Buddy retired 5 years after his retirement date.

Discussion in 'UPS Retirement Topics' started by olroadbeech, May 28, 2019.

  1. olroadbeech

    olroadbeech Happy Verified UPSer

    Left over a quarter million of pension payments on the table. just don't get it . so he'll get maybe 500-600 more a month in his pension.it will take 40 years to break even.

    he could have retired 5 years ago , collect 50k a year on his pension and worked another job or started a sideline business if they needed the money.

    worked for half wages as I see it.
     
    Last edited: May 28, 2019
  2. Look at how much more money he was making working instead of collecting a pension. Not counting not paying for health care benefits, building up how 401k and building up his social security.

    Everyone has a different agenda..
     
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  3. rod

    rod #1 on Upstates "list"

    I'm all for everyone else working until they are at least 70. And don't file for SS either until 72. You can do it!
     
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  4. Shiftless

    Shiftless Active Member

    Rod is right! Work till you puke, then a little more for good measure! SS is a fleeting emotional excersize on a monthly basis. Payday every Friday RULES!
     
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  5. Brownslave688

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

    Math is hard
     
  6. Jkloc420

    Jkloc420 Well-Known Member

    im hoping to make it to 67 but that is if @rod dont let me move in
     
  7. Indecisi0n

    Indecisi0n Well-Known Member

    Once I reach retirement age I am OUT ! You never know when its your time so take that money and run. Enjoy life.
     
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  8. Maybe he increased his pension by working more years and his social security?
     
  9. Brownslave688

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

    Or like you said saved big on the 401k or was putting a kid through college. Everyone’s situation is different.
     
  10. Or we could all work 60 years like @scratch








    :teethy:
     
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  11. Brownslave688

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

    The longer others work the more likely I have a pension waiting on me ;)
     
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  12. over9five

    over9five Moderator Staff Member

    If you haven't retired yet, get used to the idea that there will be no pension for you..
     
  13. Indecisi0n

    Indecisi0n Well-Known Member

    Looks like I'll be moving in with you .
     
  14. over9five

    over9five Moderator Staff Member

    Bring the toys..
     
  15. Indecisi0n

    Indecisi0n Well-Known Member

    My sister took them back .
     
  16. olroadbeech

    olroadbeech Happy Verified UPSer

    last year we made $144k from pension, SS, and side business. did not dip into 401k. letting that grow.
     
  17. 1989

    1989 Well-Known Member

    That’s about $1200 more a month here
     
  18. clean hairy

    clean hairy Well-Known Member

    I am not concerned about what decisions others make, especially if it has no effect on me or my life
     
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  19. Elvis

    Elvis Forty and out

    Go find another job that gets 7 weeks of vacation and pays over $100,000 with great benefits. Your SS is based on your 35 best earning years. Try to stick that long at least and save.
     
  20. 35years

    35years Well-Known Member

    Lets see in those 5 years...

    -He made 50k more each of those years as compared to his pension = $250k ahead + appreciation.... If he put that excess ($4166 a month) in his 401k at 9% average return over the last 5 years = $316,573 ahead

    -He saved $500 a month not paying for his own healthcare = $30k ahead

    - He increased his average earnings for calculating his Social Security benifits... He knocked his early low earning years out and replaced them with his highest earning years gaining him an extra $800 a month extra to begin, and this benifit is indexed for inflation ($1675 more per month after 25 years at 3% inflation) so if he collects for 25 years....$371,000 extra

    His pension monthy benifit increased $500 to $1000 a month for the rest of his life..25 years= $150k to $300k

    So for working 5 extra years he will have about $867,000 to 1 million + extra for retirement
    .

    I think he did well.
     
    Last edited: May 29, 2019