Does ss affect my pension

Discussion in 'UPS Partners' started by jd1872, Feb 13, 2020.

  1. jd1872

    jd1872 New Member

    I will be applying for ss at 62. Will that affect the amount of my company pension? I have heard rumors that it will or it shouldnt.
     
  2. rod

    rod #1 on Upstates "list"

    Someone from the pension office must have started that rumor.
     
  3. Brownwifey

    Brownwifey New Member

    Lol, no. Unless you are an employee of state or federal government, your pension will have no effect on SS benefits. Unitl you reach full retirement age, SS will be decreased $1 for every $2 earned over $18240. Changes to $1 for every $3 earned over $48600 in the year you reach full retirement age (usually 66-67). Soooo, unless you get a job that pays more than $18k, your pension will have no effect on your SS benefits.
     
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  4. jd1872

    jd1872 New Member

    and uit shouldnt go the other way, a reduction in pension when ss kicks in, im guessing
     
  5. browndevil

    browndevil Well-Known Member

    My pension will decrease $150 a month when I turn 62. I'm in the Western Conference
     
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  6. Nope.
     
  7. Jkloc420

    Jkloc420 Well-Known Member

    yes, you get nothing if sanders becomes president
     
  8. rod

    rod #1 on Upstates "list"

    Wow-never heard of that.
     
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  9. browndevil

    browndevil Well-Known Member

    When I start collecting my SS
     
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  10. Don't collect it at 62
     
  11. browndevil

    browndevil Well-Known Member

    Why not? I take all my money while I'm young so I can spend it
     
  12. Every year you delay it , it increases about 8%
    Plus if your pension fund is going to decrease your payout if you are collecting S.S. it's a double win for you.
     
  13. DiadDude

    DiadDude Active Member

    Sorry....should have fact checked before I posted. This one is incorrect...See post below

    Your pension benefit is reduced dollar for dollar by any SS benefit you receive
     
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    Last edited: Feb 13, 2020
  14. What part of the country is that?
     
  15. browndevil

    browndevil Well-Known Member

    Not mine. It will only be reduced $150
     
  16. DiadDude

    DiadDude Active Member

    Sorry....Misread it.

    In the management Grandfathered Integrated Pension Formula, there is a Benefit Service Factor that tops out at 58%

    Normal benefit is FAC × BSF

    Benefit is reduced by SS × BSF (so a portion of SS) when you begin drawing SS
     
  17. Shiftless

    Shiftless Active Member

    Well, I got out almost 15 years ago so things may have changed.

    I too was in the Western Conference and I elected the option of reduction when I hit 62. It was on the limited option list they offered. I think the drop was $200 or $250??? Can't remember 2 plus years back? Go figure? I must be having a great time I guess! More so I really wanted health care! Added bonus getting a pension!

    You will find here some say get out as early as you can and collect every thing you can when at its earliest offering.

    BUT REALLY I want every one to work till they puke and not take SS until its mandatory! No sense passing up UPS bucks, build that SS to bring in the maximum! Triple dipping is da BOMB!

    Of course I didn't think the above "BUT REALLY" statement worked for me! I was 49 and the option was there to exercise. It is not for everyone but it sure was GREAT for me!

    BEST THING I EVER DID!
     
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  18. Shiftless

    Shiftless Active Member

    MY bad! You are in management? Company pension you said? Different set of rules apply!
     
  19. Old Man Jingles

    Old Man Jingles Rat out of a cage

    You are posting in the Management Forum so I can assume you are retired management.
    The answer is no.
    If you posted in the wrong forum, a retired Union member, it depends on your local/area.
     
    Last edited: Feb 13, 2020
  20. jd1872

    jd1872 New Member

    yes, partial mangement and partial machinists