UPS Special Pension Buyout Offer - December 2016

Catatonic

Nine Lives
I was on the airline side in aircraft maintenance for 16yrs.... Fulltime. I was making a little over $75k per year when I left. I'm 100% debt free, set up for my future retirement with where I'm working now + a healthy 401k. All is good. We are in the process of building a new home. We are lucky because this $$ is like a bonus to us. It will more then likely put a badass pool in the back yard with the new home being built. And some beer + hookers...
Unless you have young kids, a pool is a waste of money up front and going forward after that.
 

Catatonic

Nine Lives
Thank you.
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).
 

Jaco Williams

Active Member
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).

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.
 
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!!!
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.

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 :censored2:.
 
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).

Bagels, My offer is 38,629.40 Margincharge1
 

25TOLIFE

Well-Known 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 :censored2:. 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.

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.
 

browngone

Member
We are at 145,000.00 buyout. With tax implications may not be worth it . Will put us at 500,000.00 yearly income for 2016 and could affect our tax bracket!
 

JSan5150

New Member
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?
 

Bgrimes

New Member
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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