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UPS Retirement Topics
How to retire from UPS
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<blockquote data-quote="Camping Nana" data-source="post: 702215" data-attributes="member: 15902"><p>We chose to do it by taking the vacation one week at a time rather than one "cash-out" check for several reasons...</p><p></p><p>1) Tax bite - the lump sum distribution is taxed at a higher rate than weekly checks - yes, you will probably get it back when you file your tax return; however, who wants to let the gov't use that money interest free for that long.... </p><p></p><p>2) Due to personal reasons, there was a very minuscule possibility that we would decide not to retire - at the end of those "vacation" weeks, if DH had decided (for whatever strange reason) that retirement was not for him or if our moving plans didn't work out, he could have returned to work. Sure, he would have had to work the next five months without any time off other than holidays - but it could have been done.</p><p></p><p>3) Don't really understand how you think it would help management. Probably they would prefer someone to cash out - work their last day and be done with it. Believe me, when we ran into the problem with a discrepancy from the payroll dept regarding accrued vacation, the center management team were very helpful - BUT they probably didn't appreciate having to deal with an issue for a "retired" employee. </p><p></p><p>4) AFTER, everything was said and done, DH was on the phone with the pension administration office regarding another issue. When they realized that his "actual last day of work" was two and 1/2 months previously, they issued two pension checks - for the previous two months..... That was a blessing! <img src="/community/styles/default/xenforo/smilies/FeltTip/happy-very.png" class="smilie" loading="lazy" alt=":happy-very:" title="Happy Very :happy-very:" data-shortname=":happy-very:" /></p><p></p><p>Personally, we don't know of any hourly employees in our center that cashed out everything at one time... But I guess to each his own. This worked GREAT for us!</p></blockquote><p></p>
[QUOTE="Camping Nana, post: 702215, member: 15902"] We chose to do it by taking the vacation one week at a time rather than one "cash-out" check for several reasons... 1) Tax bite - the lump sum distribution is taxed at a higher rate than weekly checks - yes, you will probably get it back when you file your tax return; however, who wants to let the gov't use that money interest free for that long.... 2) Due to personal reasons, there was a very minuscule possibility that we would decide not to retire - at the end of those "vacation" weeks, if DH had decided (for whatever strange reason) that retirement was not for him or if our moving plans didn't work out, he could have returned to work. Sure, he would have had to work the next five months without any time off other than holidays - but it could have been done. 3) Don't really understand how you think it would help management. Probably they would prefer someone to cash out - work their last day and be done with it. Believe me, when we ran into the problem with a discrepancy from the payroll dept regarding accrued vacation, the center management team were very helpful - BUT they probably didn't appreciate having to deal with an issue for a "retired" employee. 4) AFTER, everything was said and done, DH was on the phone with the pension administration office regarding another issue. When they realized that his "actual last day of work" was two and 1/2 months previously, they issued two pension checks - for the previous two months..... That was a blessing! :happy-very: Personally, we don't know of any hourly employees in our center that cashed out everything at one time... But I guess to each his own. This worked GREAT for us! [/QUOTE]
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