1/ management, 1/2 machinist
Does ss affect my pension
- Thread starter jd1872
- Start date
olroadbeech
Happy Verified UPSer
olroadbeech
Happy Verified UPSer
not true. not in california. not reduced one penny. we elected to take more upfront until I turned 62 knowing that i would start collecting SS . When I turned 62 the pension went down $150 a month but that is what I selected as an option.
Old Man Jingles
Rat out of a cage
I think, normally, UPS 'buys in' the Union pension when a person goes into management and then you get paid only by UPS Management pension.
My part of Teamster pension is about $3.90 / month and the rest UPS Pension.
Old Man Jingles
Rat out of a cage
I think it varies by local and option selected at retirement.
DiadDude
Well-Known Member
I'm doing more research and realizing I don't know WTF I'm posting about. It looks like a Social Security amount is already factored in the calculation when the Grandfathered Integrated Formula is run, even if you are not yet collecting SS. So your benefit has already been reduced by a SS value and signing up for SS should not change any benefit you are already receiving.
At least that's what I'm getting after reading it 3x. Of course this is only for management and only for Grandfathered Integrated Formula.
At least that's what I'm getting after reading it 3x. Of course this is only for management and only for Grandfathered Integrated Formula.
Brownwifey
Active Member
Sorry, I misread your original post. You were asking if your PENSION would be affected by SS. You are correct on the management side. Management pension benefits do not vary, regardless of when you take your SS benefits. There are 3 formulas used to calculate management retirement pension: RPA Integrated, RPA Alternative, and Grandfathered Integrated Formula. You will receive the highest benefit calculated of the three formulas. No idea on union portion.
Brownwifey
Active Member
Didn't write it clearly. No, your management pension will not be reduced when you take SS WHENEVER you decide to start SS payments. Sounds like the union portion may or may not be effected based on your local.
Tired Driver
Sisyphus had it easy.
My Father worked for SS for 25 years. He told me to start receiving as soon as I am able to. I did the math and I would be 84 years old before I started to make more money if I started collecting at 65.
rod
Retired 22 years
Don't let that secret out. We want FEWER people sucking it dry- not more.
Everyone has different circumstances.
But the one thing you don't know is when you are going to die.
Are you better taking a little extra money out of your 401k for a couple of years and let your social security increase by 8% a year?
The break-even point between 62 and FRA is usually 77 0r 78. Curious how you got 84.
That article says the same thing:
Break-even ages for top wage earners turning 62
Monthly Social Security benefits Retirement age Break-even age
$2,102 62 vs. 66 Between 77 and 78
$2,806 62 vs. 70 Between 80 and 81
$3,721 66 vs. 70 Between 82 and 83
Unfortunately many people have to take it early because they don't have a pension
PT Car Washer
Well-Known Member
Or any other retirement plan.
Because everyone expects a miracle and they can retire happily ever after without any planning
Poop Head
Judge me.
Isn't that why you have kids? I ain't changing my own diaper! I can tell you that right now
Well, if you don't expect to live much past 77-78 then you might as well take it early. Honestly I've seen a lot of guys in feeders especially who leave this place in pretty poor health.
PT Car Washer
Well-Known Member
At my building it seems that is the only way to get some of them to retire.
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