A top rate driver making overtime @ 50 hours a week?
Early retirement
- Thread starter SteveOUPS
- Start date
A top rate driver making overtime @ 50 hours a week?
Ms.PacMan
Well-Known Member
This is why I preach about saving for retirement!
CS service pensions are small compared to some of the pensions amounts I've read on here. The new UPS/IBT pension pays better but most of us have so many years in CS that only the younger drivers will benefit from the new contributory pension.
30 year service pensions in CS regions are only $3200/mo.
That's not enough
UpstateNYUPSer(Ret)
Well-Known Member
Pension amounts for employees who work for the same company and are covered by the same pension fund are the same regardless of what local they belong to.
UpstateNYUPSer(Ret)
Well-Known Member
What'dyabringmetoday???
Well-Known Member
That is interesting that they say 2/3 or whatever other figure. To me, it seems odd that a person needs a certain amount to live on then all of sudden they need much less. Yes- I get the whole house being paid off and so on. It would seem that most would have that done many years prior to retiring. (This is only an opinion and not any type of attack on you).
oldngray
nowhere special
You also need to remember you will be in a lower tax bracket and will also have fewer required expenses.
Babagounj
Strength through joy
What would my pension be in CS ; 23 pt & 16 ft ?
What'dyabringmetoday???
Well-Known Member
The lower tax bracket may or may not happen depending on how much your pension is (in my case it may be $0.00). Required expenses? Still need food, gas, etc. Cost of everything "seems" to continue to rise but not the pension check. Again, just opinions.
govols019
You smell that?
Richard Harrow
Deplorable.
Me as well. Should crack 90,000 this year.
I know the pensions seem like a fraction of our regular pay. I went out with an injury in 2014. Pension is a little more than $3k p/month. I have no tax taken out so I take home the full amount. I have enough deductions between real estate taxes (long island), medical exp and children to not worry about owing the government every tax season. After paying for family medical my take home is roughly $650 a week.....I know it seems like a little but on average it's probably around $400 less than I was taking home after tax, dues, 401k etc. Not a huge deficit to make up. If your body is breaking down and you are at retirement age it can be done with a less physically demanding job to add to your pension. I would have liked to go longer to increase both my pension and add to my 401k but it wasn't to be.
You should sit down with a financial adviser. You really need a plan.
Three more paychecks in2016.
BigUnionGuy
Got the T-Shirt
saintrick
Well-Known Member
Correct. Everything goes up except for your pension. That's why I push the 401k so hard on my co-workers
ViewAskew
Well-Known Member
This is what I tell our young guys. We have a few kids in their early 20's just get hired in the past year. They are in such great shape if they are smart with their money.
