Ask A Retired Person, Retirement FAQ. ( ON TOPIC )

[retiredTxfeeder]

Hi Rob

Hey, Gumby. How's things going on your end?

 

[IVE GOTTA PACKAGE 4U]

Hey, Gumby. How's things going on your end?

Real good . How are you feeling?

 

[retiredTxfeeder]

Real good . How are you feeling?

Oh, I've definately felt better. I'm moving slowly due to some issues with my leg. I don't heal like I used to, and combine that with my dislike for going to the doctor......

 

[brownmonster]

Do you old guys ever get bored of just sitting around watching your grass grow all day?

They now have time to trim the tall blades with a scissors.

 

[oldbrownguy]

I have a question for management retirees over 65. I am 60.5, retiring via the VRP ASAP. I heard that once a management retiree is eligible for SS, UPS reduces the your pension by a % based upon your SS benefit. Is this right? Has anyone been faced with this? If I understand it right, I would get my full pension until I take SS. Then UPS will reduce my $ accordingly. ?? I appreciate any feedback and thanks.

 

[Indecisi0n]

Its it better you put your teeth in a jar at night or powerwash them?

 

[ski or die]

I have a question for management retirees over 65. I am 60.5, retiring via the VRP ASAP. I heard that once a management retiree is eligible for SS, UPS reduces the your pension by a % based upon your SS benefit. Is this right? Has anyone been faced with this? If I understand it right, I would get my full pension until I take SS. Then UPS will reduce my $ accordingly. ?? I appreciate any feedback and thanks.

I had a friend who was in the UAW, and his pension was affected the same way, a reduction in pension when SS kicked in.

 

[olroadbeech]

I had a friend who was in the UAW, and his pension was affected the same way, a reduction in pension when SS kicked in.

wow! did not know that could happen. hope not with western conference. starting SS next month. not looking forward to turning 65 and that whole medicare mess.

 

[DELACROIX]

I have a question for management retirees over 65. I am 60.5, retiring via the VRP ASAP. I heard that once a management retiree is eligible for SS, UPS reduces the your pension by a % based upon your SS benefit. Is this right? Has anyone been faced with this? If I understand it right, I would get my full pension until I take SS. Then UPS will reduce my $ accordingly. ?? I appreciate any feedback and thanks.[/QUOTE.

I thought they did away the Social Security offset back in the l992, have they changed it back?

 

[rod]

wow! did not know that could happen. hope not with western conference. starting SS next month. not looking forward to turning 65 and that whole medicare mess.

Neither the wife or I have had one speck of trouble with Medicare and a supplement. The health insurance we had to buy for her from the time I turned 65 to when she did (4 years---now that was a NIGHTMARE)

 

[olroadbeech]

Neither the wife or I have had one speck of trouble with Medicare and a supplement. The health insurance we had to buy for her from the time I turned 65 to when she did (4 years---now that was a NIGHTMARE)

Thank You.

 

[ski or die]

wow! did not know that could happen. hope not with western conference. starting SS next month. not looking forward to turning 65 and that whole medicare mess.

As far as I know, no supplement in our locals has the SS provision for a reduction in your pension. Check with your Local to be certain. As for Medicare, I have a good Supplement and only a $183 deductible per year with $20 copay on doctor visits. Recently had surgery which came to $95,000, out of pocket was only $20. I feel Medicare with a good Supplement is better than Teamcare.

 

[olroadbeech]

As far as I know, no supplement in our locals has the SS provision for a reduction in your pension. Check with your Local to be certain. As for Medicare, I have a good Supplement and only a $183 deductible per year with $20 copay on doctor visits. Recently had surgery which came to $95,000, out of pocket was only $20. I feel Medicare with a good Supplement is better than Teamcare.

Thank you. I'll have to do some homework on medicare and the supplements. my spouse turns 65 next year. so we will lose our teamster medical benefits for him? or is it a secondary or primary?

BTW, I think this is another reason to stay hourly and not go into management. Not sure about their retirement plans and or medical compared to ours but if they have to take a % reduction on their pension when they start collecting SS that would keep me hourly.

 

[ski or die]

Thank you. I'll have to do some homework on medicare and the supplements. my spouse turns 65 next year. so we will lose our teamster medical benefits for him? or is it a secondary or primary?

