Catatonic
Nine Lives
He's so smart!
Did I receive it Wonder Boy?
UPS Special Pension Buyout Offer - December 2016
- Thread starter JMR07168
- Start date
Did I receive it Wonder Boy?
Catatonic
Nine Lives
I missed it by 10% ... Damn!
Catatonic
Nine Lives
Unless you have young kids, a pool is a waste of money up front and going forward after that.
Jaco Williams
Active Member
Catatonic
Nine Lives
Just advice from experience.
Put 60k into mine and we use it after a couple of years for a couple of parties per year. Only time I go in is for maintenance.
39,000 gal L-shape.
I have put that much into again it over the last 16 years.
If you have a lot of parties or kids then it's still a money-pit but maybe worth it.
Bagels
Family Leave Fridays!!!
Just did the math on my offer and the discount rate is north of 7% - just as I forecasted.
Not sure why a few people took a jab at me... just read some of the postings -- using this money to pay down low-interest, tax-advantaged student loan & mortgage debt is a really, really bad idea. Remember, you're taking a 7% hit + paying a 10% penalty (yes, it still applies to student loans).
Like I said, I'm aware most people will take the money, simply because for many, it's more money than they've ever had in their life. Just be aware of the implications -- both short (tax & penalty -- the withholding may not be enough to cover this) and long-term (when you turn 65 and receive no check because you blew it 20 years ago on booze and hookers).
Not sure why a few people took a jab at me... just read some of the postings -- using this money to pay down low-interest, tax-advantaged student loan & mortgage debt is a really, really bad idea. Remember, you're taking a 7% hit + paying a 10% penalty (yes, it still applies to student loans).
Like I said, I'm aware most people will take the money, simply because for many, it's more money than they've ever had in their life. Just be aware of the implications -- both short (tax & penalty -- the withholding may not be enough to cover this) and long-term (when you turn 65 and receive no check because you blew it 20 years ago on booze and hookers).
Jaco Williams
Active Member
People jab at ya b/c you jab...
It's not that difficult to figure out. You sound like a tool. I'm sure you have the right answers & can stretch a dollar out. Good for you. I have done just fine in life without being a CPA. Good for me.
But you seem to be a real dueche bag...
Get all butt hurt b/c a few people don't jump on your wagon of the worlds most awesome financial advice. Give me a break.
I'm thinking you are the one that needs the beer & hookers more than anybody.
I'm done - I got what I needed out of this thread.
Doomchicken1313
Member
So here's the deal. As a 15 year pt sup I'm on track to receive about 715 at age 65. My buyout was roughly 30K. Its not a ton of money considering what it would be if I waited until 65 so I'm a little pissed. I also realize that I was never really going to depend on a pension from UPS to do anything other than supplement me and my wives SS and 401K and savings. So the question that I'm having a hard time answering to myself is - do I take this "gift" of 30% of the lifetime value now and get myself better financially (I dont really need to do it, but it would take a ton of stress off me) and start putting money away like a madman in a year when I'm in a much better spot? Or let it sit.. I welcome questions and suggestions.
Bagels
Family Leave Fridays!!!
No, people were soliciting advice so I offered them some. I'm fully aware that people like you will take the offer, blow it, then look for the next Obama to bail them out. Ultimately, I'd like to think that I helped one or two people out.
You didn't like what I was saying so you attacked me. Quite honestly I'm not sure why you were here to begin with. You always had the option of ignoring me. The only thing I do know is that you're a piece of
.margincharge1
Member
Bagels, My offer is 38,629.40 Margincharge1
Little brown dress
New Member
How would the monthly option be taxed? Any fees or penalties or just ordinary income?
UpstateNYUPSer(Ret)
Well-Known Member
Is it the company pension plan? If so, I wouldn't worry too much about any major changes.
So here's the deal. As a 15 year pt sup I'm on track to receive about 715 at age 65. My buyout was roughly 30K. Its not a ton of money considering what it would be if I waited until 65 so I'm a little
I'm in the same situation. I'm 49 years old and the offer is 35k lump... $176.00 per month now or $530.00 per month at retirement age. I'm still waiting for a call back from UPS to see if my SSDI approval last month will effect the amount. Heard a few different stories regarding the ssdi. Already getting around 3k per month now from a UPS full time union disability pension. Being that im 49 y/o now it is tempting even at the low monthly amount to take it now. I'm thinking if I were to get even a little more monthly now if the ssdi causes a higher rate my decision is made.
UpstateNYUPSer(Ret)
Well-Known Member
If you were to use that to pay off your house they would withhold 20% for tax and you may have to pay additional tax on the distribution when you file your taxes next year.
Jaco----you need to set up a meeting with a financial adviser or CPA.
UpstateNYUPSer(Ret)
Well-Known Member
When I was married we bought a house with a 16' x 32' inground. It added zero to the value of the house when it came time for her to sell.
Catatonic
Nine Lives
Never adds value and eliminates some buyers with paranoid mothers.
I personally would not own a pool unless it was totally fenced in.
Catatonic
Nine Lives
He is either very young or ... maybe he is not serious.
Is this lump sum buyout for all of you UPS /Teamster Pension? I had 2 1/2 years as a part timer. I started in 1989. I went to full time driver in 1992 and was full time until I quit to become a police officer in 2006. I was told from the Union I would get $1430/month when I am 65. I am 45 now. The offer I got from UPS was for $9455. ??? Is there 2 different pensions? Am I missing something?
The payout is a joke... If I wait until retirement age, it would only take 3 years to get this lump sum. I would be missing out on the other 17+ years of payment for my part time service... I don't see how this would benefit any of us. It only benefits UPS to pay this out right now. My two cents on the subject. Take it or leave it.
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