Oldfart is saying you'll get an extra 10% annually if you put off taking the pension. With compounding you would double your pension every 7 years. If a person was to get $28k at 60 he'd get $56k at 67. I have my doubts.
retirement
- Thread starter NC man
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falcon back
Well-Known Member
You left money on the table. You took a 15% reduction in your pension by going early. If you had simply waited 18 months to begin drawing the pension, you would have earned back that 15% with the adjustment I mentioned. That adjustment has been available for a number of years according to people that retired years ago, it is not new. Another poster confirmed my information concerning the Traditional and yet you continue to dispute the FACTS. More proof your hatred outweighs facts.
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Self appointed benefits manager Old "Captain Obvious" Falcon Fart is simply restating well, the obvious. The longer you put off drawing retirement benefits the high the monthly payout. Great idea! Trouble is you don't know if you'll live to you're 98.....or 68.
Best retirement advice that was ever imparted to me came from a lady at Vocational Rehabilitation when we took me out into the hallway and simply said, "I'm going to tell you something strictly off the record and will deny having said it. Just go for your disability and be done with it".
falcon back
Well-Known Member
Texan denies that is the case. He took the quick easy money and now is upset that he is just "getting by". Disability payments are alway good. You pay no income taxes on disability payments. I guess in your case it wasn't physical disability, Yours was mental.
rod
Retired 22 years
Depends on what state you live in. There is always a carrot on the end of the stick when it comes to retiring. If you hold off retiring X amount you will get X amount more. My advise is to retire as soon as you financially can. If you haven't saved /invested for it then you may have to work ALL your life. I know guy who still had a house payment, car payments and a kid in college who retired and immediately had to take another full time job but in the long run with his new job plus pension he is happier than a pig in slop. Getting out of pushing cardboard does that for you. I would assume it would be the same way at Fedex.
falcon back
Well-Known Member
rod
Retired 22 years
I may be wrong now but isn't Work Comp non taxable and just plain Disability is?
Oh, so now you're a self appointed psychiatrist and SSD disability judge. LMFAO. And BTW Social Security benefits in all forms can be very much taxable.
So why don't you quit while you're still ahead rather than to continue to make such a fool of yourself?
But, if you insist on continuing to do so, then we'll just sit back and continue to enjoy every incredibly amusing post you make.
falcon back
Well-Known Member
Where did I mention SS? Guess your mental disability is showing itself. Like posted above. Workmans Comp disability is not taxable as far as Federal taxes
Cactus
Just telling it like it is
If I had waited 18 months with the formula I was under I would have gotten back 3%. Full retirement was at 60 with each year you took it earlier reduced it 3% with the earliest I could take it at 55. Your supposition that every year you wait after 60 increases it 10% would have your pension doubled at 67. This from the people who terminated the traditional pension plan and replaced it with a significantly less generous plan. Which apparently they're now in the process of ending too. Yeah, right, they're so willing to give so much more. If true it's the only good thing they've done retirement wise in their history. The company that reams mgrs for giving couriers free money with the 35 hr guarantee is going to give old, topped out couriers thousands and thousands extra just for sticking around longer. I'd call you stupid but that doesn't even begin to convey the depth of your idiocy.
I'm upset that FedEx screwed us over on the traditional. But I'm getting by fine. You can't seem to grasp that my $22k in Argentina is easily the equivalent of $80k in the States. You would never go there though because you don't have the cajones.
falcon back
Well-Known Member
Nope. Every year you wait after you retire. Doesnt have to be 60. You retired at 55, lost 15% because you immediately took the pension. If you retired at 55 and waited 18 months you would have gotten 15% more than you did by taking it at 55. Water under the bridge now. The facts back up my statement
You wait after retirement to draw the pension and watch your Traditional grow 10% a year.
falcon back
Well-Known Member
Not going to Argentina because I dont want to. 80k in the states isnt gonna let you do much just like 22k isnt letting you do.much
except count pesos.
Ohhhh, And just when and where did you specifically mention Workman's Comp disability ? Well, let me help you. At no time did you specifically mention Workman's Comp.
Look, no matter what you might think you know about your company's retirement plan you cannot speak to the matter authoritatively because yours is NOT A LEGALLY QUALIFIED opinion. You obviously lack the formal education in the discipline nor are you an authorized officer or employee who can speak to the matter in an official capacity.
falcon back
Well-Known Member
Provide documentation that the portable is going away, you can't because there is none
falcon back
Well-Known Member
What are you babbling about?
No, if I had waited until 56 I would have gotten 12% less than I would have at 60. At 57 9% less. Whether they would have prorated it if I had retired at say 56 and 7 months I don't know. But it wouldn't have been an extra 10% a year. They clearly spelled that out in our annual benefits guide as well as the material they sent me for retirement. There was no option given to wait after 60 either. I had a handful of options, that wasn't one of them. If they are still sending out a benefits guide that should be in there. Or if not call Retirement Administration. But getting an extra 10% each year you wait after 60, or even 55 as you said, isn't so and never was.
When FedEx recently gave the option of staying in the portable or going into the new enhanced 401k it appeared very similar to when they offered us the choice to remain in the traditional or go into the new portable. If so look for the portable to be gone in a year or two. I never said it was set in stone, but it does look like the same strategy they employed then.
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