Retirement and Vacation time...

Vette51

Well-Known Member
Two part Question.
#1. If you retire late in the year, October or November, do you you get paid out for your vacation time that was do to you the following January or do you lose it ?

#2. I see everybody taking their vacation time in January and February and then retiring March 1st. Just curious why they wouldn't just retire 1st of January and take a payout for all that vacation time. Do a couple months of vacation time equate to very much added on to your pension is kind of what I'm trying to ask versus cashing out 11-13 thousand dollars in vacation time..
Appreciate your answers.
 

burrheadd

KING Of GIFS
Two part Question.
#1. If you retire late in the year, October or November, do you you get paid out for your vacation time that was do to you the following January or do you lose it ?

#2. I see everybody taking their vacation time in January and February and then retiring March 1st. Just curious why they wouldn't just retire 1st of January and take a payout for all that vacation time. Do a couple months of vacation time equate to very much added on to your pension is kind of what I'm trying to ask versus cashing out 11-13 thousand dollars in vacation time..
Appreciate your answers.

Depends on your supplement

this would be a good question to ask your BA
 

Jkloc420

Do you need an air compressor or tire gauge
Two part Question.
#1. If you retire late in the year, October or November, do you you get paid out for your vacation time that was do to you the following January or do you lose it ?

#2. I see everybody taking their vacation time in January and February and then retiring March 1st. Just curious why they wouldn't just retire 1st of January and take a payout for all that vacation time. Do a couple months of vacation time equate to very much added on to your pension is kind of what I'm trying to ask versus cashing out 11-13 thousand dollars in vacation time..
Appreciate your answers.
some take a couple weeks and get the rest paid out
 

Shiftless

Well-Known Member
Two part Question.
#1. If you retire late in the year, October or November, do you you get paid out for your vacation time that was do to you the following January or do you lose it ?

#2. I see everybody taking their vacation time in January and February and then retiring March 1st. Just curious why they wouldn't just retire 1st of January and take a payout for all that vacation time. Do a couple months of vacation time equate to very much added on to your pension is kind of what I'm trying to ask versus cashing out 11-13 thousand dollars in vacation time..
Appreciate your answers.

Every area is different. I retired almost 15 years ago. So for #1 At that time any monies owed to you get paid out to you no matter what the date is.

#2 Its all about knowing what your needs are what makes you feel comfortable as a date to retire. My case I was 49 years old. In my area you could retire at any age with 80 points at the time. BUT! To get health insurance you still had to be employed at the time of retirement and have had your 50th birthday. So I just set it up when I left that I used all my unused Sick Pay, Holidays and Vacation time to run past my 50th birth date. Don't confuse getting your year in points with actual birth date to qualify for Health Insurance. This isn't the case for many and probably not you but HEY its an answer!
 

rod

Retired 20 years
Two part Question.
#1. If you retire late in the year, October or November, do you you get paid out for your vacation time that was do to you the following January or do you lose it ?

#2. I see everybody taking their vacation time in January and February and then retiring March 1st. Just curious why they wouldn't just retire 1st of January and take a payout for all that vacation time. Do a couple months of vacation time equate to very much added on to your pension is kind of what I'm trying to ask versus cashing out 11-13 thousand dollars in vacation time..
Appreciate your answers.
Yes
 

Indecisi0n

Well-Known Member
Two part Question.
#1. If you retire late in the year, October or November, do you you get paid out for your vacation time that was do to you the following January or do you lose it ?

#2. I see everybody taking their vacation time in January and February and then retiring March 1st. Just curious why they wouldn't just retire 1st of January and take a payout for all that vacation time. Do a couple months of vacation time equate to very much added on to your pension is kind of what I'm trying to ask versus cashing out 11-13 thousand dollars in vacation time..
Appreciate your answers.
No
 

olroadbeech

Happy Verified UPSer
if you cash out I believe you get hit with a bigger tax bill.

at our hub , it was 40% . that is why hardly anyone does that. I took a day off a week for months before retiring because enjoyed the 4 day work weeks.

most drivers work their last day and then stay on the books to use up their vacations for 7-8 weeks or whatever they have stored.
 

Brownslave688

You want a toe? I can get you a toe.
if you cash out I believe you get hit with a bigger tax bill.

at our hub , it was 40% . that is why hardly anyone does that. I took a day off a week for months before retiring because enjoyed the 4 day work weeks.

most drivers work their last day and then stay on the books to use up their vacations for 7-8 weeks or whatever they have stored.
I doubt anyone keeps working just avoid taxes they’ll get back anyway.
 

