Is this what forty years gets you in

[Jones]

I live in a pretty pricey area and 6k/month is way more than I need to live comfortably. Most months I don't spend more than 2.5k.

 

[Wally]

Nobody retires in the south and moves north.
Come on down.

For sure.

 

[Jones]

Nobody retires in the south and moves north.
Come on down.

Wife has family in Albany NY and I've thought about moving there. Winter up that way is brutal though, that's enough to keep me south of the Mason Dixon.

 

[BrownFlush]

Wife has family in Albany NY and I've thought about moving there. Winter up that way is brutal though, that's enough to keep me south of the Mason Dixon.

Don’t go…you’ll suffer in the winter for sure but you’ll double what you’re spending a month.

 

[BrownFlush]

He lives in a very high tax state
I'm very fortunate that my pension and 401k will not be taxed on the state or local level

How about your SS?

 

[IVE GOTTA PACKAGE 4U]

How about your SS?

Nope
Not taxed

 

[IVE GOTTA PACKAGE 4U]

How about your SS?

All the States That Don’t Tax Social Security

Some retirees are surprised to learn that the federal government, in certain circumstances, taxes Social Security benefits. Even more surprising to some is that certain individual states also apply...

finance.yahoo.com

 

[BrownFlush]

No SS where I am, but the pension is taxed.

 

[upsgrunt]

Thanks brother!

Your explanation is spot on

Hey buddy! How’d you get your part time pension already, or were you referring to what it will be?

 

[Re-Raise]

Hey buddy! How’d you get your part time pension already, or were you referring to what it will be?

You have to go through UPS retirement to get it started. You can start getting it as soon as you retire with a 6% or so reduction for every year you are younger than 65.

I get $245 at 56 and I would have gotten $385 if I had started receiving it at 65.

 

[upsgrunt]

You have to go through UPS retirement to get it started. You can start getting it as soon as you retire with a 6% or so reduction for every year you are younger than 65.

I get $245 at 56 and I would have gotten $385 if I had started receiving it at 65.

Thanks! Unfortunately I only had 2 years part time, so looks like I’ll be waiting. Did UPS contact you about a buyout of the part time pension?

 

[35years]

Be aware...

I worked 6 years part time. At least two of those years don't qualify for part time pension credit because I didn't put in enough hours.

So, because I don't have 5 years with enough part time hours, I get no part time pension.

 

[IVE GOTTA PACKAGE 4U]

Be aware...

I worked 6 years part time. At least two of those years don't qualify for part time pension credit because I didn't put in enough hours.

So, because I don't have 5 years with enough part time hours, I get no part time pension.

Is your part-time pension through the union or through the company?

 

[burrheadd]

Thanks! Unfortunately I only had 2 years part time, so looks like I’ll be waiting. Did UPS contact you about a buyout of the part time pension?

You have to have 5 years to be vested you’ll get zero

 

[IVE GOTTA PACKAGE 4U]

You have to have 5 years to be vested you’ll get zero

But he has more than 5 years vested with the company

 

[burrheadd]

But he has more than 5 years vested with the company

How does that work

 

[burrheadd]

But he has more than 5 years vested with the company

I guess if you have 5 years total with ups it wouldn’t matter

 

[IVE GOTTA PACKAGE 4U]

How does that work

I get a small part-time pension from the company when I retire.
I didn't quit UPS I just got a better position so I still have more than 5 years with the company
Maybe it's different in other places I don't know

 

[IVE GOTTA PACKAGE 4U]

I guess if you have 5 years total with ups it wouldn’t matter

Ask @oldngray

 

[oldngray]

Ask @oldngray

5 years part time gets you vested but won't be much. How much depends on the plan and your age but only a couple of hundred dollars a month or so. Maybe a little more but not much more.