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Brown Cafe UPS Forum
UPS Retirement Topics
How did you take your retirement payout?
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<blockquote data-quote="Been In Brown Too Long" data-source="post: 5496851" data-attributes="member: 32249"><p>I had a post previous to the reply of mine you quoted that describes what I was referring to, but...</p><p></p><p>My local, voted to have part of our hourly wage to cover retiree medical. See the earlier post.</p><p></p><p>No, not saving. Paying towards having no cost healthcare once retired. The cost of healthcare is only going up, so the costs are higher down the road.</p><p></p><p>No. The hourly deduction on my paycheck ended when I no longer received a paycheck from UPS. So I have coverage for 16 years from 49-65 with zero monthly premiums.</p><p></p><p>It's not prepaid insurance. The union is paying the premiums now since we contributed to the fund while we were working. And yes, I retired at 49 in 2018 and have received a statement every month since showing coverage and cost $0.00.</p><p></p><p>Is that for both you and the spouse, total? Or $400 each? Either way, I was paying into the plan about $1000/yr. when it was first passed in the 90's, and around $1900/yr. at the time I retired in 2018. That covers both myself and my spouse. By my calculations, you're paying $4800/yr. and I'm not sure if that's for 1 person or two. Retiring at 49 like I did, I'd pay $76,800 over the years to get to 65, that's if that $400/mo stays static...does it? Or can it increase? If your cost is per person, then my cost over the 16 years would have been $153,600. Either way, I'll gladly stick to the $25k I paid into my plan over the years, whether I can afford the $400 or not.</p></blockquote><p></p>
[QUOTE="Been In Brown Too Long, post: 5496851, member: 32249"] I had a post previous to the reply of mine you quoted that describes what I was referring to, but... My local, voted to have part of our hourly wage to cover retiree medical. See the earlier post. No, not saving. Paying towards having no cost healthcare once retired. The cost of healthcare is only going up, so the costs are higher down the road. No. The hourly deduction on my paycheck ended when I no longer received a paycheck from UPS. So I have coverage for 16 years from 49-65 with zero monthly premiums. It's not prepaid insurance. The union is paying the premiums now since we contributed to the fund while we were working. And yes, I retired at 49 in 2018 and have received a statement every month since showing coverage and cost $0.00. Is that for both you and the spouse, total? Or $400 each? Either way, I was paying into the plan about $1000/yr. when it was first passed in the 90's, and around $1900/yr. at the time I retired in 2018. That covers both myself and my spouse. By my calculations, you're paying $4800/yr. and I'm not sure if that's for 1 person or two. Retiring at 49 like I did, I'd pay $76,800 over the years to get to 65, that's if that $400/mo stays static...does it? Or can it increase? If your cost is per person, then my cost over the 16 years would have been $153,600. Either way, I'll gladly stick to the $25k I paid into my plan over the years, whether I can afford the $400 or not. [/QUOTE]
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How did you take your retirement payout?
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