31.4 years in the saddle....what now?

[rod]

I truly believe that anyone waiting till after this contract to retire are in for a very rude reality. I would not be surprised is the biggest 'winner' in the next contract is PT wages. They cannot stay at $8.50 to start and it is going to be expensive to increase it. If I were a betting person, I would bet that that increase will be paid for by retirees or retiree contributions.

How much do they need? I will go dig up a few of my buried cans in the back yard.

 

[want to retire]

It sounds like you are out of Indiana or Illinois ??







-Bug-

No Sir, sw region.

 

[want to retire]

The pension is lifetime unless you choose the spousal clause then he/she gets it for 5 years after your passing.

In most cases the pension is less than you are making now so with one in college and a mortgage why would you want to start receiving your pension now?

I would retire because I really, really dislike working at night. That will not ever(most, most likely) change. Why would I want to start drawing a pension(free money)? What an odd question.......

 

[UpstateNYUPSer(Ret)]

I would retire because I really, really dislike working at night. That will not ever(most, most likely) change. Why would I want to start drawing a pension(free money)? What an odd question.......

When you choose the spousal option with your pension the amount you receive will be reduced based upon an actuarial formula based on your age and the number of years that you are expected to live. The reduction may be dramatic. It would be well worth the dime to call the pension office and request an estimate of your projected pension amount, with and without the spousal option, so that you can make an informed decision rather than one based upon an inconvenient lifestyle.

I worked nights when I was in the military and I agree that working nights sucks; however, if it were me, I would suck it up until I was eligible for the retiree health insurance coverage before retiring. 5-7 years is not that long in the overall scheme of things.

I strongly suggest that you get the pension estimate before making any decision(s). Dave.

 

[Catatonic]

Why would I want to start drawing a pension(free money)? What an odd question.......

It's not free ... based on that statement, I suggest you go see a financial planner ... seriously.
A pension is an annuity based on a set amount of money at your time of retirement.
The younger you are when you retire, the less your monthly payment will be.
If you add a spousal guarantee, that will reduce the amount as well, especially if she/he is younger.

 

[Catatonic]

When you choose the spousal option with your pension the amount you receive will be reduced based upon an actuarial formula based on your age and the number of years that you are expected to live. The reduction may be dramatic. It would be well worth the dime to call the pension office and request an estimate of your projected pension amount, with and without the spousal option, so that you can make an informed decision rather than one based upon an inconvenient lifestyle.

I worked nights when I was in the military and I agree that working nights sucks; however, if it were me, I would suck it up until I was eligible for the retiree health insurance coverage before retiring. 5-7 years is not that long in the overall scheme of things.

I strongly suggest that you get the pension estimate before making any decision(s). Dave.

I saw your post after I posted mine ... great minds think alike Dave.
Retirement decisions should be made with prudence.
You and I both are going through the same thought process so it's no surprise we offered the same advice.

 

[UpstateNYUPSer(Ret)]

I saw your post after I posted mine ... great minds think alike Dave.
Retirement decisions should be made with prudence.
You and I both are going through the same thought process so it's no surprise we offered the same advice.

To make a life-altering decision based on your dislike of your work shift is perhaps the most short-sighted thing I have heard (or read) in quite some time.

 

[Catatonic]

To make a life-altering decision based on your dislike of your work shift is perhaps the most short-sighted thing I have heard (or read) in quite some time.

Unless you've got enough and had enough.
I understand "want to retire" but I encourage planning and thinking it through.
You know Dave, "Some of the happiest people I have seen didn't have a pot to piss in."

 

[UpstateNYUPSer(Ret)]

Unless you've got enough and had enough.
I understand "want to retire" but I encourage planning and thinking it through.
You know Dave, "Some of the happiest people I have seen didn't have a pot to piss in."

Just curious, suppose you decide to retire and within a month decide that you were not quite ready. Can you get a do-over and come back?

 

[Bubblehead]

It's not free ... based on that statement, I suggest you go see a financial planner ... seriously.
A pension is an annuity based on a set amount of money at your time of retirement.
The younger you are when you retire, the less your monthly payment will be.
If you add a spousal guarantee, that will reduce the amount as well, especially if she/he is younger.

This is a true statement in the case of an accrual based pension.
The service and out option is what I believe he is pondering in which he will be eligible for a set monthly figure regardless of his age.
In the service and out pension I can see how he could equate it as free money.
Healthcare seems to be the snag, which is obviously a big one.

 

[want to retire]

This is a true statement in the case of an accrual based pension.
The service and out option is what I believe he is pondering in which he will be eligible for a set monthly figure regardless of his age.
In the service and out pension I can see how he could equate it as free money.
Healthcare seems to be the snag, which is obviously a big one.

Bingo.

 

[want to retire]

To make a life-altering decision based on your dislike of your work shift is perhaps the most short-sighted thing I have heard (or read) in quite some time.

Ok. I'll admit to NOT being a financial genius(or have all the answers) and to being(perhaps short-sighted)(although 31.4 years to do so).......So, to both of you-what does 30 and out(any age)$3000 per month mean? Know this-if it was full insurance plus $3000, you would not be reading this. Also, I'm not aware of any other options except continue to work(at UPS). Or leave and draw. I cannot transfer , bid out of my building or anything else. READ THIS: my shift bid will be nights for the rest of my career, working till I'm 75 and beyond. Upstate-I do know that I don't think like you or hoaxster. So, I have the opportunity to do something else(besides UPS). On my own terms. Not UPS. In fact, around 6 billion folks on this planet don't work at UPS. Got to be something there. And God forbid, we wake up and find ourselves in the same boat as American Airlines, GM etc. You guys act like UPS will always and forever be. I figure I have 15 possible good working years left. If I'm healthy. If. So, if you call what I've laid out here short sighted.......

