Retirement takes some financial planning

[Ancient Alien]

As you know. I retired 49 & 11-months with 28-11 months worked. I used my 7-weeks and optional week to make it to PEER 80. I'm in the WCT plan.

I pay $780 for insurance a month for the wife & I. $390 each. It doesn't include optical or dental. You can pay additional a month for dental but it's basically just two cleanings a year.

I read on here where other locals in the Western Plan pay a lot less for retiree medical but I am outta Spokane so that's what we pay. I went 100% Pension and got my wife two insurance policies. So if I tip over, she gets none of my pension but she'll be fine with the life insurance. It was the best deal in our situation.

Yet, health insurance & life insurance costs a month sure takes a bite out of my pension.

One beautiful thing most don't know after you retire is the lack of taxes. Your status now is unearned income so you have no SS or Medicare tax. Meaning say you make approx. $1,000 a week now but only get $710 of that as cash, when you retire... that $1,000 gross turns into about $870 net of cash. These are rough guesstimates but just for future retirees to know because a lot of my co-workers didn't know that.

 

[IVE GOTTA PACKAGE 4U]

As you know. I retired 49 & 11-months with 28-11 months worked. I used my 7-weeks and optional week to make it to PEER 80. I'm in the WCT plan.

I pay $780 for insurance a month for the wife & I. $390 each. It doesn't include optical or dental. You can pay additional a month for dental but it's basically just two cleanings a year.

I read on here where other locals in the Western Plan pay a lot less for retiree medical but I am outta Spokane so that's what we pay. I went 100% Pension and got my wife two insurance policies. So if I tip over, she gets none of my pension but she'll be fine with the life insurance. It was the best deal in our situation.

Yet, health insurance & life insurance costs a month sure takes a bite out of my pension.

One beautiful thing most don't know after you retire is the lack of taxes. Your status now is unearned income so you have no SS or Medicare tax. Meaning say you make approx. $1,000 a week now but only get $710 of that as cash, when you retire... that $1,000 gross turns into about $870 net of cash. These are rough guesstimates but just for future retirees to know because a lot of my co-workers didn't know that.

Why did you retire so early?

 

[Jkloc420]

As you know. I retired 49 & 11-months with 28-11 months worked. I used my 7-weeks and optional week to make it to PEER 80. I'm in the WCT plan.

I pay $780 for insurance a month for the wife & I. $390 each. It doesn't include optical or dental. You can pay additional a month for dental but it's basically just two cleanings a year.

I read on here where other locals in the Western Plan pay a lot less for retiree medical but I am outta Spokane so that's what we pay. I went 100% Pension and got my wife two insurance policies. So if I tip over, she gets none of my pension but she'll be fine with the life insurance. It was the best deal in our situation.

Yet, health insurance & life insurance costs a month sure takes a bite out of my pension.

One beautiful thing most don't know after you retire is the lack of taxes. Your status now is unearned income so you have no SS or Medicare tax. Meaning say you make approx. $1,000 a week now but only get $710 of that as cash, when you retire... that $1,000 gross turns into about $870 net of cash. These are rough guesstimates but just for future retirees to know because a lot of my co-workers didn't know that.

man you pay a lot in insurance

 

[sailfish]

Why did you retire so early?

I know I would if I could.

 

[IVE GOTTA PACKAGE 4U]

I know I would if I could.

Me too. I'm just not walking out too early and taking some minimum wage job. Didn't put all these years in to be some poor chump.

 

[MECH-lift]

BOG TROLL!

 

[zubenelgenubi]

Why did you retire so early?

Because he could. I'll be 54 when I'm eligible, I'll be out of here the earliest chance I get.

 

[Ancient Alien]

Why did you retire so early?

I believe I won't make it to 80-years old and my siblings I've lost make me feel more like I might be correct in that assumption. I figured if I only have 15-years of life left. I want to hang with family, the wife & kids and enjoy the end of my life. I have some savings. Nothing to brag about, but debt wiped out in my 30's and took a bunch of vacations early on before we were walking off the plane or cruise ship with a walker. So now it's just time to enjoy the rest of my/our life before it was too late. It's a huge trade off. Three of my coworkers last year made over $105,000 and I could sure go for cash like that because I make under $60,000 now gross.

Yet, I am happy I made the choice.

 

[IVE GOTTA PACKAGE 4U]

Because he could. I'll be 54 when I'm eligible, I'll be out of here the earliest chance I get.

Trust me I completely understand wanting to get outta here . More than you will ever know
Just because you are eligible to retire doesn't always mean you should

 

[IVE GOTTA PACKAGE 4U]

I believe I won't make it to 80-years old and my siblings I've lost make me feel more like I might be correct in that assumption. I figured if I only have 15-years of life left. I want to hang with family, the wife & kids and enjoy the end of my life. I have some savings. Nothing to brag about, but debt wiped out in my 30's and took a bunch of vacations early on before we were walking off the plane or cruise ship with a walker. So now it's just time to enjoy the rest of my/our life before it was too late. It's a huge trade off. Three of my coworkers last year made over $105,000 and I could sure go for cash like that because I make under $60,000 now gross.

Yet, I am happy I made the choice.

Honestly Happy for you
You can't buy time

 

[Catatonic]

Me too. I'm just not walking out too early and taking some minimum wage job. Didn't put all these years in to be some poor chump.

Now you’re a rich chump!

 

[MECH-lift]

Upstate? Is that you?

 

[Catatonic]

Because he could. I'll be 54 when I'm eligible, I'll be out of here the earliest chance I get.

So, how long you holding onto 39?

 

[IVE GOTTA PACKAGE 4U]

Now you’re a rich chump!

I'm serious. I've seen guys that live paycheck to paycheck. Have no savings, stols have a mortgage and walk out the door.

 

[IVE GOTTA PACKAGE 4U]

Upstate? Is that you?

You need to quit mentioning his name.

 

[Ancient Alien]

Upstate? Is that you?

No, not Dave. I read this site for 2-years after another retiree told me about it. He wanted me to sign up and cut it up with him. So I lurked for the two years and I don't really know why I signed up today. I did however, and am just here to say 'hello' and state good times are ahead for all. A better life. No matter what your financial status might be.

 

[zubenelgenubi]

Trust me I completely understand wanting to get outta here . More than you will ever know
Just because you are eligible to retire doesn't always mean you should

I've considered the possibility of double dipping at 65. That's a worst case scenario for me. Driving was always meant to be a means to raise some capital to start my own business, or take advantage of whatever opportunities happen to arise. If I make it to retirement here, then I failed.

 

[zubenelgenubi]

So, how long you holding onto 39?

Until 40?

 

[MECH-lift]

Lol who disagreed with me mentioning his name , he is out there!

 

[zubenelgenubi]

Or you could always be a failure like Cosmo and retire without health insurance and work a minimum wage job.

As far as back up plans, retiring from UPS isn't too shabby. I just want to see what more I'm capable of achieving.