Retirement side hustle and tax right off

[rod]

I honestly do not know who checks on that

Whatever you do check first with your Local to see WHAT restrictions you have with working after retirement. Don't check Brown Cafe- check your Local. At a Union meeting one time a guy asked how the Union would find out about someone working where they weren't suppose to. The Union guy said " most of our information comes from Union Employees still working who carry a grudge against a fellow driver". When I retired there were only two kinds of jobs that we weren't required to check with the Union before taking. One was a school bus driver and the other was ANY Government job.

 

[IVE GOTTA PACKAGE 4U]

They probably check L & I records and/or SS records. My pension limits monthly hours, but allows 3 months of unlimited hours.

A pension representative said that retirement funds are for the retired. If you retire before 65 then go back to work, you never intended to retire in the first place.

That's a power crap. That money was paid into our pension plans was in lieu of our hourly wages

 

[IVE GOTTA PACKAGE 4U]

Whatever you do check first with your Local to see WHAT restrictions you have with working after retirement. Don't check Brown Cafe- check your Local. At a Union meeting one time a guy asked how the Union would find out about someone working where they weren't suppose to. The Union guy said " most of our information comes from Union Employees still working who carry a grudge against a fellow driver". When I retired there were only two kinds of jobs that we weren't required to check with the Union before taking. One was a school bus driver and the other was ANY Government job.

When I finally decide to leave here I don't want to work

 

[Shiftless]

Was considering getting a part time side hustle to supplement my pension income. When I retire next summer. Example using my own vehicle to drive people on temporary work disability to and from doctors appointments. Was wondering if any of you retirees are doing the same thing and if the tax right offs 59 cent a mile were worth the time and effort.

Not all retirement plans are equal. Make sure you address this issue with the plan that administers your retirement plan, as they are the ones who rule your retirement.

They will have you certify every year if you have done any work that is suspendable under your retirement program.

I retired out of the WCT (Western Conference teamster Pension Plan) And I think there has just been a change in re-employment reporting requirements. I think it is now??? 60 hours up until 60 years of age and 85 hours till 65 years of age. WHO KNOWS WHAT YOUR'S IS???

As with anything retirement from UPS/Teamsters like Rod says above Don't get your info here!! It may not directly apply!

If you want to retire and you think you may need extra monies? Better think long and hard if your even ready to retire financially????

If you are just thinking you want to stay busy that is another thing.

Just make sure if you do any kind of business??? That too maybe considered suspendable. Let alone you will need to carry some type of insurance so you don't get sued into oblivion just to make a few extra bucks

Dos Cenatvo's
Ya Gotta Love Choices

 

[rod]

When I finally decide to leave here I don't want to work

You will be too old by then anyway---probably in your 80's.

 

[IVE GOTTA PACKAGE 4U]

You will be too old by then anyway---probably in your 80's.

I'm not sure what year I leave but I will still be in my 50s and not old enough to collect my 401k

 

[onehandsolo]

I'm not sure what year I leave but I will still be in my 50s and not old enough to collect my 401k

You can retire from ups at 55 and withdraw from from your ups/teamster prudential 401k plan with no early withdrawal penalty If you stay in the plan. You will lose that right if you roll over into another plan.

 

[IVE GOTTA PACKAGE 4U]

You can retire from ups at 55 and withdraw from from your ups/teamster prudential 401k plan with no early withdrawal penalty If you stay in the plan. You will lose that right if you roll over into another plan.

Oh I most definitely understand those rules. But I have no intention of letting it that early or paying state tax on it

 

[oldngray]

You can retire from ups at 55 and withdraw from from your ups/teamster prudential 401k plan with no early withdrawal penalty If you stay in the plan. You will lose that right if you roll over into another plan.

What are you trying to say? No penalty if you leave the Teamster and roll it over into another plan? Correct. But you can't just withdraw the money without paying the penalty if you don't roll it over. For most people it is probably better to leave the 401k since you are no longer actively contributing and other plans have better investment options.

 

[IVE GOTTA PACKAGE 4U]

What are you trying to say? No penalty if you leave the Teamster and roll it over into another plan? Correct. But you can't just withdraw the money without paying the penalty if you don't roll it over. For most people it is probably better to leave the 401k since you are no longer actively contributing and other plans have better investment options.

If you are 55 and older and retired from your employer you can take money out of your 401k without the 10% penalty

 

[cosmo1]

I honestly do not know who checks on that

My local did.

 

[1989]

Not all retirement plans are equal. Make sure you address this issue with the plan that administers your retirement plan, as they are the ones who rule your retirement.

They will have you certify every year if you have done any work that is suspendable under your retirement program.

I retired out of the WCT (Western Conference teamster Pension Plan) And I think there has just been a change in re-employment reporting requirements. I think it is now??? 60 hours up until 60 years of age and 85 hours till 65 years of age. WHO KNOWS WHAT YOUR'S IS???

As with anything retirement from UPS/Teamsters like Rod says above Don't get your info here!! It may not directly apply!

If you want to retire and you think you may need extra monies? Better think long and hard if your even ready to retire financially????

If you are just thinking you want to stay busy that is another thing.

Just make sure if you do any kind of business??? That too maybe considered suspendable. Let alone you will need to carry some type of insurance so you don't get sued into oblivion just to make a few extra bucks

Dos Cenatvo's
Ya Gotta Love Choices

+ 3 months unlimited hours.

 

[Shiftless]

+ 3 months unlimited hours.

I knew there was something else.

Again, taking any info off this site as its gospel to what your plan administers is foolish!

 

[Jones]

You can retire from ups at 55 and withdraw from from your ups/teamster prudential 401k plan with no early withdrawal penalty If you stay in the plan. You will lose that right if you roll over into another plan.

You can actually be 54, as long you turn 55 that year. One thing to keep in mind is that if you retire earlier than the year you turn 55 you lose the option to withdraw early with no penalty.

 

[IVE GOTTA PACKAGE 4U]

You can actually be 54, as long you turn 55 that year. One thing to keep in mind is that if you retire earlier than the year you turn 55 you lose the option to withdraw early with no penalty.

Unless there's a emergency 55 is way too young to withdrawal from your retirement plans plans

 

[Jones]

Unless there's a emergency 55 is way too young to withdrawal from your retirement plans plans

It's totally situation dependent. If you only have a couple 100k in there then yeah you shouldn't touch it, let it grow. If you got a couple million it's a different story, you can withdraw 40-50k/year and never run out of money.

 

[IVE GOTTA PACKAGE 4U]

It's totally situation dependent. If you only have a couple 100k in there then yeah you shouldn't touch it, let it grow. If you got a couple million it's a different story, you can withdraw 40-50k/year and never run out of money.

Just my personal opinion unless you have a health issue for some other life crisis you shouldn't need to take money from your retirement plan on your 55

 

[Jones]

Just my personal opinion unless you have a health issue for some other life crisis you shouldn't need to take money from your retirement plan on your 55

yup

 

[Method Mensch]

I don't need to work and I'm not bored (yet). Driving strangers around in my car doesn't sound like something I'd be interested in, if I needed a little extra cash I'd try to find something I could do online for a few hours a day.

I did do that once. I was young, I needed the money.

 

[olroadbeech]

Was considering getting a part time side hustle to supplement my pension income. When I retire next summer. Example using my own vehicle to drive people on temporary work disability to and from doctors appointments. Was wondering if any of you retirees are doing the same thing and if the tax right offs 59 cent a mile were worth the time and effort.

pizza delivery. they are always looking for people.

best fun job i ever had was flower delivery when i was in college.
good tips.