Pension calculator etc..

[Vette51]

I was in UPS pension plan when it was 50-55.00 a month x part time years. so i should get 14x50.00...possibly 55.00 cant remember but i keep all paperwork ive ever received.
We can retire at 55 with healthcare in local 89 anyway,but i will most likely stay til 57-58 ..I hope to enjoy my post ups life....38-39 year will be long enough..God willing my health,job security, pension security etc. Thanks for the reply Gamecock.

 

[clean hairy]

Is there a calculator for part time?
It does not work on upsers.

 

[LagunaBrown]

I was in UPS pension plan when it was 50-55.00 a month x part time years. so i should get 14x50.00...possibly 55.00 cant remember but i keep all paperwork ive ever received.
We can retire at 55 with healthcare in local 89 anyway,but i will most likely stay til 57-58 ..I hope to enjoy my post ups life....38-39 year will be long enough..God willing my health,job security, pension security etc. Thanks for the reply Gamecock.

 

[LagunaBrown]

Local 89 has assured us many times that 30 years combined total years at any age will result in a pension check from ft an pt pension fund when we retire at any age, not just 65. Penalty is tricky but not debilitating. Just curious if anyone in cs who has more than a couple years pt has retired under 62 an an example of what they revieve, not a hypothetical amount from the retirement calculator. I have several of those #s over the years. I wanna hear real answers. Thanks

What is the cost of your retiree medical?

 

[fishtm2001]

I applied for SS benefits recently and received a letter titled Potential Private Retirement Benefit Information. Since I am already receiving pension payments, I am sure Central States SE and SW is not looking to give me more money. It appears to be little more than retirement plan info that they are required to report to the IRS when a former employee applies for SS. Has anyone else received this letter? I would like to be sure before I disregard. Thanks in advance.

 

[burrheadd]

Not true---your PT pension will not start until you turn 65.

Nope!!

 

[35years]

Is there a calculator for part time?
It does not work on upsers.

upsers is supposed to get a major upgrade in terms of the retirement calculator, supposedly early this year.
It is supposed to figure out your part time pension.

 

[35years]

$3,735.64/ $4,759.44/ $5,758./ $6,283.45. Keep in mind working longer will get you more money but it will take you years to recoup the money lost by not retiring early. For example if I go @ 57, i get $3735/month, that's $134,460. If I work till 60 to get $1024 more a month it takes almost 11 years(10.94) before I recoup the $134K. Got to consider your health and how long you think you might live. It may be better to go early. You may not make it long enough to break even(not to be morbid)

Except you will likely be earning $90,000 a year for those 3 years if you retire at 60 rather than 57. That is $270,000.

Lets do the math...correct me if I mess up:
A non-smoking male at 60 in the USA now has a life expectancy of 24.19 years (290 months).
-----------------------------------------------------------------------
Retire at 57
$3735 x 326=
Total = $1,217,610

Unless you work another job after retiring you also have consider how much you have to pay for health insurance until Medicare kicks in.
Depending on your Local that could be $0 or $200 a month or higher. Lets go with $200 a month for 3 years;
$200 x 36 = $7,200
$1,217,610 - $7,200 =
$1,210,410 Total
------------------------------------------------------------------------
Retire at 60
$270,000 in earnings from age 57 to 60 plus:
$4759 x 290= $1,380,110
Total= 1,650,110

-------------------------------------------------------------------------
$1,650,110 age 60
-$1,210,410 age 57
=$439,700
Also you will be receiving a greater share of that money earlier by working those 3 years ($270K vs $134K age 57-60) so you will have the opportunity to earn more interest.

 

[Catatonic]

Except you will likely be earning $90,000 a year for those 3 years if you retire at 60 rather than 57. That is $270,000.

Lets do the math...correct me if I mess up:
A non-smoking male at 60 in the USA now has a life expectancy of 24.19 years (290 months).
-----------------------------------------------------------------------
Retire at 57
$3735 x 326=
Total = $1,217,610

Unless you work another job after retiring you also have consider how much you have to pay for health insurance until Medicare kicks in.
Depending on your Local that could be $0 or $200 a month or higher. Lets go with $200 a month for 3 years;
$200 x 36 = $7,200
$1,217,610 - $7,200 =
$1,210,410 Total
------------------------------------------------------------------------
Retire at 60
$270,000 in earnings from age 57 to 60 plus:
$4759 x 290= $1,380,110
Total= 1,650,110

-------------------------------------------------------------------------
$1,650,110 age 60
-$1,210,410 age 57
=$439,700
Also you will be receiving a greater share of that money earlier by working those 3 years ($270K vs $134K age 57-60) so you will have the opportunity to earn more interest.

