Ready to retire "Happy, Wild, and Free"

[trickpony1]

If I had just one piece of advice it would be this---do not let finances impact your retirement plans.

This is easier said than done.

The economists are talking hyper-inflation with everything costing 2-3 times more than they typically do. How far do you think our meager pension will go then?

All the people that voted for the messiah are in for a surprise. His tax increases will cover 90% of people not just the very wealthy. I got this from a CPA.

The messiah may be coming after our 401k.

Those that could retire before the next contract are hanging around a little longer.

TOS is in for a surprise........

 

[kumet]

i just got a letter saying my insurance will be going up from $50 a month to more then $700

 

[kumet]

my ups med insurance is going up 1500%

 

[UpstateNYUPSer(Ret)]

This is easier said than done.

The economists are talking hyper-inflation with everything costing 2-3 times more than they typically do. How far do you think our meager pension will go then?

All the people that voted for the messiah are in for a surprise. His tax increases will cover 90% of people not just the very wealthy. I got this from a CPA.

The messiah may be coming after our 401k.

Those that could retire before the next contract are hanging around a little longer.

TOS is in for a surprise........

My statement was meant to be for those within 10 years or so of retirement and not for post-retirement planning.

I am eligible for retirement in May 2019. I owe about $73K on my mortgage. I used an amortization calculator, input the data and found that if I paid an additional $300/month the mortgage will be paid off just before I retire. I owe just over $1K on my credit card (Christmas shopping) and will pay that off on Friday. My car is a lease and I will turn it in and lease another vehicle---beyond that, I have no personal debt. My projected pension is $5K/month. I will lose 16% to my ex-wife and expect to net about $3,500/month. Retiree healthcare is currently $500/month. I will be contributing 25% to my 401k as of 1/1/13. My current balance is $73K and I project a balance of $200K or more by May 2019. I currently plan to move in to the townhouse my daughter and son-in-law own with an expected rent of around $1K/month. Throw in HD cable, Internet and cell phone for an additional $200/month.

Why did I give all of this personal information? It is to back up my statement that, barring any major financial changes, I will decide when and if I retire, not my finances. That was the point I was trying to make.

There is an additional point for UPSers. Dead days play havoc with our pension hours. We have a few retirees who have had to work beyond their expected retirement date as they did not have enough pension credit hours.

 

[trickpony1]

There is an additional point for UPSers. Dead days play havoc with our pension hours. We have a few retirees who have had to work beyond their expected retirement date as they did not have enough pension credit hours.

I agree and alot of people either don't know or don't care about this.
I can only speak of what I've been told about the Central States H and W Retirement.
I am told benefits are paid on straight time only. Most people say, "well.....I work alot of OT so I've got the required number of hours.". No, you don't.
The number 1601 keeps popping up. This would be 40 weeks multiplied by 40 hours a week.
But it gets better............
The number 1801 keeps popping up.
This would be 200 straight time hours beyond 1601 (5 weeks multiplied by 40 hours per week).
So Upstate is right. Make GD sure you have your fulltime contributory credit years in writing before you retire.
But then I'm told trying to get a straight answer out of anyone associated with the UPS/IBT pension plan is impossible.......

(I can't believe I just agreed with Upstate)

 

[tourists24]

I noticed that there are several people who plan to retire in the next year and I thought I would post my approach and preparation for retirement which I am executing as I post this:
When you retire, you have to replace 3 things that UPS gives you now.
1) A sense of COMMUNITY
2) A STRUCTURE to your day
3) A sense of PURPOSE

I seriously suggest buying this book and prepare for the emotional side of retirement.
http://www.amazon.com/How-Retire-Hap.../dp/096941949X

I will am doing Photography myself.
I spent 3 years preparing for retirement and as I enter retirement from UPS, I will be:
1) Teaching at a local college in the Adult Continuing Education department.
2) President of the local Photography club
3) Serve on the North Georgia Camera Council
4) Travel to other clubs and critique their monthly photo review/contests
5) Lead Photography workshops (Tetons, Appalachians and Gulf Coast)
6) Execute photography jobs

I credit this book (and my common sense) in having a full and robust retirement that I can ease into and keep myself in a positive frame of mind and a sense of purpose.

I think it is important that every retiree consider these things so they don't wind up as a statistic of "another retiree dead within 2 years".

Congrats Hoax.... ps---- Paul Thorne coming back to the Peel (Im not missin it this time).... and Im still waiting on my birds on a wire pic... hehe

 

[brownmonster]

My statement was meant to be for those within 10 years or so of retirement and not for post-retirement planning.

I am eligible for retirement in May 2019. I owe about $73K on my mortgage. I used an amortization calculator, input the data and found that if I paid an additional $300/month the mortgage will be paid off just before I retire. I owe just over $1K on my credit card (Christmas shopping) and will pay that off on Friday. My car is a lease and I will turn it in and lease another vehicle---beyond that, I have no personal debt. My projected pension is $5K/month. I will lose 16% to my ex-wife and expect to net about $3,500/month. Retiree healthcare is currently $500/month. I will be contributing 25% to my 401k as of 1/1/13. My current balance is $73K and I project a balance of $200K or more by May 2019. I currently plan to move in to the townhouse my daughter and son-in-law own with an expected rent of around $1K/month. Throw in HD cable, Internet and cell phone for an additional $200/month.

