retirement

[falcon back]

Not true on the traditional. The max you can get is at age 60. The earliest you can take it is at 55. Each year you take it earlier than 60 reduces it 3%. If you retire at 60 and choose to delay until 61, which I don't think is possible, you lose a year's worth of payments. The only legitimate reason for delaying past 60 is if you're still working. But if you were going to get $25k at 60 that's what you'll get at 67 if you work until full SS retirement age.

You are incorrect in thinking you can't delay drawing your pension and incorrect to think your pension does not increase when you wait. You can't argue with a man who retired and has ONLY 22k to live on.

 

[vantexan]

You are incorrect in thinking you can't delay drawing your pension and incorrect to think your pension does not increase when you wait. You can't argue with a man who retired and has ONLY 22k to live on.

I retired at 55. Maybe you didn't read my recent post but I'll be catching up without having to work for the Purple People Eaters. But I do know that nothing like you're saying was in my paperwork. It's true only if FedEx got religion in the last few years and is being much more generous.

 

[falcon back]

I would check with FedEx benefits office about that. You're literally saying if you are to get $30k at 60 FedEx will give you $33k if you wait a year. They've never been that generous and it certainly wasn't in my retirement paperwork.

Your math is correct. Not many couriers are gonna get $30k at age 60 unless they were foolish enough to take the SS Leveling option. At 100%, most couriers are gonna get $1800 to $2100 a month IF they take it as soon as they retire. IF they wait 1 year, $1800 a month will be about $1980 a month. I have talked to retirement and the chart on the retirement website confirms what I am saying.

 

[vantexan]

Your math is correct. Not many couriers are gonna get $30k at age 60 unless they were foolish enough to take the SS Leveling option. At 100%, most couriers are gonna get $1800 to $2100 a month IF they take it as soon as they retire. IF they wait 1 year, $1800 a month will be about $1980 a month. I have talked to retirement and the chart on the retirement website confirms what I am saying.

A courier in a higher pay scale who averaged $70k for his 5 highest paid years and got in 25 years before they ended the traditional would get $35k a year. A lot of couriers in California, New York, etc who got good OT easily grossed $70k a year. That had been my plan, to top out in 7-8 years after I was rehired then go to California for 5 years to beef up my pension. But alas they weren't truthful about topping out in 7-8 years then they terminated the traditional anyways. I got 19 years on lower pay instead of 21 on top out pay that I would have gotten if I hadn't quit. Live and learn.

 

[falcon back]

A courier in a higher pay scale who averaged $70k for his 5 highest paid years and got in 25 years before they ended the traditional would get $35k a year. A lot of couriers in California, New York, etc who got good OT easily grossed $70k a year. That had been my plan, to top out in 7-8 years after I was rehired then go to California for 5 years to beef up my pension. But alas they weren't truthful about topping out in 7-8 years then they terminated the traditional anyways. I got 19 years on lower pay instead of 21 on top out pay that I would have gotten if I hadn't quit. Live and learn.

I know in 2004 when I left the Traditional, I was nowhere near 70K a year but that has NOTHING to do with my statement. No matter what your Traditional payment will be, if you retire and delay "Commencing", your pension payment will increase by 10% per year you delay.

 

[vantexan]

I know in 2004 when I left the Traditional, I was nowhere near 70K a year but that has NOTHING to do with my statement. No matter what your Traditional payment will be, if you retire and delay "Commencing", your pension payment will increase by 10% per year you delay.

Prove it. Wasn't in my retirement paperwork. Nothing remotely close.

 

[falcon back]

Prove it. Wasn't in my retirement paperwork. Nothing remotely close.

Not my problem if you don't believe me, the retirement website or retirement dept. No way to show you unless you can use the chart on "retirement.fedex.com" which you can't because you are retired. NC man can use the chart, I can use the chart and anyone still employeed can use the chart. Believe me or not, not my problem. Besides, you are living the American dream on $22k a year.

 

[vantexan]

Not my problem if you don't believe me, the retirement website or retirement dept. No way to show you unless you can use the chart on "retirement.fedex.com" which you can't because you are retired. NC man can use the chart, I can use the chart and anyone still employeed can use the chart. Believe me or not, not my problem. Besides, you are living the American dream on $22k a year.

