The good news - my hubby's company will start contributing about 17% to his salary to a pension fund starting this year (not next, as I thought they would).
The bad news - I feel out of the loop on pensions. They use Vanguard for the plan, but I have no idea how or what we can direct the money into, but we are supposed to be able to control where it's invested, I think. I think they fully fund it every year (he gets an e-mail at the end of the year saying as much) and then after 5 years we are 100% vested...but with a pension, we really, truly can't access it until he's retirement age, right? It's not like one where you can do an SEPP, right?
And....are pensions really guaranteed? I guess I'm just wary of the term pension, because it has a bad connotation for me if the funds are mishandled. Is there such a pension where the money goes into your account, you manage it, and it's yours once you reach the right age and are vested?
I'm overwhelmed by investing and learning all the new terms. Any pensioners want to explain it to me? I did read through a brief handout....really made it seem like you have to wait until 62 before you access any of the money. But then there was a bit about not being employed and being able to get payments....I'm really confused by all this.