New Video! Is the buyout even worth it?

[Well-Known Member]

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.

I agree. I have only speculated a few reasons, but I have no real idea.

 

[Well-Known Member]

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.

For those who were retiring anyway, or those who could go at anytime who just haven't taken the plunge yet, how much time do you need to make a decision?

I don't trust the company either. But for $50K, I would make an exception if I was retiring anyway. I am not, but if I was retiring within a year, had the age for healthcare and was basically maxed out on pension, your damn right I would.

 

[tourists24]

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 to leave on their own terms

Then again, some of those people that have already worked 30,35,40+ years may decide that working another 5 or 6 months is a drop in the bucket and may make more sense for them.

 

[IVE GOTTA PACKAGE 4U]

Then again, some of those people that have already worked 30,35,40+ years may decide that working another 5 or 6 months is a drop in the bucket and may make more sense for them.

I'm going for 50
I'm beating @scratch record

 

[AllTheBellsAndWhistles123]

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.

With all due respect, those are not very good reasons nor would I not take it because “Nobody in my building is taking it”.

 

[Raw]

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…

You don’t get kicked out automatically as long as you’re working no matter how old you are. Medicare would become your secondary insurance while working!

 

[IVE GOTTA PACKAGE 4U]

With all due respect, those are not very good reasons nor would I not take it because “Nobody in my building is taking it”.

My decision has nothing to do with anyone else. I'm just saying we all pretty much feel the same way

 

[Raw]

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.

After paying taxes on the buyout then another $7K on cobra I would make more money just working until November….what’s a few more months after over 37 years?

 

[Raw]

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.

What incentive would cause them to do that? They don’t give out free medical insurance, they are in business to make money. Lol

 

[tourists24]

With all due respect, those are not very good reasons nor would I not take it because “Nobody in my building is taking it”.

Sure seems to make a lot of sense to the people that it matters to the most.

 

[IVE GOTTA PACKAGE 4U]

After paying taxes on the buyout then another $7K on cobra I would make more money just working until November….what’s a few more months after over 37 years?

Go for 40!
You can do it.!!!

 

[Well-Known Member]

After paying taxes on the buyout then another $7K on cobra I would make more money just working until November….what’s a few more months after over 37 years?

Maybe you should do the math again.

37 years gets you $66K. Gives you around $45K after taxes. That equates to $15K a month for the 3 more months you plan to work.

Even if you deduct COBRA, that gives you around $13K per month for 3 months that you work until retirement.

That’s most likely a lot more than you’re making now.

Now add in $5-$6K per month in pension. More if you’re old enough and planned on taking early SS.

Looks to me like you’re losing at least $8-$10K per month by working. Talk about working for free. You’re actually losing money by working when you could be retired making a helluva lot more for those 3 months.

 

[tourists24]

Maybe you should do the math again.

37 years gets you $66K. Gives you around $45K after taxes. That equates to $15K a month for the 3 more months you plan to work.

Even if you deduct COBRA, that gives you around $13K per month for 3 months that you work until retirement.

That’s most likely a lot more than you’re making now.

Now add in $5-$6K per month in pension. More if you’re old enough and planned on taking early SS.

Looks to me like you’re losing at least $8-$10K per month by working. Talk about working for free. You’re actually losing money by working When you could be retired making a helluva lot more for those 3 months.

It does seem to show how much people distrust the company though.

 

[Well-Known Member]

What incentive would cause them to do that? They don’t give out free medical insurance, they are in business to make money. Lol

Because my retirement date would be August 31. It will just take longer to process the paperwork. I would, if I took the buyout, have to reimburse them $400/mo for the retiree insurance for the time until it became official and they started deducting it from my retirement check. So it is not free insurance. It's retiree insurance at $400/mo.

But, would I trust them to backdate my insurance? Maybe not. But I just showed you how you're going to lose over $10K/mo, even paying COBRA, for the extra 3 months you want to work just because you said you're not taking the buyout because it wasn't negotiated.

I wish I could just flush $30K down the toilet.

 

[Thebrownblob]

It does seem to show how much people distrust the company though.

I find that to be enough justification.

 

[Well-Known Member]

It does seem to show how much people distrust the company though.

I find that to be enough justification.

I get it, but those taking the buyout most likely already have the years for their pension and retiree healthcare. You're signing a legal contract. Do you really expect UPS to not make the payments?

If you're a year or two away from retirement, OK. But if you're months away, I would take the risk. Get $30-$50K and not have to work. That is a no brainer.

 

[BigUnionGuy]

 

[tourists24]

I get it, but those taking the buyout most likely already have the years for their pension and retiree healthcare. You're signing a legal contract. Do you really expect UPS to not make the payments?

If you're a year or two away from retirement, OK. But if you're months away, I would take the risk. Pass up $30-$50K and not have to work. That is a no brainer.

Perhaps, but there sure are a lot who still aren’t going to do it

 

[Well-Known Member]

Perhaps, but there sure are a lot who still aren’t going to do it

A choice they can make. Some may need to work a little longer to qualify for the retiree insurance. Some may need a little longer to get that bump in pension, which, in the long run, could be more than the buyout money.

Some just don't want to take anything from UPS, like free money.

 

[IVE GOTTA PACKAGE 4U]

A choice they can make. Some may need to work a little longer to qualify for the retiree insurance. Some may need a little longer to get that bump in pension, which, in the long run, could be more than the buyout money.

Some just don't want to take anything from UPS, like free money.

Dont forget about social security
It goes by the best 35 years of your earnings adjusted for inflation.