retirement

[IVE GOTTA PACKAGE 4U]

I'm well aware. And if you didn't work a full 35 years they plug a zero into the missing years. But as far as the 8% goes they either work back from your full retirement age, which in my case is 67, or they work forward to 70.5. They don't start at 62 and increase 8% all the way to 70.5. Too much compounding. They tell you what your monthly payment is at your full retirement age and then either reduce or increase from there. Another helpful hint. With my traditional pension if my birthday fell on the first of the month and I retired on the 1st my pension would start right away. Everyone else would have to wait until the following month. But SS will start your payment right away if your birthday falls on the first or second. My birthday is January 2nd so I will get my first payment on January 1st, 2024.

Sounds like you got your plan figured out enjoy it brother

 

[Fred's Myth]

I don't know about the other stuff but he is correct about the social security. You get about a 8% bump every year until you hit age 70

You would get the same amount of money from SS if you take it at 65 as you would at 70, because they amortize it over a life expectancy of 20 years. Draw it early and invest it until you need it. You'll probably come out ahead, because you probably won't survive those 20 years.

 

[IVE GOTTA PACKAGE 4U]

You would get the same amount of money from SS if you take it at 65 as you would at 70, because they amortize it over a life expectancy of 20 years. Draw it early and invest it until you need it. You'll probably come out ahead, because you probably won't survive those 20 years.

But everyone has a different income need and nobody knows what their last day on this earth is.

 

[dezguy]

You can't tell that homeless guy anything. The year you are born comes into play as well. Some people get full benefits when they turn 66, others at 67, others at months in between birthdays.

Hurrrrrr u liv in a curz. Hurrrrr.

This coming from a guy who started a new moniker after leaving BC because his wife supposedly hit the lottery. Dumb .

 

[falcon back]

You would get the same amount of money from SS if you take it at 65 as you would at 70, because they amortize it over a life expectancy of 20 years. Draw it early and invest it until you need it. You'll probably come out ahead, because you probably won't survive those 20 years.

There is a break even point. Usually in your mid 70's. If you take it early and invest it, what happens when the market has another 2008? Getting a guaranteed 8% return is pretty solid and risk free. There is no one size fits all answer.

 

[falcon back]

Sounds like you got your plan figured out enjoy it brother

He figured out how to retire with his wife not in the picture, living in his car, broke and showering in a public gym. Great planning. LOL

 

[IVE GOTTA PACKAGE 4U]

He figured out how to retire with his wife not in the picture, living in his car, broke and showering in a public gym. Great planning. LOL

No wife
Looks like he got rid of a big expense

 

[vantexan]

He figured out how to retire with his wife not in the picture, living in his car, broke and showering in a public gym. Great planning. LOL

So tell us again what happened to your sweet part time gig at FedEx?

 

[falcon back]

No wife
Looks like he got rid of a big expense

He claims he has a wife but she isn't living with him in his car. Not sure why. What woman wouldn't dream of living in a car behind Walmart.

 

[vantexan]

He claims he has a wife but she isn't living with him in his car. Not sure why. What woman wouldn't dream of living in a car behind Walmart.

I park in front of Wal-Mart thank you very much.

 

[NC man]

I tried to help you understand the various options. I even offered to help you use the online chart. You didn't want my help and now you are asking questions that would have been answered had you taken my help. NOW you accuse the company of never doing anything positive for DRIVERS. This option is offered to EVERYONE, not just drivers as you call us. CSA, mechanics, hub workers all have this option. By your attitude I believe you do not understand Social Security pays you more the longer you wait to take it. Yes, believe it or not, SS gives you an 8% increase for every year you delay taking your money. When you started this post, you seemed like someone that really wanted to know the correct answer to your question. I gave you indisputable answers despite others here, including a person who is living their car, calling me a liar. You called and got an incorrect answer to your question or maybe asked the wrong question to the retirement dept. Take your money the day you retire if you want, many do and that is your choice. Just know, there are other options and nobody can tell you when is the best time to take your pension or SS. That decision is for you to make. Good luck

Well aware ss increases if you delay, I plant to retire at 62 but delay ss til 67 according to my ssa account I will draw 1k more per month if I wait til then. If needed I can start anytime from 62 forward if something happens and need the money sooner. I also talked to friend who retired two yrs ago and no where in the info he got did it say he could defer pension and collect more.
I spoke to Ashley, did not get last name, at FedEx retirement number and she said there is no deferment for TBP OR PPA.Once you retire those nbrs are set and the question is how do you want it. I’ve used the ppa calculator and you put in a retirement date and it gives a number based on that date.

