Plan to retire in a few weeks- Please advise if anything different

[tourists24]

He has first world problems

I can't believe how many of my co workers put little or nothing into their 401k

They think the pension is going to let them live happily ever after.

The young ones usually do. I won't be dipping into my 401k for several more years but you definitely have to downsize your lifestyle if you want to try to just live off of your pension.

 

[IVE GOTTA PACKAGE 4U]

The young ones usually do. I won't be dipping into my 401k for several more years but you definitely have to downsize your lifestyle if you want to try to just live off of your pension.

I'm going to use some of the interest off of mine until o collect social security

 

[tourists24]

I'm going to use some of the interest off of mine until o collect social security

I haven't decided when I'm going to even touch mine or until I feel it necessary. I didn't retire completely debt free so I may dip into it when I can without penalty to finish that off. If not, I'll just let it ride til I die and then let my wife have it. She's 17 years younger than me so she should be around a lot longer than me

 

[IVE GOTTA PACKAGE 4U]

I haven't decided when I'm going to even touch mine or until I feel it necessary. I didn't retire completely debt free so I may dip into it when I can without penalty to finish that off. If not, I'll just let it ride til I die and then let my wife have it. She's 17 years younger than me so she should be around a lot longer than me

Why the rates are high?Now is a good time to look at a fixed rate annuity
I don't have any debt, but the age penalties on the pension are absolutely different. Are you killing me

And I have no desire to work another four or five years here.

 

[tourists24]

Why the rates are high?Now is a good time to look at a fixed rate annuity
I don't have any debt, but the age penalties on the pension are absolutely different. Are you killing me

And I have no desire to work another four or five years here.

I guarantee you approach it a lot better than me. You are much more calculated and deliberate. I am much more ignorant about financial matters with this area so as long as my 401k keeps growing then I'll stay put for now. I'm sure there are other ways I could earn more with it but I'm satisfied until I understand something better.

I decided after my 7th surgery that I would retire as soon as I turned 55 and I stuck with that. I don't live a fancy life but I live comfortable, have a modest home and always have food on the table (and beer). Awesome wife and a hobby to enjoy when I feel like it.

 

[IVE GOTTA PACKAGE 4U]

I guarantee you approach it a lot better than me. You are much more calculated and deliberate. I am much more ignorant about financial matters with this area so as long as my 401k keeps growing then I'll stay put for now. I'm sure there are other ways I could earn more with it but I'm satisfied until I understand something better.

I decided after my 7th surgery that I would retire as soon as I turned 55 and I stuck with that. I don't live a fancy life but I live comfortable, have a modest home and always have food on the table (and beer). Awesome wife and a hobby to enjoy when I feel like it.

Seriously, you should look at that long term fixed annuity, we can get over five, maybe close to 6 percent guaranteed
Look, that build up for a few years

And if you want to pay off some of your debt and your money is still in your 401k you can use the rule of 55 to avoid the ten percent penalty

 

[Jones]

Seriously, you should look at that long term fixed annuity, we can get over five, maybe close to 6 percent guaranteed
Look, that build up for a few years

And if you want to pay off some of your debt and your money is still in your 401k you can use the rule of 55 to avoid the ten percent penalty

Took a look at some, you can get as high as 6.7%, but it's simple interest, the highest compound interest I found was 5.9%

 

[IVE GOTTA PACKAGE 4U]

Took a look at some, you can get as high as 6.7%, but it's simple interest, the highest compound interest I found was 5.9%

View attachment 523405

There is definitely some good bargains out there right now if you are looking for fixed income.

 

[UPSmechanicinblue]

Here most people retire on the last working day of the month. I haven't heard of anyone having problems with the pensions over it.

I just got my retirement confirmation today. I picked the 28th of June for my retire date and 27th last day working. Letter states I will be paid in in the first week of August for the month of July and august. So maybe retiring end of Month was best? I don't know what would of happened if I retired early or middle of June? would they pay me a half or full month of pension for June? Hopefully this will help others nearing retirement

 

[oldngray]

I just got my retirement confirmation today. I picked the 28th of June for my retire date and 27th last day working. Letter states I will be paid in in the first week of August for the month of July and august. So maybe retiring end of Month was best? I don't know what would of happened if I retired early or middle of June? would they pay me a half or full month of pension for June? Hopefully this will help others nearing retirement

I'm pretty sure they don't pay partial months. If you work any days that month your pension won't start until the next month.