BTW, I think this is another reason to stay hourly and not go into management. Not sure about their retirement plans and or medical compared to ours but if they have to take a % reduction on their pension when they start collecting SS that would keep me hourly.

Some of the locals health benefits continue after 65, mine doesn't for the person turning 65 but continues for the spouse until they turn 65. You will have to check with your local for your situation.

 

[ski or die]

I have a question for management retirees over 65. I am 60.5, retiring via the VRP ASAP. I heard that once a management retiree is eligible for SS, UPS reduces the your pension by a % based upon your SS benefit. Is this right? Has anyone been faced with this? If I understand it right, I would get my full pension until I take SS. Then UPS will reduce my $ accordingly. ?? I appreciate any feedback and thanks.

And management wanted to take over our pension back in 97. Not only are they reducing management pension at 65, new management are not eligible for a pension only 401K match of 8%, and the company will quit contributing to current management retiree pensions in 2023. Ron Carey made a brilliant move keeping the company from gaining control of our pensions.

 

[olroadbeech]

And management wanted to take over our pension back in 97. Not only are they reducing management pension at 65, new management are not eligible for a pension only 401K match of 8%, and the company will quit contributing to current management retiree pensions in 2023. Ron Carey made a brilliant move keeping the company from gaining control of our pensions.

it would be like the wolf guarding the hen house.

they may try again someday.

 

[oldbrownguy]

I have a question for management retirees over 65. I am 60.5, retiring via the VRP ASAP. I heard that once a management retiree is eligible for SS, UPS reduces the your pension by a % based upon your SS benefit. Is this right? Has anyone been faced with this? If I understand it right, I would get my full pension until I take SS. Then UPS will reduce my $ accordingly. ?? I appreciate any feedback and thanks.

I called the UPS Management retirement line yesterday and was able to get clarity. They do NOT reduce our pension at 65/67 when you are SS eligible. It would ONLY happen if your annual income (salary) was over 200K. Sorry if I caused some concern, but I was only looking for answers. Happy VRP and this is probably the last time I will say it "Partners"... Present BOD can stick that word straight up you know where...

 

[Shiftless]

As a Teamster (Western Region) I knew when I signed the retirement paperwork that at SS eligibility age of 62 not 65, whether I was drawing down on SS or not, that my pension would drop. I was told it would be about 12% for my circumstances. I retired and I was 49 years old. I took the money for 12 plus year on the front end. I was OK with that with my financial circumstances then and still today.

If you are going to retire you should check into this if you are pre 62 years of age. Maybe that is not even offered anymore or maybe mandatory now who knows!

Been gone 13 plus years! Yee Ha M-Fer's ! Join the ranks of the retired and REALLY ENJOY LIFE!

 

[olroadbeech]

As a Teamster (Western Region) I knew when I signed the retirement paperwork that at SS eligibility age of 62 not 65, whether I was drawing down on SS or not, that my pension would drop. I was told it would be about 12% for my circumstances. I retired and I was 49 years old. I took the money for 12 plus year on the front end. I was OK with that with my financial circumstances then and still today.

If you are going to retire you should check into this if you are pre 62 years of age. Maybe that is not even offered anymore or maybe mandatory now who knows!

Been gone 13 plus years! Yee Ha M-Fer's ! Join the ranks of the retired and REALLY ENJOY LIFE!

You are correct. Our pension went down a couple hundred because i just turned 62. I signed a paper they told me That i opted for this . To take extra on the front end till 62.

I also opted for the spousal option which I get 300 a month less so my spouse could get 60% of my pension if I died first. If he dies first then it gets "bumped" back up 300.

I know I could have taken that 300 a month and bought a life insurance policy but we were not comfortable with him getting a lump sum if i should die first. the 60% pension and social security plus other retirement accounts and cash savings will be more than adequate.

 

[burrheadd]

You are correct. Our pension went down a couple hundred because i just turned 62. I signed a paper they told me That i opted for this . To take extra on the front end till 62.

I also opted for the spousal option which I get 300 a month less so my spouse could get 60% of my pension if I died first. If he dies first then it gets "bumped" back up 300.

I know I could have taken that 300 a month and bought a life insurance policy but we were not comfortable with him getting a lump sum if i should die first. the 60% pension and social security plus other retirement accounts and cash savings will be more than adequate.

Afraid the Ol’man gonna squander it on hookers and blow