Your approach and logic seems fine, however, you should account for the future cost of money/annuities and inflation but I don't think it would change anyone's decision.

 

[35years]

Your approach and logic seems fine, however, you should account for the future cost of money/annuities and inflation but I don't think it would change anyone's decision.

If anything accounting for inflation would strengthen the argument for delaying retirement 3 years. More money up front for working vs collecting a smaller pension.

My in-laws are outliving their retirement since they only projected a life expectancy of 80 when planning (he had several heart attacks). It is not pretty.

 

[brownmonster]

0 to $200 for retiree health insurance? 500+ in my local.

 

[35years]

0 to $200 for retiree health insurance? 500+ in my local.

I guess they want you to keep working till Medicare kicks in.
No way the average Joe could retire without a different job that provides healthcare, at that rate.

 

[UpstateNYUPSer(Ret)]

I guess they want you to keep working till Medicare kicks in.
No way the average Joe could retire without a different job that provides healthcare, at that rate.

Uh, it's called financial planning.

 

[35years]

Uh, it's called financial planning.

Very familiar with the subject.
Unlike you or me, the average Joe would not have saved sufficient resources to swing an extra $6K a year for healthcare in retirement.

It is usually in the Union's interest to keep you working and paying dues as long as possible. Too many plans don't provide sufficient healthcare supplementation for early retirement.

 

[rod]

I guess they want you to keep working till Medicare kicks in.
No way the average Joe could retire without a different job that provides healthcare, at that rate.

Hell I wish our health insurance was that cheap ($500) Five hundred is chump change compared to what Obama care costs.

 

[Inthegame]

It is usually in the Union's interest to keep you working and paying dues as long as possible.

That opinion is contradicted by the unions efforts to provide unreduced service, disability and reciprocal pensions, which encourages early retirement.
Conversely in the UPS (company) pension plan, there remains a 6% reducer for those under 65.

 

[Inthegame]

Too many plans don't provide sufficient healthcare supplementation for early retirement.

Some union retiree H&W plans not only provide coverage for "early" retirees but also offer post 65 coverage.
I believe I read Brownmonsters union plan provides that "supplementation".

 

[MC4YOU2]

Except you will likely be earning $90,000 a year for those 3 years if you retire at 60 rather than 57. That is $270,000.

Lets do the math...correct me if I mess up:
A non-smoking male at 60 in the USA now has a life expectancy of 24.19 years (290 months).
-----------------------------------------------------------------------
Retire at 57
$3735 x 326=
Total = $1,217,610

Unless you work another job after retiring you also have consider how much you have to pay for health insurance until Medicare kicks in.
Depending on your Local that could be $0 or $200 a month or higher. Lets go with $200 a month for 3 years;
$200 x 36 = $7,200
$1,217,610 - $7,200 =
$1,210,410 Total
------------------------------------------------------------------------
Retire at 60
$270,000 in earnings from age 57 to 60 plus:
$4759 x 290= $1,380,110
Total= 1,650,110

-------------------------------------------------------------------------
$1,650,110 age 60
-$1,210,410 age 57
=$439,700
Also you will be receiving a greater share of that money earlier by working those 3 years ($270K vs $134K age 57-60) so you will have the opportunity to earn more interest.

Great points. Another consideration could also be whether you still want to work at UPS, or would prefer to get a different gig to ride into the golden years.

If you got say, a $15 an hour job, and there are lots now and more coming as minimum wage increases in some states, you could strike a happy medium.

$15 x 40 x 52 = $31,200.
+$3735 X 12 = $44,820
= $76,020

That's like being paid for a dream 8.0 hour dispatch every day, as long as you want to work.

Let's say you're a driver, today, making $36.

$36 X 40 X 52 = $74,880.

Of course there's still medical and other bennies that make the comparison somewhat unfair. Still, if you really want out, and you have the qualifications, it's another set of numbers to consider.

 

[brownmonster]

Very familiar with the subject.
Unlike you or me, the average Joe would not have saved sufficient resources to swing an extra $6K a year for healthcare in retirement.

It is usually in the Union's interest to keep you working and paying dues as long as possible. Too many plans don't provide sufficient healthcare supplementation for early retirement.[/QUOTE

 

[brownmonster]

Let's just say paying it from investments won't be a problem.