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UPS Retirement Topics
How did you take your retirement payout?
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<blockquote data-quote="Been In Brown Too Long" data-source="post: 5495128" data-attributes="member: 32249"><p>I'm in NorCal of the Western. There were 18 different options. 9 covering if you took an early death benefit lump sum in the event of retiree's death within the first 4 years of retirement, and the same 9 without a lump sum early death benefit. The lump sum death benefit within the first 4 years is kind of a temporary life insurance policy and reduces your monthly payout. Mine was $50k. I declined that option, so that left the 9 without the lump sum.</p><p></p><p>I took the "stepdown" if that's what you're calling it. On my paperwork it's called spouse benefits. The stepdown, called a "benefit adjustment option" in my paperwork, is an option to take more money monthly now, and have your monthly pension reduced at either 62 or 65. I opted for the benefit adjustment at 65. I retired at 49 and figured get as much now as possible and I can't touch my 401k until 59 1/2, or collect SS until 62. It's a reduction of $300/mo and I figure I'll take SS at 62 that'll cover that reduction, and have my 401k as play money. Spousal benefits go away if my spouse should pass before myself, and monthly pension payments revert to the level had I not opted for a spousal benefit. If I pass first, obviously the spousal benefit kicks in.</p><p></p><p>Healthcare is through the union, but more specifically through the local. We opted many years ago to have $0.41/hr taken off our hourly wage diverted towards retiree medical coverage.It was up to $0.89/hr by the time I retired. So now I pay $0/mo towards health/dental/vision/prescriptions. I calculated that I had diverted around $25k towards this over the years. My wife had a surgery in my first year of retirement, bill $36k. The diversion was worth every penny, as that was 100% covered and I paid a $15 co-pay. And I'm still not paying a dime towards coverage for the rest of my life. Once Medi-Care kicks in at 65, the local union coverage will still pay for various parts of extended Medi-care. Don't ask me which ones, I'm only 54 and haven't looked that deep into it yet.</p><p></p><p>I have taxes deducted from the monthly pension payments.</p></blockquote><p></p>
[QUOTE="Been In Brown Too Long, post: 5495128, member: 32249"] I'm in NorCal of the Western. There were 18 different options. 9 covering if you took an early death benefit lump sum in the event of retiree's death within the first 4 years of retirement, and the same 9 without a lump sum early death benefit. The lump sum death benefit within the first 4 years is kind of a temporary life insurance policy and reduces your monthly payout. Mine was $50k. I declined that option, so that left the 9 without the lump sum. I took the "stepdown" if that's what you're calling it. On my paperwork it's called spouse benefits. The stepdown, called a "benefit adjustment option" in my paperwork, is an option to take more money monthly now, and have your monthly pension reduced at either 62 or 65. I opted for the benefit adjustment at 65. I retired at 49 and figured get as much now as possible and I can't touch my 401k until 59 1/2, or collect SS until 62. It's a reduction of $300/mo and I figure I'll take SS at 62 that'll cover that reduction, and have my 401k as play money. Spousal benefits go away if my spouse should pass before myself, and monthly pension payments revert to the level had I not opted for a spousal benefit. If I pass first, obviously the spousal benefit kicks in. Healthcare is through the union, but more specifically through the local. We opted many years ago to have $0.41/hr taken off our hourly wage diverted towards retiree medical coverage.It was up to $0.89/hr by the time I retired. So now I pay $0/mo towards health/dental/vision/prescriptions. I calculated that I had diverted around $25k towards this over the years. My wife had a surgery in my first year of retirement, bill $36k. The diversion was worth every penny, as that was 100% covered and I paid a $15 co-pay. And I'm still not paying a dime towards coverage for the rest of my life. Once Medi-Care kicks in at 65, the local union coverage will still pay for various parts of extended Medi-care. Don't ask me which ones, I'm only 54 and haven't looked that deep into it yet. I have taxes deducted from the monthly pension payments. [/QUOTE]
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How did you take your retirement payout?
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