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UPS Retirement Topics
Pension calculator etc..
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<blockquote data-quote="GameCockFan" data-source="post: 1645630" data-attributes="member: 44159"><p>Your going to end up around $2424 a month at 57 for a years of service pension. 23 years full time / 37 total years = .621 X $3900. The UPS Pension Plan will pay you 14/37 of its 30-Year Service Pension (i.e you part-time pension you earned) that was applicable at the time you left that plan. So .378 X whatever your PT pension would have been for 14 years. At $50X14 $700. But that's not what the PT pension was when you left the plan, it's less so <$264 month for PT. So probably around $2600.</p><p></p><p>However, you will also be eligible for the accrual type pension. Add up the accrual rates for each year you worked full-time. You will be penalized .005 X the number of months you retire early. That's 65 (or 62 for some depending on when you were in CS). You will receive the higher of the two pensions. If you could make it a few more years (59-60) It would give you a big boost. That many PT years is hurting you a lot. For example mine jumps around $1000 month from 57/60/62/65</p><p> $3,735.64/ $4,759.44/ $5,758./ $6,283.45. Keep in mind working longer will get you more money but it will take you years to recoup the money lost by not retiring early. For example if I go @ 57, i get $3735/month, that's $134,460. If I work till 60 to get $1024 more a month it takes almost 11 years(10.94) before I recoup the $134K. Got to consider your health and how long you think you might live. It may be better to go early. You may not make it long enough to break even(not to be morbid)</p></blockquote><p></p>
[QUOTE="GameCockFan, post: 1645630, member: 44159"] Your going to end up around $2424 a month at 57 for a years of service pension. 23 years full time / 37 total years = .621 X $3900. The UPS Pension Plan will pay you 14/37 of its 30-Year Service Pension (i.e you part-time pension you earned) that was applicable at the time you left that plan. So .378 X whatever your PT pension would have been for 14 years. At $50X14 $700. But that's not what the PT pension was when you left the plan, it's less so <$264 month for PT. So probably around $2600. However, you will also be eligible for the accrual type pension. Add up the accrual rates for each year you worked full-time. You will be penalized .005 X the number of months you retire early. That's 65 (or 62 for some depending on when you were in CS). You will receive the higher of the two pensions. If you could make it a few more years (59-60) It would give you a big boost. That many PT years is hurting you a lot. For example mine jumps around $1000 month from 57/60/62/65 $3,735.64/ $4,759.44/ $5,758./ $6,283.45. Keep in mind working longer will get you more money but it will take you years to recoup the money lost by not retiring early. For example if I go @ 57, i get $3735/month, that's $134,460. If I work till 60 to get $1024 more a month it takes almost 11 years(10.94) before I recoup the $134K. Got to consider your health and how long you think you might live. It may be better to go early. You may not make it long enough to break even(not to be morbid) [/QUOTE]
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