Vette51

Well-Known Member
if you cash out I believe you get hit with a bigger tax bill.

at our hub , it was 40% . that is why hardly anyone does that. I took a day off a week for months before retiring because enjoyed the 4 day work weeks.

most drivers work their last day and then stay on the books to use up their vacations for 7-8 weeks or whatever they have stored.

That's what I don't understand. You are only taxed heavily on Federal tax and you'll get that back at tax season.
Also those employees who take 7 weeks vacation then retire could cash out at x rate plus receive a retirement check during that time.
Appreciate the answers.
 

burrheadd

KING Of GIFS
That's what I don't understand. You are only taxed heavily on Federal tax and you'll get that back at tax season.
Also those employees who take 7 weeks vacation then retire could cash out at x rate plus receive a retirement check during that time.
Appreciate the answers.

if your on vacation company pays for your insurance

if you’re retired they don’t at least not here
 

PT Stewie

"Big Fella"
My last day of work is April 30th my last day on the books will be June 12th . I will have to go on my full time job insurance and pay for my wife. It was a good 23 year run and the benefits and extra pay helped when I had 3 extra dependents plus the stock money paid for part of my daughters wedding. I can roll the teamsters 401K into my ft plan. The part time pension around $1200.00+per month will pay for green fees and bait money. I can see what it is like getting home at 5:30 every day instead of after 10. Social security is only 11 months away.
 

olroadbeech

Happy Verified UPSer
My last day of work is April 30th my last day on the books will be June 12th . I will have to go on my full time job insurance and pay for my wife. It was a good 23 year run and the benefits and extra pay helped when I had 3 extra dependents plus the stock money paid for part of my daughters wedding. I can roll the teamsters 401K into my ft plan. The part time pension around $1200.00+per month will pay for green fees and bait money. I can see what it is like getting home at 5:30 every day instead of after 10. Social security is only 11 months away.
what do you mean by rolling your 410k into your ft plan? we have both 401k and IRA's and keep them separate. been retired almost 5 years and have been fortunate not to have taken distributions yet.

you have another 401?
 

PT Stewie

"Big Fella"
what do you mean by rolling your 410k into your ft plan? we have both 401k and IRA's and keep them separate. been retired almost 5 years and have been fortunate not to have taken distributions yet.

you have another 401?
I have one at my full time job "Principal" and Teamsters is "Prudential". I may have to amend my retirement by a couple of months . I just came back from a meeting were I just took a 20% cut in pay by way of a 1 day a week furlough day until this pandemic is over. The plan was to work at the desk job for a couple of years and collect social security. My full time job is a manager in construction sales so commissions will be off also. The government has given us a extra 10 sick days to add to my eight (FT job) so I can use them for the furlough day ,but who knows what the future will bring. Better to keep Team Care a little while longer.
 

browndevil

Well-Known Member
My last day of work is April 30th my last day on the books will be June 12th . I will have to go on my full time job insurance and pay for my wife. It was a good 23 year run and the benefits and extra pay helped when I had 3 extra dependents plus the stock money paid for part of my daughters wedding. I can roll the teamsters 401K into my ft plan. The part time pension around $1200.00+per month will pay for green fees and bait money. I can see what it is like getting home at 5:30 every day instead of after 10. Social security is only 11 months away.
Congratulations Brother. I've been retired since December 1.....It's AWESOME!!!
 

olroadbeech

Happy Verified UPSer
I have one at my full time job "Principal" and Teamsters is "Prudential". I may have to amend my retirement by a couple of months . I just came back from a meeting were I just took a 20% cut in pay by way of a 1 day a week furlough day until this pandemic is over. The plan was to work at the desk job for a couple of years and collect social security. My full time job is a manager in construction sales so commissions will be off also. The government has given us a extra 10 sick days to add to my eight (FT job) so I can use them for the furlough day ,but who knows what the future will bring. Better to keep Team Care a little while longer.
I'm sure you know you do not have to terminate your Prudential 401k when you retire here. I can understand making things easier though. we closed out some bank accounts and now they are in a credit union.

before this mess happened also sold some stock in SMA and bought some more blue chips for the dividends.

just trying to simplify and streamline our financials.
 
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