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Brown Cafe UPS Forum
UPS Retirement Topics
So Many Pension Payment Options. What To Consider?
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<blockquote data-quote="olroadbeech" data-source="post: 2455514" data-attributes="member: 52145"><p>I had a member PM me about this thread to see what we did and bumped into an old co-worker last week and asked the same question.</p><p></p><p>Each family has there own situation so it is hard to say do what to do . It depends. In the western conference there are so many options. Since it is only my spouse and I , we decided to go with the option where I receive $300 more a month until age 62 and then it drops 300. </p><p></p><p>Also selected the option where if I die before my spouse he/she will receive 60% of my pension until they died. This was the best option for us. Also if my spouse dies before me , then my pension "bumps" up 300 dollars a month.</p><p></p><p>We had to read all the options many times before we began to understand them. Also spoke to several other retirees to ask their opinions and what they did. After being retired for almost 18 months , we realized we made the right choice.</p><p></p><p>Take your time with this decision. My father in law was almost 100% certain that he would outlive his wife because she had so many health issues. He took the larger benefit with no spousal benefit. Not sure how much more he received. Well, he was retired for a year or so and then got cancer and was gone within months. His wife did get a lump sum benny but that did not last long.</p><p></p><p>A survivor monthly benefit would have been better in the long run . She lived 15 years longer than him and had to survive only on Social Security and our occasional help. </p><p></p><p>hope this helps.</p></blockquote><p></p>
[QUOTE="olroadbeech, post: 2455514, member: 52145"] I had a member PM me about this thread to see what we did and bumped into an old co-worker last week and asked the same question. Each family has there own situation so it is hard to say do what to do . It depends. In the western conference there are so many options. Since it is only my spouse and I , we decided to go with the option where I receive $300 more a month until age 62 and then it drops 300. Also selected the option where if I die before my spouse he/she will receive 60% of my pension until they died. This was the best option for us. Also if my spouse dies before me , then my pension "bumps" up 300 dollars a month. We had to read all the options many times before we began to understand them. Also spoke to several other retirees to ask their opinions and what they did. After being retired for almost 18 months , we realized we made the right choice. Take your time with this decision. My father in law was almost 100% certain that he would outlive his wife because she had so many health issues. He took the larger benefit with no spousal benefit. Not sure how much more he received. Well, he was retired for a year or so and then got cancer and was gone within months. His wife did get a lump sum benny but that did not last long. A survivor monthly benefit would have been better in the long run . She lived 15 years longer than him and had to survive only on Social Security and our occasional help. hope this helps. [/QUOTE]
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So Many Pension Payment Options. What To Consider?
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