Life only Pension?

[BrownFlush]

That’s the plan now. I’m hoping to not have to take it till earliest 67. There is $800 a month more for waiting the 5 yrs.

The break even age is around 85. The 5 years you wait and could be getting SS, it will take you until 83 or 85 to break even if you wait. That does not include the money you could make from investments.If you include your wife getting half of what you will get at 62 you would have to live even longer.
My rule has always been, the day they will give you a check, take it. 52 @UPS. 62 with SS.

 

[IVE GOTTA PACKAGE 4U]

Let me rephrase what I said... I'm doing good as long as no work is involved.

Another quitter just like @scratch

 

[BrownFlush]

I do not have any aches or pains.

This comes later.

 

[over9five]

This comes later.

Or sooner...

 

[Jones]

The break even age is around 85. The 5 years you wait and could be getting SS, it will take you until 83 or 85 to break even if you wait. That does not include the money you could make from investments.If you include your wife getting half of what you will get at 62 you would have to live even longer.
My rule has always been, the day they will give you a check, take it. 52 @UPS. 62 with SS.

Yup, there's a lot of folks who tell you wait til 67 or 70 and that's what I was planning on initially, but after running the different scenarios through a calculator 62 makes more sense.

 

[oldngray]

Yup, there's a lot of folks who tell you wait til 67 or 70 and that's what I was planning on initially, but after running the different scenarios through a calculator 62 makes more sense.

There is no one right answer. I am waiting to collect too since I don't need the money yet. If my situation changes I can always start collecting now.

 

[oldngray]

The break even age is around 85. The 5 years you wait and could be getting SS, it will take you until 83 or 85 to break even if you wait. That does not include the money you could make from investments.If you include your wife getting half of what you will get at 62 you would have to live even longer.
My rule has always been, the day they will give you a check, take it. 52 @UPS. 62 with SS.

I heard the break even age is more like 78. Either way its a gamble on how long you end up living.

 

[Jones]

This assumes that you spend all the money every month. If you invest it the break evens move further out.

 

[BrownFlush]

I want to take this opportunity to speak like @Shiftless . Please work until you drop dead and do not take SS until they make you. And God bless.

 

[Shiftless]

I want to take this opportunity to speak like @Shiftless . Please work until you drop dead and do not take SS until they make you. And God bless.

Feel Free to spread the message Brother!

 

[quad decade guy]

The break even age is around 85. The 5 years you wait and could be getting SS, it will take you until 83 or 85 to break even if you wait. That does not include the money you could make from investments.If you include your wife getting half of what you will get at 62 you would have to live even longer.
My rule has always been, the day they will give you a check, take it. 52 @UPS. 62 with SS.

Good info....except the $50k you give up every year you are retired.....($52,000x10=$520k......age 52 to age 62...)(52 to 67.....$770k)

Lot of money....and free healthcare...

Imagine investing $770k or just have it sitting there. Spend $50k a year for the next 15 years.....after all you aren't expected to live past that anyway....some of us will be much less and a few some more.

 

[scratch]

I retired at 62 last October and my pension amount is $4808, I took the full amount. I have lived off just that so far. I could file for Social Security but I'm undecided about that. Wait and get more or take less now and invest. I haven't touched any investments, they are still growing. My concerns are inflation and I will have to start buying health insurance in two years.

 

[Over70irregs]

Will get numbers from driver tomorrow. This pension option stuff is very interesting. Drivers need early planning.

Rounded (saw pic of paper wrote on deliv notice shorthand)
Him3,870 Her2,550
4,000. Her2550 age 62 decrease
3,840 Her2850
4,500 Her Nothing
A lot of boxes that I didn't undertand

 

[Over70irregs]

I got $250K worth of term for $65 a month when I retired at 52.
Sure beat what they wanted to take out of my pension for survivors benefit.

How many years?

 

[Wally]

We have a guarantee 10 year payout which lowers the future insurance needs to maximize the pension.

 

[Darmark7]

I retired at 62 last October and my pension amount is $4808, I took the full amount. I have lived off just that so far. I could file for Social Security but I'm undecided about that. Wait and get more or take less now and invest. I haven't touched any investments, they are still growing. My concerns are inflation and I will have to start buying health insurance in two years.

I’m paying $400 a month for insurance for me and wife through Central States now. I was wondering about when I get 65 (7 yrs from now) and have to go on Medicare. But then I will have $400 a month to put towards medicare supplements that we will want.
On a side note: Scratch you said you retired last Oct. My last day was Oct 30, 2020.

 

[oldngray]

I’m paying $400 a month for insurance for me and wife through Central States now. I was wondering about when I get 65 (7 yrs from now) and have to go one Medicare. But then I will have $400 a month to put towards medicare supplements that we will want.
On a side note: Scratch you said you retired last Oct. My last day was Oct 30, 2020.

That is something I am wondering about too. You have to get the supplements but so many options I don't know which are best

 

[scratch]

I’m paying $400 a month for insurance for me and wife through Central States now. I was wondering about when I get 65 (7 yrs from now) and have to go on Medicare. But then I will have $400 a month to put towards medicare supplements that we will want.
On a side note: Scratch you said you retired last Oct. My last day was Oct 30, 2020.

I’m in the very same place you are, I’m paying $400 a month to continue Teamcare. I’m not looking forward to losing that, I turned 63 a couple of weeks ago. My last day was Wednesday, October 14. The exact day I finished 45 years. My Center Manager wasn’t happy I didn’t want to do one more Peak Season, I didn’t care after being over-dispatched all year. I had the best Christmas in a very long time.

 

[DELACROIX]

I retired at 62 last October and my pension amount is $4808, I took the full amount. I have lived off just that so far. I could file for Social Security but I'm undecided about that. Wait and get more or take less now and invest. I haven't touched any investments, they are still growing. My concerns are inflation and I will have to start buying health insurance in two years.

You will be eligible for Medicare at 65, so you will only need supplement for dental, vision. My wife went for the Medicare B, it has better prescription coverages, particularly if you have a major health issue. She pays about 130 a month even if she is still under my team care plan, just to be safe..she was a nurse for 35 years and some of it had to do with insurance certification, so she knows things...

 

[Shiftless]

You will be eligible for Medicare at 65, so you will only need supplement for dental, vision. My wife went for the Medicare B, it has better prescription coverages, particularly if you have a major health issue. She pays about 130 a month even if she is still under my team care plan, just to be safe..she was a nurse for 35 years and some of it had to do with insurance certification, so she knows things...

I think you mean part "D" for prescriptions not B correct?