 

[NC man]

855 604 6221 ph nbr for retirement

 

[dezguy]

He claims he has a wife but she isn't living with him in his car. Not sure why. What woman wouldn't dream of living in a car behind Walmart.

What happened to your wife after she won the lottery?

 

[falcon back]

Well aware ss increases if you delay, I plant to retire at 62 but delay ss til 67 according to my ssa account I will draw 1k more per month if I wait til then. If needed I can start anytime from 62 forward if something happens and need the money sooner. I also talked to friend who retired two yrs ago and no where in the info he got did it say he could defer pension and collect more.
I spoke to Ashley, did not get last name, at FedEx retirement number and she said there is no deferment for TBP OR PPA.Once you retire those nbrs are set and the question is how do you want it. I’ve used the ppa calculator and you put in a retirement date and it gives a number based on that date.

Ashley was wrong. Did Ashely calculate your pension based on 2020, then waiting a year? If not, she didn't do her job. You used the calculator wrong or something. You already got the new password in the mail? You do what you want. You won't listen to reason and you refuse my help to guide you thru the website. Doodlebug was able to navigate the website and confirmed my answer. Either way, you have all the answers and I won't try to help you anymore. Listen to texan, his retirement has gone great so far. Good luck, you will need it if you can't navigate a retirement website.

 

[vantexan]

Ashley was wrong. Did Ashely calculate your pension based on 2020, then waiting a year? If not, she didn't do her job. You used the calculator wrong or something. You already got the new password in the mail? You do what you want. You won't listen to reason and you refuse my help to guide you thru the website. Doodlebug was able to navigate the website and confirmed my answer. Either way, you have all the answers and I won't try to help you anymore. Listen to texan, his retirement has gone great so far. Good luck, you will need it if you can't navigate a retirement website.

You're in for a big shock when you finally retire.

 

[NC man]

When I get my pword will check it again

 

[59 Dano]

I have a lot more to whine about to catch up with you and Oldfart. But it is telling that you think it ok for a company to offer a traditional pension to its employees then pull the rug out from under them.

I think it's not only okay, but an obligation for the company to take the actions needed to remain fiscally viable.

 

[59 Dano]

. Originally hired in '86. Two years at th Hub then topped out in '90 as a courier. Was going well until they stopped giving raises. Yes, I shouldn't have quit. Doesn't matter, I'm heading overseas. Enjoy your plain vanilla existence.

No hard feelings. It's just ironic that a native-born American would leave the country because he couldn't achieve a decent life while others immigrate here with next to nothing and manage to succeed. Oh well, I guess they're vanilla too.

 

[falcon back]

I have a lot more to whine about to catch up with you and Oldfart. But it is telling that you think it ok for a company to offer a traditional pension to its employees then pull the rug out from under them.

I am surprised you quit accusing the company of ending the Portable. Nothing has been reported about that, yet you say it's gonna happen. At least Fedex hasn't joined many other companies that have quit matching 401k deposits. I guess you will accuse them of that next.

 

[vantexan]

I think it's not only okay, but an obligation for the company to take the actions needed to remain fiscally viable.

Fiscally viable is one thing, more profitable is a whole other animal. I've never asked for UPS pay and benefits but if I work a long time with them telling me every year that this is what I'll get then they should have kept their word. This is what should have been done: they should have announced the traditional pension has come to an end. Newhires are already under the new plan and the rest of you if you have at least 5 years on the traditional plan will go on the new plan as soon as you reach 25 qualified years towards the traditional plan unless you decide to switch to the new plan now. If you have 22 years for example and decide to stay with the traditional you will go on the new plan as soon as you work three more years of at least 1000 hours a year. This would have been fair. But no, they lied to us about having a choice plus this was in the works for awhile so sending us glossy brochures telling us what we'd get on the traditional if we stay while planning to force us off the traditional was B.S. They were already reaming us on raises so the least they could have done is gI've us a full pension if we stuck with them. And in no time during that period did I hear the company was in danger of going out of business. The company wanted to build Ground infrastructure as quickly as possible and lied their heads off about better pay coming soon and how quickly we'd top out. You called me the world's biggest sucker in another thread. I'd rather be that than to be a part of a group that cheated people out of their most productive years with constant lies.