Retirement - 30 Yr. Full Time - Reality of Fantasy?

[InsideUPS]

Moderators...not sure where this actually belongs but no hurt feelings here if you move it. Concerned that if I posted in retirement section that most younger employees will never read it.

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Considering that most full-time drivers starting today have 10-15 years part-time with the company, do you younger drivers really expect to retire with 30 FULL TIME years of service?

IMHO....it appears that many if not most of you younger drivers are NEVER going to see a 30 year full time pension. Combination pension amounts will NEVER be what you may expect (save now). I suggest you check out what your 20 year full time pension will be and then add a very small amount for your part-time years.. (no, it is not going to be a straight $60/year).

Summary, SAVE NOW. DO NOT believe that your full time years will count as $100 or so/year of full time service...... IF you have ONLY 20 years. Normally from what I've read and seen, it is actually much lower. READ and gather information now.....and DO NOT believe anything you hear...... UNTIL you see it in WRITING.....

 

[Brownslave688]

I will have 30 years in at 53. Probably will stick around for 35.

I'm obviously the exception.

Still I believe ANY employee under 40 has to be skeptical as to if a pension or social security will be around to support them when they retire. SAVE SAVE SAVE!!!!

 

[Coldworld]

Moderators...not sure where this actually belongs but no hurt feelings here if you move it. Concerned that if I posted in retirement section that most younger employees will never read it.

_______________________________________

Considering that most full-time drivers starting today have 10-15 years part-time with the company, do you younger drivers really expect to retire with 30 FULL TIME years of service?

IMHO....it appears that many if not most of you younger drivers are NEVER going to see a 30 year full time pension. Combination pension amounts will NEVER be what you may expect (save now). I suggest you check out what your 20 year full time pension will be and then add a very small amount for your part-time years.. (no, it is not going to be a straight $60/year).

Summary, SAVE NOW. DO NOT believe that your full time years will count as $100 or so/year of full time service...... IF you have ONLY 20 years. Normally from what I've read and seen, it is actually much lower. READ and gather information now.....and DO NOT believe anything you hear...... UNTIL you see it in WRITING.....

I can't say this for all areas but in the western conference part time years and full time years do mesh well. If you are a part- timer and work overtime or air drive you will see significant jump in your pension...I would suggest if you have the opportunity to work some double shifts or airdrive to do it..it will help you later on with your pension.

 

[Coldworld]

I will have 30 years in at 53. Probably will stick around for 35.

I'm obviously the exception.

Still I believe ANY employee under 40 has to be skeptical as to if a pension or social security will be around to support them when they retire. SAVE SAVE SAVE!!!!

I will have 30 years at 49 and will have to work a few more years after that and I fully expect to get a pension....now the social security is a whole other story..I dont expect nothing especially after they give all of these millions of illegals citizenship, along with the perks of being a citizen including ssi

 

[Brownslave688]

I will have 30 years at 49 and will have to work a few more years after that and I fully expect to get a pension....now the social security is a whole other story..I dont expect nothing especially after they give all of these millions of illegals citizenship, along with the perks of being a citizen including ssi

30 years of full time pension credit? That's what I meant.

 

[wkmac]

Moderators...not sure where this actually belongs but no hurt feelings here if you move it. Concerned that if I posted in retirement section that most younger employees will never read it.

_______________________________________

Considering that most full-time drivers starting today have 10-15 years part-time with the company, do you younger drivers really expect to retire with 30 FULL TIME years of service?

IMHO....it appears that many if not most of you younger drivers are NEVER going to see a 30 year full time pension. Combination pension amounts will NEVER be what you may expect (save now). I suggest you check out what your 20 year full time pension will be and then add a very small amount for your part-time years.. (no, it is not going to be a straight $60/year).

Summary, SAVE NOW. DO NOT believe that your full time years will count as $100 or so/year of full time service...... IF you have ONLY 20 years. Normally from what I've read and seen, it is actually much lower. READ and gather information now.....and DO NOT believe anything you hear...... UNTIL you see it in WRITING.....

First off, I hope this thread stays and I applaud InsideUPS for starting it. I'll hit the like button shortly.

Great point IMO on the pension and yes I'd encourage even the pt. timers if at all possible to begin some form of longterm savings. I was fortunate to be a day one full timer at 25 years old and now approaching 57 it's a difference maker. I had both older management and hourly folk around me who were wise and even now continue to advise and mentor me as I approach a phase of life they've been in for a couple of decades.

But most hourly at UPS are not as fortunate and not able to go FT day one as it's just the nature of the game. Find some vehicle or several vehicles that work for you as a means of saving because it can make a huge difference at the end of the day.

I go to work now on my clock and on my plan and it sure feels good.

SAVE, SAVE, SAVE (avoid debt as much as possible especially emotion driven consumer debt) is my message to the young UPSers coming up.

 

[purplesky]

It sure would be nice if UPS and the Teamsters could work a deal to combine the part time years into the full time pension. 2 pt years= 1ft year pension credit. I guess it will never happen.

Social security will be around in some form. We have a retirement crisis on the way and SS is not going anywhere because thats all alot of Americans have for retirement. IT WILL BE FIXED BECAUSE IT HAS TO BE FIXED.

For anybody with 30 years to go until retirement you are going to see a new retirement system created. Probably sooner than later. The 401k for most Americans is not going to do the trick for retirement saving because people change jobs now like every 5 years? You need steady long term income for a 401k to work and way too many Americans dont have steady income.

Working at UPS gives you the ability to achieve wealth if you are a hyper saver starting young. Try to avoid BIG CAR PAYMENTS AND CREDIT CARD DEBT FOR CRAP YOU CANNOT AFFORD.

Also for you single guys wear a condom because that one night stand could cost you a small fortune of child support. I know several drivers who pay child support for one night stands.
I just thought of this because a driver just got some young girl pregnant on his route and he is going to be making a house payment for her now.

 

[Catatonic]

I The 401k for most Americans is not going to do the trick for retirement saving because people change jobs now like every 5 years? You need steady long term income for a 401k to work and way too many Americans don't have steady income.

Actually, the portability of a 401k from one job to the next is one of it's strongest points.
People typically move from one job to the next to get a higher wage/salary so the 401k actually supports that movement.

 

[purplesky]

Actually, the portability of a 401k from one job to the next is one of it's strongest points.
People typically move from one job to the next to get a higher wage/salary so the 401k actually supports that movement.

Yes there are some lucky workers who can move to a better paying job and not miss a beat for 401k retirement saving but millions of Americans leave jobs due to layoffs or just from temporary employment.

The amount of people cashing in their 401ks to survive between jobs is staggering. Also the amount of workers with 401k loans is I think something like 1 in 5? Thats just not good.

You can also throw in the millions of Americans who are under employed or just part time that WILL NOT BE ABLE TO SAVE ENOUGH MONEY FOR RETIREMENT WITH JUST A 401K.

Frontline just did a piece called " The Retirement Gamble" thats really interesting and talks about the high fees of many 401ks. Its at The Retirement Gamble | FRONTLINE | PBS

I guess the trick is to have a huge(8 to 12 months) emergency fund so if you do change jobs you can leave your 401k and other retirement accounts alone. Problem is most people these days dont have an emergency fund.

You have the lost generation(living with mom and dad WITH HUGE STUDENT LOAN DEBT) approaching age 30 and millions of 50+ year olds looking for a job. Thats alot of people not able to save for retirement.