Hello there, first time poster, started reading MMM a few months ago. I'm 33, SO is 34. We both have pension plans with our employers. SO is a teacher at a public school making $67k/year. I work for a private company making $58k/year. Trying to figure out how to account for our pension plans when determining FIRE # and net worth.
SO pays 7.5% of paycheck into pension plan. This is only source of retirement income (at the moment). Pension is years of service multiplied by 2 (this is the percentage of final pay that the pension will provide upon retirement). So if 35 years of service, final salary of $100k, $70k/year pension ($5,833/month).
My pension is 1% of final salary, multiplied by years of service. I also have a 401k (which employer contributes 3% to) and do not contribute to the pension plan. I've been at my company for 8 years. If I FIRE at 45, I'd have 20 years of service. Assuming I'm making $80k by then, I'd receive $16k/year starting at age 60 ($1,333/month).
Any help with how to account for these in FIRE/Net Worth calculations would be much appreciated.