 

[IVE GOTTA PACKAGE 4U]

I just got my retirement confirmation today. I picked the 28th of June for my retire date and 27th last day working. Letter states I will be paid in in the first week of August for the month of July and august. So maybe retiring end of Month was best? I don't know what would of happened if I retired early or middle of June? would they pay me a half or full month of pension for June? Hopefully this will help others nearing retirement

That's why they tell you to put your paperwork in 3 months in advance so you don't have to wait an extra month for your check

Just make sure you get paid for all of your entitlement.
Any unused time you didn't use this year, you'll get paid for that and you'll get prorated for next year's vacation, so you should probably get 3 weeks vacation or so for next year.

 

[Darmark7]

I just got my retirement confirmation today. I picked the 28th of June for my retire date and 27th last day working. Letter states I will be paid in in the first week of August for the month of July and august. So maybe retiring end of Month was best? I don't know what would of happened if I retired early or middle of June? would they pay me a half or full month of pension for June? Hopefully this will help others nearing retirement

No they wouldn’t. I retired half way through the month and didn’t get paid for the 2 weeks. I had already picked my last day to work as Oct 30th 2020. I then had 2 weeks vacation after that. I figured it out in time that I could of went back to work for the 2 more weeks to finish up November, but my mind was done with UPS and 2 more weeks of UPS at that point looked like an eternity. I also thought that if 2 weeks pay was going to make any difference in me retiring then I shouldn’t be retiring. I never regretted it.

 

[tourists24]

I just got my retirement confirmation today. I picked the 28th of June for my retire date and 27th last day working. Letter states I will be paid in in the first week of August for the month of July and august. So maybe retiring end of Month was best? I don't know what would of happened if I retired early or middle of June? would they pay me a half or full month of pension for June? Hopefully this will help others nearing retirement

You can retire early or in the middle of a month but pension payment will not pick up until the first of the next month. I retired the day after my birthday after I turned 55 which was on the 10th. It was worth it to me lol

 

[IVE GOTTA PACKAGE 4U]

You can retire early or in the middle of a month but pension payment will not pick up until the first of the next month. I retired the day after my birthday after I turned 55 which was on the 10th. It was worth it to me lol

Wow

And


WDFD

 

[tourists24]

Wow

And


WDFD

Mr Jealous........ now go pound those boxes

 

[IVE GOTTA PACKAGE 4U]

Mr Jealous........ now go pound my wife's box

Geezus

 

[tourists24]

Geezus

 

[UPSmechanicinblue]

That's why they tell you to put your paperwork in 3 months in advance so you don't have to wait an extra month for your check

Just make sure you get paid for all of your entitlement.
Any unused time you didn't use this year, you'll get paid for that and you'll get prorated for next year's vacation, so you should probably get 3 weeks vacation or so for next year.

I knew on the 3 months, I just woke up the one day and said enough was enough and I wanted out. Hard to explain but I just am done busting fingers getting dirty changing engines, springs transmissions brakes etc. Everyone drives them like they stole them!!! That day I called my supervisor on what would work best with him so I could go as soon as possible. He had to find someone, he had a vacation, so did I and he will be up next week to close out the shop with me.(why I worked with him because I had off the job injury 2 years ago and he kept me working for the year by sending heavy jobs out) 3 months I would have lost another summer. The only time of year I enjoy.

 

[IVE GOTTA PACKAGE 4U]

I knew on the 3 months, I just woke up the one day and said enough was enough and I wanted out. Hard to explain but I just am done busting fingers getting dirty changing engines, springs transmissions brakes etc. Everyone drives them like they stole them!!! That day I called my supervisor on what would work best with him so I could go as soon as possible. He had to find someone, he had a vacation, so did I and he will be up next week to close out the shop with me.(why I worked with him because I had off the job injury 2 years ago and he kept me working for the year by sending heavy jobs out) 3 months I would have lost another summer. The only time of year I enjoy.

Hope it works out for you

 

[tourists24]

I knew on the 3 months, I just woke up the one day and said enough was enough and I wanted out. Hard to explain but I just am done busting fingers getting dirty changing engines, springs transmissions brakes etc. Everyone drives them like they stole them!!! That day I called my supervisor on what would work best with him so I could go as soon as possible. He had to find someone, he had a vacation, so did I and he will be up next week to close out the shop with me.(why I worked with him because I had off the job injury 2 years ago and he kept me working for the year by sending heavy jobs out) 3 months I would have lost another summer. The only time of year I enjoy.

You're going to end up fine. You won't get paid til August 1st but it will be for 2 months so the only time you'll be missing a paycheck will be until then. If you have any personal/sick/vacation days left that should be paid to you also. As long as you have planned to make it til August then you'll be looking back on this in a few months with a nice chuckle. Retirement is so well worth it