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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="Trucker Clock" data-source="post: 5501116" data-attributes="member: 70932"><p>Correct. There is a service pension, up to 35 years. Anything over 35 years becomes a contributory pension, with an additional $175/mo for each year past 35 years. I believe there is a reduction for the combined service credit if you're under 62 when you retire with more than 35 years. So, depending on age, the service pension of $4300 may be more than the contributory pension, until you get closer to 62.</p><p></p><p></p><p></p><p>It comes into play when you work more than 35 years, depending on age. And I replied to [USER=100309]@qdg2[/USER], who had more than 42 years in. So I was assuming he was at least 62, to be eligible for the unreduced contributory pension.</p><p></p><p>Run the retirement calculator with different scenarios. You will find that if you retire at 40 years instead of 39 years, you will receive an additional $175/mo more than 39 years.</p><p></p><p>If you retire after 41 years instead of 39, you will receive an additional $350/mo more than 39 years.</p><p></p><p>Here's mine at 39, 40 and 41 years. My 35 year pension is $4300.</p><p></p><p>[ATTACH=full]415464[/ATTACH]</p></blockquote><p></p>
[QUOTE="Trucker Clock, post: 5501116, member: 70932"] Correct. There is a service pension, up to 35 years. Anything over 35 years becomes a contributory pension, with an additional $175/mo for each year past 35 years. I believe there is a reduction for the combined service credit if you're under 62 when you retire with more than 35 years. So, depending on age, the service pension of $4300 may be more than the contributory pension, until you get closer to 62. It comes into play when you work more than 35 years, depending on age. And I replied to [USER=100309]@qdg2[/USER], who had more than 42 years in. So I was assuming he was at least 62, to be eligible for the unreduced contributory pension. Run the retirement calculator with different scenarios. You will find that if you retire at 40 years instead of 39 years, you will receive an additional $175/mo more than 39 years. If you retire after 41 years instead of 39, you will receive an additional $350/mo more than 39 years. Here's mine at 39, 40 and 41 years. My 35 year pension is $4300. [ATTACH type="full"]415464[/ATTACH] [/QUOTE]
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How did you take your retirement payout?
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