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UPS Retirement Topics
Ready to retire "Happy, Wild, and Free"
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 1073846" data-attributes="member: 12570"><p>My statement was meant to be for those within 10 years or so of retirement and not for post-retirement planning. </p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 1073846, member: 12570"] 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. [/QUOTE]
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