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Brown Cafe UPS Forum
UPS Retirement Topics
UPS Special Pension Buyout Offer - December 2016
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<blockquote data-quote="brown_deal" data-source="post: 2405875" data-attributes="member: 64675"><p>Here is a helpful article for anyone thinking about taking the lump some over.</p><p><a href="http://www.cbsnews.com/news/should-you-accept-a-lump-sum-pension-cashout/" target="_blank">Should you accept a lump-sum pension cashout?</a> </p><p>Anyone considering taking the offer need to concerned a few thing. </p><p>1. Are you going to roll it into a 401K or IRA, or take the money and pay additional taxes. </p><p>2. What is your current health. Are medical bills piling up then the buy could be a good option.</p><p>3. Do you need this money for your retirement. If your saving for retirement elsewhere then this may not be necessary or could be a back up. </p><p></p><p>My brother-inlaw worked for UPS for 10 years before he quit and he received the lump sum paper work. He was offered around 15K lump sum or $550 per/month at retirement. Crunching the numbers if he lives another 25 years on retirement at $550 per/month that's $165,000. If he takes the lump sum and invest it in a 401K and gets 7% interest a year for 33 years(he was 32 at the time and planed to retire at 65) it will be worth $139,880 at age 65.</p><p></p><p>One way he has some money up front at 65 that he can take and do whatever he wants with. The other option is he gets steady payments for the rest of his life. There is no easy answer you just need to look at the risk and decide what is best for you.</p></blockquote><p></p>
[QUOTE="brown_deal, post: 2405875, member: 64675"] Here is a helpful article for anyone thinking about taking the lump some over. [URL="http://www.cbsnews.com/news/should-you-accept-a-lump-sum-pension-cashout/"]Should you accept a lump-sum pension cashout?[/URL] Anyone considering taking the offer need to concerned a few thing. 1. Are you going to roll it into a 401K or IRA, or take the money and pay additional taxes. 2. What is your current health. Are medical bills piling up then the buy could be a good option. 3. Do you need this money for your retirement. If your saving for retirement elsewhere then this may not be necessary or could be a back up. My brother-inlaw worked for UPS for 10 years before he quit and he received the lump sum paper work. He was offered around 15K lump sum or $550 per/month at retirement. Crunching the numbers if he lives another 25 years on retirement at $550 per/month that's $165,000. If he takes the lump sum and invest it in a 401K and gets 7% interest a year for 33 years(he was 32 at the time and planed to retire at 65) it will be worth $139,880 at age 65. One way he has some money up front at 65 that he can take and do whatever he wants with. The other option is he gets steady payments for the rest of his life. There is no easy answer you just need to look at the risk and decide what is best for you. [/QUOTE]
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