Why did I give all of this personal information? It is to back up my statement that, barring any major financial changes, I will decide when and if I retire, not my finances. That was the point I was trying to make.

There is an additional point for UPSers. Dead days play havoc with our pension hours. We have a few retirees who have had to work beyond their expected retirement date as they did not have enough pension credit hours.

Are you going to sell your condo and what do you expect the from that sale? Will you put that towards your rent on the new place? I plan on staying in the homestead at about 400 a month (property taxes) plus utilities and snowbird it for a month or two during the winter.

 

[downtime8763]

Just got my letter as well that the insurance is going up a little less than a hundred a month for my wife and I in August of 2013. Will be going through retirement papers as look at fine print on this issue.

 

[UpstateNYUPSer(Ret)]

Are you going to sell your condo and what do you expect the from that sale? Will you put that towards your rent on the new place? I plan on staying in the homestead at about 400 a month (property taxes) plus utilities and snowbird it for a month or two during the winter.

I don't know if I will keep it and rent it out or sell it. If I sell I expect to net in the low $90's. I have a couple of thoughts of what I would do with the money.

 

[serenity now]

My statement was meant to be for those within 10 years or so of retirement and not for post-retirement planning.

I am eligible for retirement in May 2019. I owe about $73K on my mortgage. I used an amortization calculator, input the data and found that if I paid an additional $300/month the mortgage will be paid off just before I retire. I owe just over $1K on my credit card (Christmas shopping) and will pay that off on Friday. My car is a lease and I will turn it in and lease another vehicle---beyond that, I have no personal debt. My projected pension is $5K/month. I will lose 16% to my ex-wife and expect to net about $3,500/month. Retiree healthcare is currently $500/month. I will be contributing 25% to my 401k as of 1/1/13. My current balance is $73K and I project a balance of $200K or more by May 2019. I currently plan to move in to the townhouse my daughter and son-in-law own with an expected rent of around $1K/month. Throw in HD cable, Internet and cell phone for an additional $200/month.

Why did I give all of this personal information? It is to back up my statement that, barring any major financial changes, I will decide when and if I retire, not my finances. That was the point I was trying to make.

There is an additional point for UPSers. Dead days play havoc with our pension hours. We have a few retirees who have had to work beyond their expected retirement date as they did not have enough pension credit hours.

couldn't help but notice nothing is set aside for charity *
was that just a careless omission?

 

[UpstateNYUPSer(Ret)]

couldn't help but notice nothing is set aside for charity *
was that just a careless omission?

I did not feel the need to list every single expenditure but, if you must know, my charitable contributions this year were $4K. $50/week to UW, $20/week to my church and $250 each to Salvation Army and OLVA donation bins.

 

[serenity now]

I did not feel the need to list every single expenditure but, if you must know, my charitable contributions this year were $4K. $50/week to UW, $20/week to my church and $250 each to Salvation Army and OLVA donation bins.

very commendable, and no, i didn't need to know

 

[toonertoo]

I did not feel the need to list every single expenditure but, if you must know, my charitable contributions this year were $4K. $50/week to UW, $20/week to my church and $250 each to Salvation Army and OLVA donation bins.

awesome. You should be proud.

 

[kumet]

I just received a letter informing me my ups retiree health insurance is going up from 50 to 742.50 a month.

 

[Catatonic]

I just received a letter informing me my ups retiree health insurance is going up from 50 to 742.50 a month.

So we heard!

Decisions related to retirement are made with varying criteria with varying degrees of uncertainty.

 

[toonertoo]

very commendable, and no, i didn't need to know

But he didnt feel the need to post it and you asked, and he replied. So.....I commend anyone who gives that much, I sure dont. I dont think most of our politicians do. And they should!

 

[upsmanclt]

So we heard!

Decisions related to retirement are made with varying criteria with varying degrees of uncertainty.

Replace retirement with dispatch...lol.

 

[twoweeled]

I plan on tearing up the wife twice in the morning, and once at bedtime. not sure how the wife is gonna feel about it yet, as I intend to surprise her with this pleasant news.

 

[DougHeffernan]

I plan on tearing up the wife twice in the morning, and once at bedtime. not sure how the wife is gonna feel about it yet, as I intend to surprise her with this pleasant news.

Lmao.
Remember to stretch. Safety first.

 

[twoweeled]

This is easier said than done.

The economists are talking hyper-inflation with everything costing 2-3 times more than they typically do. How far do you think our meager pension will go then?

All the people that voted for the messiah are in for a surprise. His tax increases will cover 90% of people not just the very wealthy. I got this from a CPA.

The messiah may be coming after our 401k.

Those that could retire before the next contract are hanging around a little longer.

TOS is in for a surprise........

don't put so much credibility on what Hannity and Rush say. Hugo Chavez was just as credible.