25 and Out...

[free to fish 2013]

As of right now my plans are to retire after my 25 years, which will be in about 2 1/2 years. Has anyone heard any information about the new contract that might suggest they will give a little more for 25 and out like the 30 and out?From what I am reading, 30 years will go up to $3400/month by 2017. How about 25 years? Right now it is $2000/month. I'm really hoping that increases some also.

 

[Maple Grove MN Driver]

But it's spelled right.

still bad spelling/grammar.

 

[free to fish 2013]

Just retired in April in AZ under peer 80. 55 years old. $3100 a month after taxes and $50 month for same insurance. I was a package car driver for 25 years. I dont know how anyone does that job into their 60's.

 

[cachsux]

Chloroform?

That's it.

The wife used some on me so the minds still a bit foggy.

 

[cachsux]

still bad spelling/grammar.

Uh, no.......

Incorrect word maybe.

Then again maybe they're growing hydroponic marijuana and in that case chlorophyll would be needed.

 

[UpstateNYUPSer(Ret)]

still bad spelling/grammar.

Uh, no.......

Incorrect word maybe.

Then again maybe they're growing hydroponic marijuana and in that case chlorophyll would be needed.

You would think that with $4.5M in assets he could afford to buy a dictionary.

 

[pretender]

Can someone tell me what % of taxes are taken out of a pension check? I live in Illinois and have about 28% taken out of my income now as a non-retiree.

You have to figure out your total income and go from there. I don't recall filling out a W4--Instead, I entered a flat amount I wanted to have deducted from my check. Assuming your income will be solely from your pension, 10% of your monthly check would be a safe amount. It is easy to find a tax table online. The first $17,850 is taxed at 10%, and the next bracket up to $72,500 is taxed at 15%. However, the actual tax is lower because of exemptions and deductions. If you use Turbo Tax, just do a sample tax return with your estimated income, and don't forget your state tax.

The tricky part is if you plan to work part time after retirement. More than likely, you will need to enter an additional amount withheld from your check, even if you claim 0 Single. Unless you love to work, or need the money, the goal would be to stay in the 15% bracket. If there is just two of you, and you use the standard deduction, that would be around $90,000.

 

[Former Steward]

Just retired in April in AZ under peer 80. 55 years old. $3100 a month after taxes and $50 month for same insurance. I was a package car driver for 25 years. I dont know how anyone does that job into their 60's.

I was lucky enough to retire last year at age 51 with 25 driving years. My insurance has been $50 a month since retirement. It looks like now that our union or maybe our local has thrown the retirees to the UPS wolves if this contract is ratified. Will know more in the next few weeks. You are right though, a body can only take so much.

 

[brownmonster]

You have to figure out your total income and go from there. I don't recall filling out a W4--Instead, I entered a flat amount I wanted to have deducted from my check. Assuming your income will be solely from your pension, 10% of your monthly check would be a safe amount. It is easy to find a tax table online. The first $17,850 is taxed at 10%, and the next bracket up to $72,500 is taxed at 15%. However, the actual tax is lower because of exemptions and deductions. If you use Turbo Tax, just do a sample tax return with your estimated income, and don't forget your state tax.

The tricky part is if you plan to work part time after retirement. More than likely, you will need to enter an additional amount withheld from your check, even if you claim 0 Single. Unless you love to work, or need the money, the goal would be to stay in the 15% bracket. If there is just two of you, and you use the standard deduction, that would be around $90,000.

This is why I don't bother with a Roth. It's not like we have to pay 39% in taxes.

 

[south philly]

This is a major reason local 623 in philly wont vote yes on this contract they want retirees to pay more on their insurance and their stays the same forever in the future half of the damn pension will go towards insurance its not right and we will never vote yes

Sent using BrownCafe App

 

[Serf]

At FEDEX for 26 yrs..leave now looking at 1310.00 per month...stay till I am 60 it is maxed at 1550.00 per month...working till I drop dead...

No worries man. If I even make it 26 years under the new PPA retirement. (Assuming they haven't scrapped that too). I will be given a one lump some check of around 30 grand before taxes! Or I could choose to roll it into an annuity and receive around 72 bucks a month lol.

 

[dniebster]

I was lucky enough to retire last year at age 51 with 25 driving years. My insurance has been $50 a month since retirement. It looks like now that our union or maybe our local has thrown the retirees to the UPS wolves if this contract is ratified. Will know more in the next few weeks. You are right though, a body can only take so much.

What local are you in? You only pay 50 bux for insurance. I think I will have to pay 450 per month for myself and 450 for my wife