I'm not you. That's American Dream enough for me. I'll believe it when several trusted sources here confirm it.

 

[falcon back]

I'm not you. That's American Dream enough for me. I'll believe it when several trusted sources here confirm it.

Did you ever ask any of your buddies to confirm my point?

 

[vantexan]

Did you ever ask any of your buddies to confirm my point?

Nah, they're too busy dealing with all the other FedEx idiocy. Rumor has it you do have a point, and a good hat will hide it.

 

[doodlebug]

Actually what he is saying, is correct. I put in the numbers and I will get up to 10% more in a year. Truly interested in getting back to the health insurance question. Is that 22K until you reach 65? In other works a little over 4K a year?

 

[doodlebug]

in other words

 

[doodlebug]

Also, I will be taking the leveling option, so I can retire early. Thank God I have no medical issues, even though I'm older than my husband. He has his own pension, VA benefits, etc. so it works for us. I've seen too many work till they're 65, only to die within 5 years.

 

[NC man]

Actually what he is saying, is correct. I put in the numbers and I will get up to 10% more in a year. Truly interested in getting back to the health insurance question. Is that 22K until you reach 65? In other works a little over 4K a year?

If asking me then yes, the chart shows at 62 they "put 22k" in the account for premiums, worked out to roughly 600 month for premiums til medicare at 65

 

[bacha29]

After reading all of these posts one astonishing reality stands out here. A secure retirement is becoming an ever more elusive and harder to hit target and it's found in the way in which you people have to game, maneuver and recalibrate everything on a regular basis just to try and hit somewhere close to the retirement sweet spot.

So what should this be telling you? It should be telling you that Fat Freddy is doing everything he can to divest himself of as much present and future "legacy" costs as he can divest himself of and get away with it and do so WITHOUT IT LOOKING like he's doing everything he can to divest himself of every present and future legacy cost.

 

[falcon back]

Actually what he is saying, is correct. I put in the numbers and I will get up to 10% more in a year. Truly interested in getting back to the health insurance question. Is that 22K until you reach 65? In other works a little over 4K a year?

The insurance reimbursement is the TOTAL amount you will get. Even if you retire at 65 and are eligible for medicare, there is money to be used for medicare. If you retire before 65, you will pay the insurance premium and about 2 weeks later, Fedex will deposit that amount back into your account and will continue until the money runs out. If you are married, your spouse is eligible for money as well, even if they are not on your insurance.

 

[falcon back]

After reading all of these posts one astonishing reality stands out here. A secure retirement is becoming an ever more elusive and harder to hit target and it's found in the way in which you people have to game, maneuver and recalibrate everything on a regular basis just to try and hit somewhere close to the retirement sweet spot.

So what should this be telling you? It should be telling you that Fat Freddy is doing everything he can to divest himself of as much present and future "legacy" costs as he can divest himself of and get away with it and do so WITHOUT IT LOOKING like he's doing everything he can to divest himself of every present and future legacy cost.

What in the world are you babbling about?

 

[falcon back]

If asking me then yes, the chart shows at 62 they "put 22k" in the account for premiums, worked out to roughly 600 month for premiums til medicare at 65

I am not certain if you can designate how much you want to be reimbursed each month to make it last or if they reimburse you the entire amount of the premium until the money runs out. Will have to look into that as retirement gets closer.

 

[falcon back]

Nah, they're too busy dealing with all the other FedEx idiocy. Rumor has it you do have a point, and a good hat will hide it.

Hey texan, did you see where someone verified my Traditional pension post? You made a bad choice and refuse to accept facts. That is a real shame.

 

[vantexan]

Hey texan, did you see where someone verified my Traditional pension post? You made a bad choice and refuse to accept facts. That is a real shame.

What bad choice? With the new pay plan I was looking at being almost 64 before topping out and that's assuming FedEx kept their word with annual raises. They've already reneged on that. At the same time my knees were going on me and my diabetes was becoming a problem. So taking it at 55 was a no brainer.