PEER 80 / 25 YEAR RETIREMENT

[player4hire$$$]

Hey Brothers, I was hired in July 90 when i was 19 i was P/T 3 years & currently friend/T 22 years i will have 25 years in next week i called the pension office inquiring about the years i have remaining until retirement & they advised me 5 years still. I know i'm under the peer 80 contract & from how i understand it once your years of age and years with ups equals 80 you are eligible to retire, So i recently received my latest pension statement & it stated i am eligable to get $40,358 if i were to quit ups today. The problem is i wouldn't get the money for 10 years, But if i work another 5 years i will be eligible for around $51,000 & meet all the Peer 80 requirements. My question is i could easily live on 40K being single with no family & debt free & 500K in my 401k theirs just no reason to continue working anymore. If ups would offer 25 year employees with a 25 year UNREDUCED pension i would take full advantage of it. Or i would hope in the '18 Teamster ups contract 25 year employees would at least have the option of early retirement @ 25 years. I think this would also be good for ups to because from what i've seen once you get 25 in workers comp claims increase substantially.

 

[UpstateNYUPSer(Ret)]

Your pension fund is not a UPS fund.

 

[olroadbeech]

do you have a question or are you just having a wishful thought? you cant change the rules . I was in your shoes 5 years ago. I could wait 10 years if I quit since I was vested or put the 5 years in.

I decided to put the 5 years in and they went so quickly I couldn't believe it. I retired yesterday and got my first check which is about 700 a month more than if I had waited the 10 years. this will be for the rest of my life.

you are only what? 44 or 45? unless you have a great fun job lined up where you make a ton of money I would stay. in the last 5 years my 401k nearly doubled. all my retirement accounts now are almost at a million. ( I know that can change quickly overnite with this stock market )

plus if you leave now and try to live on your 401k you will have to pay taxes and early withdrawal penalties.

your pay here is X amount but you have to factor in healthcare and pension benefits too increasing.

Im just glad I stuck it out. good luck.

 

[player4hire$$$]

Yeah i'm 44 going on to 65 L.M.A.O !! Will be 45 in Jan. Thanks for the advice. Glad your career worked. It would be a smarter move to stick around 5 more. Thanks!!

 

[Areyoukiddinme]

take as many rto's as you can and stick around til you hit peer..

 

[brownmonster]

There's a better change of pensions going to 35 and out rather than 25 and out. These early retirements are unsustainable.

 

[Brownslave688]

That's how pensions go broke.