Comparing pension and 401k
My current job has a defined benefit pension. Monthly benefit at retirement (as early as 62 with no penalty) is calculated as $85×(years of service credit). I currently have 6.3 years credit and am vested. I average 1.1-1.2 years of service credit per calendar year.
I currently contribute 12% to my 401k in addition with no match, balance is $38k. Last year's gross income was $130k, projected gross this year $140k.
I am considering taking a salaried position without pension. 401k match is 6%.
I am 34 years old. How much more money should I ask for to match my pension benefit? I am planning on working until 65. Thanks.
Posted Nov 15, 2024, 3:33 AM UTC