be earning more than what the pension offers. We know the power of compounding and consistency so over another 5 or 6 years the numbers will grow considerably and believe they will be rather decent earners. Having these extras is more of a security blanket as the future is an unknown and being prepared is all we can do. I have to get my head around Europe's prices and not SA's as we are going to be relocating so I kind of need far more than first envisioned.
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My work offers a pension as well, which is a rare thing these days in America. I have worked there for over 23 years already and contributed $209K+ But the way it works is that I get a 2% for every year worked so I have earned 46% of my salary already and in less than two years I will be at 50% of my salary. I have 13 more years to go before I hit a minimum distribution age without major penalties so at that time I will be at 72% of my average salary the last 5 years there. If I last that long there obviously. It does not seem worth it to work past 62 in my case.
Hopefully in the next 10 years crypto will become completely mainstream and our bags will be worth a nice chunk and provide additional passive income.