Correct, Article 34 section (i). 25 and out at $1,250 per month. Not waiting until I am 50. Like I said earlier, first check will be here on or about 10/1/15/. I had to work 26 years due to starting before the age of 21.
I will actually receive a little less since I took the 100% spousal option incase I kick the bucket. As you all know, this is nothing to live on. I am not saying that it is.
Two reasons I stayed on the last years.
Number 1 is the insurance after retirement. My wife and I will be able to go back on the insurance down the road. Right now, we were both on each others insurance. Now, we will be on hers. Exact same insurance with no premium, so we are good. We wanted a back up so that we can both retire before Medicare. Secondly, I figured since I had hung on for so long, another 5+ years would allow us to bank some money, and get a small monthly pension as gravy. No credit cards, no car notes, only 5 more years to pay on the house.
My goal was to qualify and get out. The math made since with us both being covered under her insurance. I figured anything over the pension qualification I would just be giving the company $1,250.00 per month. That would mean every time I clocked in I would be giving the company as much as $16.00 per hour back everyday I worked, based on the daily guarantee.
Understand, this was a part-time job. I know there is no such thing as a part-time job that offers a pension, except UPS, and that is due to the Teamsters.
I am in no way claiming I am going to live off this pension. It is just part of the grand plan and the bottom line is that we did not need the job anymore once I qualified.