 

[trickpony1]

I truly believe that anyone waiting till after this contract to retire are in for a very rude reality.

I tried to start a thread about how there would be no pension guarantee after this contract due to the exchange of 6 Billion dollars in 2008.
Some guy named BUG told me I didn't know what I was talking about so I gave up.
Best wishes to those who retire after this contract.

 

[want to retire]

It's not free ... based on that statement, I suggest you go see a financial planner ... seriously.
A pension is an annuity based on a set amount of money at your time of retirement.
The younger you are when you retire, the less your monthly payment will be.
If you add a spousal guarantee, that will reduce the amount as well, especially if she/he is younger.

Uh, how can signing a few papers and then them giving me $3000 per month not be free? Again, what does $3000 per month, any age mean? Granted I will have to quit a job I really, really dislike.

 

[Catatonic]

Just curious, suppose you decide to retire and within a month decide that you were not quite ready. Can you get a do-over and come back?

Nope ... that's why it is a big step.

 

[want to retire]

Unless you've got enough and had enough.
I understand "want to retire" but I encourage planning and thinking it through.
You know Dave, "Some of the happiest people I have seen didn't have a pot to piss in."

Again, where is all this "extra" money and riches coming from? The way I understand it-is that based on our current contract, I will get $3000 per month any age. I will have to work somewhere to make up the difference to my current levels until social security. Seems simple enough. I am a working, blue collar truck driver that makes a good living. Depending on how much ot, can make a little more or a little less. Unless I went into mgt., this is as good as it gets. The only way I could have more investment money would be to spend less or get a second job. Trust me, I'm comfortable but very far from living an extravagant lifestyle. I drive a sixteen year old car. Stuff like that. Modest home etc. No boat, cabin on the lake, farm, airplane.....average, I'd say. So, a financial planner has what to offer except a fee? To tell me what? That I can(maybe) have a little more money in my later years when my best health is behind me? Be able to stay at the Holiday Inn vs. the Motel 6? We are not movie stars or lawyers or highly paid sports stars.....truck drivers!

 

[Bad Gas!]

Can you get your seniority back if you bid back to package car..?
If so, bid a route that mgt takes out on Monday and Friday...You keep your benefits and work 3 days a week until peak season. It keeps you in shape and you will make over 50k..

 

[rod]

According to the US Census Bureau the average income of a person in the good old USA in 2010 was $27,334. With a $3 grand a month pension you end up with $36,000 putting you way ahead of the average person without even lifting a finger. If you have saved and planned ahead at all and maybe (just for the sake of getting out of your spouses hair) take a piddly fun job (yes some jobs are actually fun--hard to believe isn't it) retiring isn't hard to do at all.

 

[pickup]

OK. I have waited all my adult life(only full time job outside of highschool I've ever had) to retire. My compensation: $3000 per month no insurance as I am only 50. I do not like working at night as a feeder driver. HATE it. You think package sucks.....try seeing your family only on the weekends. And if you truly don't know about changing job classification and all the seniority crap.......it still mystifies me how a person with 30 years + ends up at the bottom of the seniority ladder AT THE END OF HIS CAREER. This is how it will be for the rest of my career. So, give up 110k, 7 weeks vacation? Daughter in college, house payment blah, blah...Know this: If I could get a plum, day feeder run, I don't think I would ever leave. I'm quite qualified and trained in other aspects of our company but would have to quit to be considered.......bizarre.

It sounds like you have a good "problem". Seems like you're a victim of getting your butt into the company at a young age. and now at the rather young age of 50, you got over 30 years in. Yes the medical benefits issue and if ObamaCare kicks in, looks like you'll HAVE to have the benefits. But Good gosh, you have a "problem" that people that arrived to the company later than you don't have but wish they did.

I am assuming if you are making 110 k a year, you are getting a lot of overtime . For all intents and purposes, you really are only seeing your family on weekends . You got 7 weeks vacation and with all the paid holidays, you are essentially working 10 months a year. That's pretty darn good, doncha' think? You didn't state it explicitly, but obviously the the package car driver job has worn you down(mentally , physically, probably both).

Someone , a few posts behind me, suggested,(BadGas, post #37) to bid that a package car route that Management takes out on Mondays and Fridays. Is there any variation of this strategy that can help make your life a little better?

I realize that you're not happy with the career "deadend" you hit, but my good man , count your blessings , harvest them and try to tweak the edges of your job and see if you can tip the scales of the balance.

If by any chance, you can't come to a solution for your problems and feel you have to quit, then you got a no lose situation, thats when you try feeders. I think you know you will mentally sweat a bit in the beginning as you adjust to pulling and backing a trailer. See if you can adjust to a night schedule. An 8 and skate job and you know what?, you are home for breakfast with the family and sleeping in the later morn and afternoon, the afternoon and morning that you were working in a package car before anyway.

If you don't like it , then you quit the job that you were going to quit a few months before anyway. No lose situation .

I don't think they can clawback the money for the truck driving school if you quit at that point. Can they?
If they can , then that is a drawback to my suggesion.

 

[UpstateNYUPSer(Ret)]

$3K/month is before taxes or spousal option reduction, bringing it closer to $2-2.5K. You currently make $110K with 7 weeks vacation. You are looking at a 67-75% reduction in your income. You have a daughter in college and a modest home with a mortgage and will have to add health insurance to that list.

You never did tell us what the minimum age for health insurance is in your local. I will assume 55-57. You are currently 50.

As was mentioned above, you need to look at your options within your center.

I strongly urge you to contact your pension office to get an estimate so that you can make an informed decision not based solely on your frustration with working nights. I think you will come to the realization that you need to suck it up until you are age eligible for health insurance.