Are Monthly Pension Amounts Adjusted For Inflation (Canada)

Discussion in 'UPS Retirement Topics' started by Sid, Feb 15, 2020.

  1. Sid

    Sid New Member

    Hi, I just received my pension information so far and if I was to quit today, I'd receive $420 each month when I turn 60 years old (30 now). I have been working for UPS for 8 years now.

    I have a few questions:

    1. Is that amount adjusted for inflation? Or will it still be $420 in 30 years?

    2. Is there a way to find out the total amount of my pension that I have accumulated?

    3. I recently have been offered a better job and I am thinking of quitting UPS, instead of rolling over what I accumulated at UPS, can I buyout the amount (I think I'll get hit with a 20% tax if I do this)?

    4. (Hypothetical scenario) 30 years is a long time, what would happen if the dollar crashed or something and we were on a different currency, would we still get paid in dollars even though nobody used them anymore?

    Thanks
     
  2. Yes
     
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  3. PT Crazy

    PT Crazy Active Member

    1. Not adjusted for inflation.
    2. What you have accumulated is 420 a month when you turn 60.
    3. If you quit you cannot collect until you reach regular retirement age. In many cases it is age 65.
    4. How the heck knows.
     
  4. olroadbeech

    olroadbeech Happy Verified UPSer

    are you ft or pt? if you continue working for UPS your monthly pension will go up . it is not adjusted for inflation.
    you can not collect the pension until you reach the age stated in your plan.

    if i were you I would call your pension people. they can send you the booklets that will give you all the info.

    i'm pretty sure there will be no more world in 30 years so live each day as it is your last. ( kidding ) but who knows?
     
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  5. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    No, once the dollar crashes you’ll be paid in bitcoin which is naturally deflationary so don’t worry about inflation at all.
     
  6. rod

    rod #1 on Upstates "list"

    With a bitcoin and 8 bucks you can get a cup of coffee at Starbucks.
     
  7. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

  8. TheBrownFlush

    TheBrownFlush Well-Known Member

    Don't worry.
    No matter what happens or the span of years that go by, your pension is safe.
     
  9. cachmeifucan

    cachmeifucan Well-Known Member

    :censored2: Canada you gave us Jr for 1 too many terms
     
  10. olroadbeech

    olroadbeech Happy Verified UPSer

    some guy tried to pay by bit coin on one of my restorations and I told him did not know what he was talking about. had to look it up.

    what's wrong with cash? The other day tried to use cash for a deposit in my sons' account at the Bank of America and they told me they don't accept cash for deposits unless you have an account with them.

    what's wrong with cash?
     
  11. clean hairy

    clean hairy Well-Known Member

    I know some (maybe all?) of our customer counters do not accept cash.
    I wonder if they do at the conter @Turdferguson works at?
     
  12. Turdferguson

    Turdferguson Just a turd

    They stopped cash 2 years ago and checks a little over a year ago
     
  13. Turdferguson

    Turdferguson Just a turd

    That is because terrorists use that method to move money around.
    Thank the government for that one