The wife and I are getting older. We have been working for decades at this point. But we are too young to retire, and we had kids late. But one of us could totally switch over to a lower stress second career. Ideally something with benefits, maybe even a chance to get a pension. And since we still have kids, needs to be flexible. One of our kids has autism, so lots of random doctors appointment and stuff.
We both work with computers all day. What are some good options for a second career that doesn’t need to have long term growth potential. We have 8 years where ideally both of us are working so we can cover each other with benefits if something happens. After that, the kids are out of high school at least. So it isn’t like it would be a “short” term career/job. Just not a 30 year thing. And ideally, something that could at least partially be done at home.
I just retired from a government job 2 years ago (US military). I received a pension, but only because I was grandfathered into the old pension plan. The military stopped giving out pensions in 2017. They switched to the BRS (Basic Retirement System), which is basically their version of a 401K.
When they switched, they gave all service members with less than 12 years of service the option to switch to the BRS or stick with the old pension program. Anyone who joined after the switch doesn’t get a choice. They’re automatically enrolled in the BRS.
I had 15 years of service at the time, so I didn’t qualify for BRS. It wouldn’t have benefited me anyway; there’s no way I could’ve saved up enough money to retire on in my 5 remaining years. I much prefer my monthly direct deposit for the rest of my life.
It’s the Blended Retirement System and it is a blend of a pension and an employer-sponsored retirement account. In the BRS service members went from 2.5% per year of service to 2% and gained a 5% match to their Thrift Savings Plan. So a member retiring at 20 years in the BRS would receive 40% of their base pay as pension vs 50% under the traditional military retirement system.
Yeah, that’s the one. Since I didn’t qualify for it, I didn’t pay much attention to it. They always just told us it’s kind of like a 401K, where you contribute up to a certain amount and the govt matches your contribution.
It’s sad that, really, you just have to hope they break you enough to get VA comp as a pseudo-pension.