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Thursday, March 28, 2019
When A Pension Isn't Worth It
In the recent comments, some of you asked about the outcome with my pension. After running the numbers, I realized that it wasn't worth it. The documentation that I had for work in 1985 didn't count, due to the rules and requirements at that time. Back then, you needed ten years of union employment with Actors' Equity Association.
I was considering looking into stage management to provide the needed one hour of work, which I was told would qualify me for my five year pension. Some older dancers have been running lunch for the creative team.
The thing is, I would have to rejoin the union, which would cost $1,600. I'm not sure what the dues are now, but I remember them costing over a hundred dollars a year when I was in my early thirties. I dropped out of the union when I bought my house. The money I would receive would get eaten up by those expenses, so I plan to focus on my writing.
I am happy with the amount of social security that I have earned. Fortunately, my expenses are very low. That makes all the difference. A modest home and an older car can make life much more affordable. Using public transportation regularly helps me to stay within my gasoline budget. Prices here have risen; I paid $42.00 yesterday for ten gallons of gas! That's a significant increase. I normally pay $35.00. I will be driving less, and biking and taking the bus. Thank goodness there is a stop a couple of blocks from my house.
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