looking for your thoughts.......

[aircanam]

So here's the story, I have 15+ years in the army and am just 4 1/2 years from pension. But my problem is that 4 months ago my career was laid out in front of me, French language for the next year followed by a promotion. However 2 days ago that changed drastically, then plan now is a job in Red Deer for 3 years at my current rank with the possibility of a promotion in 4 years.....but here is the real kick in the nutz...... $14, 000 pay cut and not seeing my children except once a month.

I could go deeper into the shat that is running through my head but will leave it at this,

Do I cut my losses and give up a pension in 4 years that will pay my mortgage and take my chances in the patch with the potential to double my income in a couple years to make up for loss of the pension?

I've sacrificed a lot over the last 15 yrs for the forces but the last couple days makes me question that loyalty. So bottom line is I'm looking for some of your thoughts on this...........

 

[Lowlife82]

I have no idea what your income is but yes the patch can be good coin. The patch though may also not give ya much family time depending on job of course. And rare to start at the top or middle for that matter. My 2 cents.

 

[eclipse1966]

that is a big decision but the question comes to my mind is how old are you? If you are in your mid-late 40's that pension plan maybe worth something but if you are in your 30's then you have time to make it up. I am not familiar with a government pension plan but I believe it is not transferable which sucks.

 

[whitegold]

tough call.... but personally I would stay with what you know instead of taking a chance on something new.... what if the new job doesn't work out.... then you're really screwed!!! Would you keep your pension if you took a year off and came back?

 

[aircanam]

Ok base income is about 73k, but benefits bring it to around 88k which I would lose, on top of another 6-8k this year and my weekends would be mon-tues. Summer holidays would be sept/oct as well..... Pension in 4 1/2 yrs would be appox $1800 a month after taxes. Taking a year off is possible, however would kill my career promotion wise.

Current rank I'm in right now puts me in a middle management position (32 ppl working for me). I understand its going to take awhile to work my way up, but I am 38 and still have a few years ahead of me.

There are a lot of people high up who do not agree with the whole situation, however I've been nothing but loyal and done my time in some of the worst shatholes imaginable, so I still have to question if the loyalty I have was worth it.....since I don't even get a reach around....

 

[Bogger]

At 42 you would be eligable for $1800 mth ongoing, if you collect for 40 years (check out at 82) the pension is worth $865K and you can easily start a patch or private sector job at 42... Tough to walk away from

My buddy did his 20 yrs for full military pension and at 38 started as fire chief for a small town from which he can retire with 20 yrs in @ 58 years old and collect 2 pensions... not a bad set up...

$1800 monthly after tax guarenteed is tough to walk away from...

 

[Assaulter13]

Okay so I am biased - I have worked in the patch for the past 30 years. You are young and an 1800 mo. pension is slight to say the least. You are young - at 38. Even if you stick it out to 42 to get the 1800 mo. pension - you have a lot of good years ahead of you.

Personally I would stick it out to keep the pension -- but in the meantime take some courses to get yourself ready for the patch. Study at home and get your Power Engineer certification - maybe your current job can help you with that? I have worked in a big plant for the past 24 years and consistently make around 200K and more in good years with overtime.

Don't mess with pension - that will be important in later years - but also save and invest (maximize your RRSP contributions while you can) and since you are young - work towards maxxing out your TFSA. Some wise planning now will save you in the future.

Just my $2,000,000

 

[tmo1620]

What he said, just tough it out and get some sort of certification over the next 4 years so when your done you can have an easier time finding a job that doesn't require having to start as a labourer in the patch. Power engineering is a good gig as it is fairly low impact and you can make a ton of cash if your willing to work lots of shifts. Hell I worked maybe 170 days last year at the most with 190+ days off and with benifets made over $125,000

Okay so I am biased - I have worked in the patch for the past 30 years. You are young and an 1800 mo. pension is slight to say the least. You are young - at 38. Even if you stick it out to 42 to get the 1800 mo. pension - you have a lot of good years ahead of you.

Personally I would stick it out to keep the pension -- but in the meantime take some courses to get yourself ready for the patch. Study at home and get your Power Engineer certification - maybe your current job can help you with that? I have worked in a big plant for the past 24 years and consistently make around 200K and more in good years with overtime.

