Management retirement benefits 34 yrs vs 35 yrs

BATS

Member
I'm thinking about retiring this year instead of waiting until January. Are there any disadvantages to retiring at age 55 with 34 years instead of waiting until the year 35 in our retirement benefits that I may or would want to consider?
 

Dragon

Package Center Manager
Log into the retirement calculator on my benefits and it may answer your questions or have you asking more. You can change the years and some other factors and it will give you a number and PDF you can print out and compare all your options.
 

Lineandinitial

Legio patria nostra
Write down every single question that you can come up with and verify the answers. Don't rely on anyone volunteering information and what someone may tell you could just be opinion.
 

Fenris

Well-Known Member
Log into the retirement calculator on my benefits and it may answer your questions or have you asking more. You can change the years and some other factors and it will give you a number and PDF you can print out and compare all your options.
This is the best answer. One thing to keep in mind, a number of people stick around to get an extra $1K or $2K a year, but that is a long payback period that may never pay off when you miss out on a much bigger number for a year and account for inflation.
 

RetiredIE

Retirement is VASTLY underrated
I retired with 33 years at 57 years old. Retirement is vastly UNDERRATED. If I had it to do over, I would have retired at least one year earlier. Everyone's situation is different. As Dragon said, the retirement calculator is a great tool. Take a deep look at your post-retirement needs and expenses. From my perspective, a healthy year of retirement is worth 2-3 years of working. Good luck!
 

BaSEless

Member
I'm thinking about retiring this year instead of waiting until January. Are there any disadvantages to retiring at age 55 with 34 years instead of waiting until the year 35 in our retirement benefits that I may or would want to consider?
The advice to "run the numbers" is dead on. I've been retired for several years so I don't know if anything has changed on the calculator but if you are married there are different options on what kind of pension payout you can take. Some options take only you into account and others actuarially consider you and your spouse The payout results depend on your age, your spouses age and even your birth month. I ran the calcs for each month of the year for retirement and it would go up or down depending on who was a year older that month. So for the choices we made for the pension payout there were certain months of the year that made sense to retire and others where the monthly pension would actually go down. This, of course, has to be factored in with the annual resets that came - another MIP, vacations, etc. I'm not sure how those are being granted now so they may not be a factor like they used to.

There is, of course, also the mental health aspect of working at UPS for another year. That is not trivial. As you get older you start thinking things like "how do I want to spend the next year of my life?" knowing there are less of those ahead of you than there used to be.

Good luck.
 

BATS

Member
I am all good with my pension but is there a cap on DDB credits. When I log in I have 11k in pre- medicare but read in the SPD that it is capped at 7500?
 

Moonstruck

New Member
I wouldn't wait. I had 9500 DDB after 32 years (58 yrs old) in last December. I had to pay the difference between $12000 (2021 Aetna costs for single adult) less the $9500 DDB so I am paying about $270 per month for medical. Higher than what I anticipated but that's medical costs these days. I agree with UNDERRATED above except its like dog years...1 year retirement = 7 Years of working. You won't regret leaving sooner rather than later.
 
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