New Video! Is the buyout even worth it?

[AllTheBellsAndWhistles123]

Something to think about if you decide to leave. If you already have the time and age in to qualify for retirement health benefits it would be great. Remember you get kicked out automatically when you become eligible for Medicare, currently it stands at age 65 for most. That is under the Central and Southern…

…and Upstate NY…

 

[Well-Known Member]

Also guys close to retirement should ideally not be living paycheck to paycheck.

Correct. But if you don’t want to use savings because you won’t get a retirement check for a few months, $50K will go a long way to tide you over until the checks start coming in.

 

[DELACROIX]

The bigger question is, why so fast?

Out of the loop..we all know both parties policies on “need to know” with the grunts. Maybe another corporate consolidation (better not bigger)..

Could be a legislative move out of Washington related to pension funding..right now every pension fund or 401K has to be happy with the markets and trade deals. A buyout now will be hardly noticeable at the end of the year.

 

[IVE GOTTA PACKAGE 4U]

That’s not what they told me. Although you did say quit.

They said that if I started the retirement paperwork, took the buyout and separated August 31, that once the paperwork was done, my healthcare would be retroactive to August 31.

Let’s just say you don’t trust them. OK. Pay for COBRA. It will cost between $2-$6K while the retirement is processed.

Those that should already be retired that take the buyout will still get over $40K after taxes as a bonus to retire now instead of next year. Or November, like somebody wants to do.

Maybe if the company was a little more flexible with the retirement date they may get some more people to take the offer.

 

[Thebrownblob]

They are targeting the gays. Believe it or not.

Well, I’m not leaving

 

[Thebrownblob]

Correct. But if you don’t want to use savings because you won’t get a retirement check for a few months, $50K will go a long way to tide you over until the checks start coming in.

Lake house payment

Brand new ski boat

Brand new truck to pull the ski

A couple of Sea-Doos

And two ex-wives

And getting a couple of kids from the new wives in their 50s

The struggle is real out here for a lot of of these guys!!!

 

[Well-Known Member]

Maybe if the company was a little more flexible with the retirement date they may get some more people to take the offer.

I did see a post on here that they gave a driver an October 31 date to give him enough time for the retirement to process.

Or, if the company continued healthcare as long as the retirement paperwork was started, they may get more to take it also.

But as I posted before, I heard two different things from Teamcare.

So, even if you have to buy COBRA for a few months, you will still get a helluva bonus check to retire a few months earlier than planned.

 

[Well-Known Member]

Lake house payment

Brand new ski boat

Brand new truck to pull the ski

A couple of Sea-Doos

And two ex-wives

And getting a couple of kids from the new wives in their 50s

The struggle is real out here for a lot of of these guys!!!

All covered until that first retroactive check comes in.

 

[IVE GOTTA PACKAGE 4U]

I did see a post on here that they gave a driver an October 31 date to give him enough time for the retirement to process.

Or, if the company continued healthcare as long as the retirement paperwork was started, they may get more to take it also.

But as I posted before, I heard two different things from Teamcare.

So, even if you have to buy COBRA for a few months, you will still get a helluva bonus check to retire a few months earlier than planned.

Id rather get it at the beginning of next year so that im not in a super high tax bracket

 

[Thebrownblob]

All covered until that first retroactive check comes in.

Doubtful, I’m talking about feeder drivers doing mileage and sleep teams making upwards of 180 K plus a year. Getting about half that at retirement. Those dudes might not ever leave, except in a coffin.

 

[Well-Known Member]

Doubtful, I’m talking about feeder drivers doing mileage and sleep teams making upwards of 180 K plus a year. Getting about half that at retirement. Those dudes might not ever leave, except in a coffin.

We have a guy triple dipping.

Still working, collecting full Social Security and full pension.

 

[Thebrownblob]

We have a guy triple dipping.

Still working, collecting full Social Security and full pension.

We do also

 

[Well-Known Member]

Id rather get it at the beginning of next year so that im not in a super high tax bracket

You’re smarter than that. I’m sure you know how tax brackets work.

You pay a percentage of tax on amounts as they increase.

Even with the buyout check, most will probably pay only 2% more tax, 24% instead of 22% if married on any amount over $206,500 ( I think that is the amount). And most probably won’t even hit that cap.

With retirement for 4 months this year even with the bonus, most will not even crack into the 24% bracket.

 

[Thebrownblob]

You’re smarter than that. I’m sure you know how tax brackets work.

You pay a percentage of tax on amounts as they increase.

Even with the buyout check, most will probably pay only 2% more tax, 24% instead of 22% if married on any amount over $206,500 ( I think that is the amount). And most probably won’t even hit that cap.

With retirement for 4 months this year even with the bonus, most will not even crack into the 24% bracket.

Got about a dozen guys in my Centrr already over 100k $3 and $4000 checks every month for 9.5. Quadruple time.

 

[RTS313]

I just called Teamcare and they said I would have to buy COBRA from the time you quit until the time you retire which is $564 a week for the family plan! lol

It’s 564 a week accurate?

 

[Well-Known Member]

Got about a dozen guys in my Centrr already over 100k $3 and $4000 checks every month for 9.5. Quadruple time.

About a dozen out of what, 400?

I said most, not all will fall below $206,500 to stay in the 22% tax bracket even with the buyout money.

And for those that don’t, only the amount over $206,500 is taxed an additional 2%.

Some people think that if they make over the cap in their tax bracket that they are then in the next tax bracket and all their earnings are taxed at the higher rate.

 

[Thebrownblob]

About a dozen out of what, 400?

I said most, not all will fall below $206,500 to stay in the 22% tax bracket even with the buyout money.

And for those that don’t, only the amount over $206,500 is taxed an additional 2%.

Some people think that if they make over the cap in their tax bracket that they are then in the next tax bracket and all their earnings are taxed at the higher rate.

Nope, that’s just my personal center about 80ish drivers. Multiple centers in my building and similar numbers and the ones that are not over 100,000 in the high 80s and 90s myself included.

Not disagreeing with your number just pointing out this is a very strange year supposedly we don’t have volume. And we can’t get done several days a week here.

 

[IVE GOTTA PACKAGE 4U]

You’re smarter than that. I’m sure you know how tax brackets work.

You pay a percentage of tax on amounts as they increase.

Even with the buyout check, most will probably pay only 2% more tax, 24% instead of 22% if married on any amount over $206,500 ( I think that is the amount). And most probably won’t even hit that cap.

With retirement for 4 months this year even with the bonus, most will not even crack into the 24% bracket.

Id rater take it next year in the 12%

 

[Well-Known Member]

Id rater take it next year in the 12%

But you could be retired next month instead of slaving away for another 6 to 12 months, over a few thousand in taxes.

Again, this buyout isn't for everybody. I don't blame anyone for taking, or not taking, it.

But it's a no brainer for anyone who planned on retiring in the next couple of months anyway. But they can't see the light at the end of the tunnel. They refuse to take UPS's bribe money as they see it.

 

[IVE GOTTA PACKAGE 4U]

But you could be retired next month instead of slaving away for another 6 to 12 months, over a few thousand in taxes.

Again, this buyout isn't for everybody. I don't blame anyone for taking, or not taking, it.

But it's a no brainer for anyone who planned on retiring in the next couple of months anyway. But they can't see the light at the end of the tunnel. They refuse to take UPS's bribe money as they see it.

The main reasons are
The limited time we have to make a decision and return very quickly.

Plus nobody trusts the company.

Nobody in my building is taking it.
For the exact same reasons.