Pension Leveling??
- Thread starter Tuned Out
- Start date
59 Dano
I just want to make friends!
Yep.
abused.crr
Well-Known Member
I’ll definitely without a doubt be taking mine. I did 22 years before leaving and I’m Working on my 2nd retirement now.
Indecisi0n
Well-Known Member
Nope
Are you talking about taking the Social Security leveling option?
UpstateNYUPSer(Ret)
Well-Known Member
Yes.
I took that option at 55. Gave me approximately what my estimated full Social Security benefit will be at 67. And at 67 my monthly pension drops from about $1840 to $117. When the coronavirus shutdown ends plan to go overseas where I can get by fine on $1000 and save the rest.
UpstateNYUPSer(Ret)
Well-Known Member
Without giving too many details, can you give us a brief example of how this works and how it impacts both your current pension and, more importantly, your projected SS payment at 67.
Not much to tell. I was given a number of choices and if I could have handled it probably should have taken the survivor option for around $1000 a month. But I've had some health issues, and at this point in my life don't want to be on my feet at a manual labor job for hours. So I took the accelerated pension, the Social Security leveling option. That gave me $1840 a month for 12 years, then drops to $117. My projected SS at 67 last I looked is $1888 a month. Between me quitting and getting rehired at lower pay, FedEx keeping our raises very low, and ultimately terminating our traditional pension, ended up with less than I obviously would have liked, but the $1840 was close to what I was projected to get monthly for life if they had kept the traditional. It's allowed me to travel, and it's not lost on me how lucky I am to have it considering what they've done to pensions everywhere, and what's going on in the world right now. My wife and stepdaughter work for a call center that handles medical supplies for seniors, and they were allowed to take the equipment home that lets them do their job from home. So we still have our incomes and are very fortunate.
UpstateNYUPSer(Ret)
Well-Known Member
I guess my question was what effect, if any, would pension leveling have on your SS benefit at 67.
Serf
Well-Known Member
Good luck van. All kidding aside, and with some lite sarcasm. I do t have a trad pension. And when bailouts happen and crisis occur 401k’s take a dump, with any luck you have time on your side to make up what you lost. But the Portable Pension lump sum payout in 20 more years in net payment is going to buy me a water buffalo in Nam. That’s about it. Maybe I’ll have enough left over to shoot up to Kiev to drink with ya.
Well I'm not working so can't increase my SS.
They should make companies pay double what employees contribute to SS to make sure we at least get our full SS.
UpstateNYUPSer(Ret)
Well-Known Member
Yes, and your point is?
UpstateNYUPSer(Ret)
Well-Known Member
It was a link that defined the concept.
leaving the wife home alone again?
Nope, just got on with Amazon.
I am FedEx
Well-Known Member
PPP questions. What would you estimate a 27 year old employee to end with? Full time will probably work for another 35 years at express and ultimately bid down to part time FO. I really don’t understand the PPP. 3 years of service currently.
UpstateNYUPSer(Ret)
Well-Known Member
You left Express to go work in a sweatshop?