Don't mess with pension - that will be important in later years - but also save and invest (maximize your RRSP contributions while you can) and since you are young - work towards maxxing out your TFSA. Some wise planning now will save you in the future.

Just my $2,000,000

 

[somethingnuw]

dude... stick it out... federal pension sounds good you can't throw that away unless you find another gov't agency where you pension will transfer... if you leave know your pension will probably be paid out and penalized... gov't employee's don't make a lot stick it out and take the one good thing you've worked for. In 4 years quite after your two bad days in row... go work at quad dealership or do something you love... it may not pay great but you'll be close to home and your pension will be intact!

 

[Barry Barton]

stay where u are 4 yrs is nothing get the pension and then go on the rigs if u want with the usa going in the toilet who knows what will happen and if u leave early and the econamy goes in the toilet the pension would be great . U can then go work for minimum wage and still come out laughing at the end of the day and u can pick whatever job u like, u don't have to do a ch!t job because u need the money.

 

[OVERKILL 19]

For the love of god keep your pension!
Patch is always there, like above said take courses get yourself set up. Or take your 4th class get some steam time and ill throw your application in at our plant ! We are always looking for lifers! Start prob @ $73 once certified in first job you'll get Ot at double time so u could b making over $100 by the second year in five years you'll be 90-100 base plus ot.
I would say easy You'd make $150 -200 depending on how much ot u want....o ya your home every night! But it's shift work... But lots of patch work is nights too!

 

[capercal]

Stay where u are, take the usual crap its only four more years while taking courses on anything and everything u want. I switched companies last year and everything was to be better, yeah right. Try 30 g less this year. Save your money now.

 

[whitegold]

agree with all these guys... it would be foolish to walk away from that pension at your age!! You have a second life after those 4 years with a guaranteed income!

 

[joekikass]

Dude you have to take the positive from the situation, you will be far better off in the long run will a few more years sacrifice. After you dues are payed you will have plenty of time to choose something different and have piece of mind that you will still be financially stable.

 

[OVERKILL 19]

So here's the story, I have 15+ years in the army and am just 4 1/2 years from pension. But my problem is that 4 months ago my career was laid out in front of me, French language for the next year followed by a promotion. However 2 days ago that changed drastically, then plan now is a job in Red Deer for 3 years at my current rank with the possibility of a promotion in 4 years.....but here is the real kick in the nutz...... $14, 000 pay cut and not seeing my children except once a month.

I could go deeper into the shat that is running through my head but will leave it at this,

Do I cut my losses and give up a pension in 4 years that will pay my mortgage and take my chances in the patch with the potential to double my income in a couple years to make up for loss of the pension?

I've sacrificed a lot over the last 15 yrs for the forces but the last couple days makes me question that loyalty. So bottom line is I'm looking for some of your thoughts on this...........

PS. My family and I thank you for your service !

 

[aircanam]

Thanks for the input everyone, my intent is to stay in and "suck it up" until pension, pretty hard pill to swallow though, especially given the economy in Alberta. I guess worst case I rent out my house and spend the next few years somewhere else until my 20 years is up. That being said, I was moving fast enough through the ranks until now and considered going beyond 20 years in the CF, however as a result of one decision made without my input/goals in mind they won't get a day past 20 years now.

I'm going to look into part time studies towards a trade, to better set myself up for success afterwards, however the nature of the job sometimes makes it difficult. Anyways Thanks again everyone, despite the kick in the junk I guess its time to "ruck up and soldier on" as we say.

Ugh I need a drink and to go sledding, taking my frustrations out on some BC pines.........

 

[magnet]

Stay where your at the patch sucks balls if you have family cause you won't once the patch is done with you
Seen it way to many times just my 2 bits

 

[CamoKVF700]

I'm in the patch. I wish I had a pension to look forward to. It's too uncertain out here. Stick with what you have until you have your pension. Then explore other options. The patch offers good pay when you're working but that's never a guarantee.

 

[arff]

Stay with it and get you pension...

 

[OVERKILL 19]

I'm in the patch. I wish I had a pension to look forward to. It's too uncertain out here. Stick with what you have until you have your pension. Then explore other options. The patch offers good pay when you're working but that's never a guarantee.

So true!
Feast and famine !