Retirement and Vacation time...

Discussion in 'UPS Retirement Topics' started by Vette51, Feb 10, 2020.

  1. Vette51

    Vette51 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.
     
  2. burrheadd

    burrheadd KING Of GIFS

    Depends on your supplement

    this would be a good question to ask your BA
     
  3. Jkloc420

    Jkloc420 Well-Known Member

    some take a couple weeks and get the rest paid out
     
  4. Shiftless

    Shiftless Active Member

    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!
     
  5. rod

    rod #1 on Upstates "list"

    Yes
     
  6. Indecisi0n

    Indecisi0n Well-Known Member

    No
     
  7. olroadbeech

    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.
     
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  8. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    I doubt anyone keeps working just avoid taxes they’ll get back anyway.
     
  9. Jackburton

    Jackburton Gone Fish'n

    And I’d add, if you’re that worried about having tax money in your hand, maybe you need to work a few more years.
     
  10. Vette51

    Vette51 Member

    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.
     
  11. brownmonster

    brownmonster Man of Great Wisdom

    All this was explained to me before I retired by
    A. The pension fund office.
    B. Browncafe.
     
  12. rod

    rod #1 on Upstates "list"

    Which one was correct---let me guess. :-)
     
  13. olroadbeech

    olroadbeech Happy Verified UPSer

    if you call your pension plan people and find out something ????
     
  14. burrheadd

    burrheadd KING Of GIFS

    if your on vacation company pays for your insurance

    if you’re retired they don’t at least not here
     
  15. PT Stewie

    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.
     
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  16. olroadbeech

    olroadbeech Happy Verified UPSer

    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?
     
  17. PT Stewie

    PT Stewie "Big Fella"

    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.
     
  18. browndevil

    browndevil Well-Known Member

    Congratulations Brother. I've been retired since December 1.....It's AWESOME!!!
     
  19. olroadbeech

    olroadbeech Happy Verified UPSer

    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.