How did you take your retirement payout?

[DELACROIX]

To be able to retire under age 57 with $2000/mo is a bonus. I understand that it has not been raised, but to retire at 46 years old with $2000/mo is unheard of. I say eliminate that and use the money to increase the 30 year and above pensions.

And it's not just the part time pensions, the entire Central States Pension plan sucks, unless you have 40 plus years in. It has gotten a little better with the $3800, and now $4300 for 30 years, but pales in comparison to other plans.

Taking the 50% joint survivor option and paying for healthcare, leaves a 30 year pension of a little over $3000/mo.

You have to remember that the 46 year old that retired under the IBT/UPS Pension Plan is leaving without health insurance. That 2,000 a month pension will barely pay for the same coverage on the open market when he was active.

I believe anybody leaving with 25 years has to be age 57 in order to qualify for retirees healthcare through Team Care.

 

[Trucker Clock]

You have to remember that the 46 year old that retired under the IBT/UPS Pension Plan is leaving without health insurance. That 2,000 a month pension will barely pay for the same coverage on the open market when he was active.

I believe anybody leaving with 25 years has to be age 57 in order to qualify for retirees healthcare through Team Care.

I believe it is 55 for health Insurance. They could be on their spouse’s plan and not have to worry about insurance.

Spouse has a good job and keeps working. Driver retirees at 46 after 25 years with $2000/mo. Or driver inherited money or hit it big in the stock market. Or the couple maxed out the 401K for 25 years.

Many reasons why someone could afford to retire after 25 years. A 25 year pension at any age is ridiculous.

I‘m OK with a 25 and out at age 57. He may have started UPS later in life and doesn’t want to hustle bundles in his sixties.

And, if nobody actually retires under that option, why even have it.

 

[BrownFlush]

@ 52 you get Union ins. with 30 years. 100K a year cap. No dental. No vision.
Old days if you had 25 or more years in @ 52 you could quit with ins. No penalty with the pension. Those days are gone.
The ins. changes to a rider with Medicare for the same premium @ 65.

 

[Jones]

We have 25 and out at any age, it's a nice option. I took it at 54 but I know a few guys who took it at 46-47. The biggest risk with taking it that early is there's no COLA so you gotta hope inflation doesn't eat it all up before you can draw SS. Or go drive a school bus.

 

[IVE GOTTA PACKAGE 4U]

We have 25 and out at any age, it's a nice option. I took it at 54 but I know a few guys who took it at 46-47. The biggest risk with taking it that early is there's no COLA so you gotta hope inflation doesn't eat it all up before you can draw SS. Or go drive a school bus.

But how much can you get at 25 and out?
I think I asked you this before but how much do you have to pay for your health care?

 

[Jones]

But how much can you get at 25 and out?
I think I asked you this before but how much do you have to pay for your health care?

When I left a straight payout was about 6K/month. HC is a sliding scale based on age, anywhere from $440-$630/month per person.

 

[IVE GOTTA PACKAGE 4U]

When I left a straight payout was about 6K/month. HC is a sliding scale based on age, anywhere from $440-$630/month per person.

Thats a nice pension.
A little pricey on The healthcare

 

[Jones]

Thats a nice pension.
A little pricey on The healthcare

Can't have everything right?

 

[IVE GOTTA PACKAGE 4U]

Can't have everything right?

If I had the same deal I'd walk out myself

 

[Jones]

I'm thinking about switching to a high deductible/ low premium ACA plan (and by low I mean <$25/month) just so I can contribute to an HSA.

 

[IVE GOTTA PACKAGE 4U]

I'm thinking about switching to a high deductible/ low premium ACA plan (and by low I mean <$25/month) just so I can contribute to an HSA.

You got to do a lot of homework on that one.

 

[Over70irregs]

If you were relying only on a pension, I don’t really see how 49 years old could be affordable, but God bless you if you did it.

Just depends on debt

 

[BrownFlush]

Just depends on debt

When I quit, my pension was half of what I made working.
It was and has been enough. Social Security, 10 years later evened things up again.
Today, my pension is a third of what they make.

 

[BrownFlush]

According to the inflation calculator, my 36K a year in 2009 is worth 22K in 2023.
But, there is no calculator that measures increased longevity of your life, peace of mind, happiness for getting out as early as you can.
You have to do the math, but numbers don't matter if you're dead. Take what they give you when you've had enough. Do something else. Many I know have found out there is life when you work somewhere else.

 

[Thebrownblob]

Just depends on debt

I have zero debt, but I wouldn’t even qualify for healthcare

 

[Trucker Clock]

According to the inflation calculator, my 36K a year in 2009 is worth 22K in 2023.
But, there is no calculator that measures increased longevity of your life, peace of mind, happiness for getting out as early as you can.
You have to do the math, but numbers don't matter if you're dead. Take what they give you when you've had enough. Do something else. Many I know have found out there is life when you work somewhere else.

Very good advice.

We have guys still working here in their 60's worth north of $2 million still working. Some say that they wouldn't know what to do with their spare time if they retired.

I kind of feel sad for them. They really have no life. They live to work. I work to live. As soon as I can afford it, I am gone. I understand the people that have to work for one reason or another, but, if you can afford it, get the hell out and enjoy life.

 

[BrownFlush]

Very good advice.

We have guys still working here in their 60's worth north of $2 million still working. Some say that they wouldn't know what to do with their spare time if they retired.

I kind of feel sad for them. They really have no life. They live to work. I work to live. As soon as I can afford it, I am gone. I understand the people that have to work for one reason or another, but, if you can afford it, get the hell out and enjoy life.

A guy l went to school with started pre load in’73. I was hired off the street in ‘79. He went full time as a driver in ‘77. Been in feeders since 2000. I’ve been out since 2009. He is 67. I feel really bad for him. I think he blew hundred dollar bills in his house for insulation.

 

[clean hairy]

@ 52 you get Union ins. with 30 years. 100K a year cap. No dental. No vision.
Old days if you had 25 or more years in @ 52 you could quit with ins. No penalty with the pension. Those days are gone.
The ins. changes to a rider with Medicare for the same premium @ 65.

How much per month in the Southern?

 

[BrownFlush]

How much per month in the Southern?

I don't know.
I was in the Atlantic.

 

[CHEMA-DELMA]

According to the inflation calculator, my 36K a year in 2009 is worth 22K in 2023.
But, there is no calculator that measures increased longevity of your life, peace of mind, happiness for getting out as early as you can.
You have to do the math, but numbers don't matter if you're dead. Take what they give you when you've had enough. Do something else. Many I know have found out there is life when you work somewhere else.

Good advice,
I had was hired 1988, got me 30 in @ 57 and left. I knew I would have to do something else until SS kicked in. Found a nice job at a small company and it has been great. I don't wish I left any sooner but realized it was time. Everyone says "if you stay longer you get more in your pension". I was at the Corporate office so many there at high levels hung around. Greed set in with them of course they were making bank and not doing much to contribute. Good old boy network was never bigger.