Retiring this year. Any advice to do it right?

[Started on Paper]

I am retiring this year. Anyone have advice on the do's and don'ts?

I am in the Western conference.

I plan to take the max amount available with a reduction at 65.

I have life insurance on me and a good size 401k, so the wife should be ok.

My wife will want to work for another year or two.

Thanks for all the wisdom and insight in advance.

 

[Shiftless]

Congrats on getting to the retirement part of your life!

Western Conference is not all the same. I was WCT So Cal. when I retired at 49 almost 18 years ago. If you are Nor Cal things are different than So cal in the same Pension Retirement plan. You could be in any of 7 different states, so which is it? Age? You may not be eligible for Healthcare till you hit a certain age! That alone is a huge game changer in retirement plans for most!

So best advice I will give you: See Below

Do you qualify for Retirement Healthcare?

Don't trust anything posted on this site as tho it is exactly the same for you!!!!!!!!!!!!!!!!!

If someone is from the same part of the WCT may help. This is where you have to do your due diligence and cannot depend on word of mouth. Make sure you find out DIRECTLY from the WCT what are the rules your retirement will exclude for you and or include for you! This is NO JOKE when it comes to retirement! Dot your EYE'Ss and cross your TEE"S!

Here is the link>>> Welcome | The Western Conference of Teamsters Pension Trust

Things you may not know, AGAIN! DONT trust the local on your retirement!!! Go to the WCT !! Local may have some knowledge but DON"T 'let them be your guide! Do your homework!

Get a with drawl card! Don't just say screw-it I'm done! YA never know!! A with drawl card keeps you in good standing in case you want to do Teamster work again, all you do is reinstate and done, no pay initiation fee's again.

There are restrictions in some cases for work after you retire. Restricted by age and amount of hours worked.

Retirement Healthcare is not the same thru out WCT get your facts straight before you retire!

Retirement is so hard! Maybe you should work till you puke so you don't have to do all the homework before you retire?

Dos Centavo's

 

[Been In Brown Too Long]

Congrats on retirement! I retired from the WCT too, specifically NorCal. As Shiftless mentioned, it's not all the same just because you're in the West. I took the deduction for spousal benefits and the reduction at 65. I didn't want to be the guy that didn't leave her any pension payment after I'm gone, regardless of life insurance and 401k. The money is the easy part. It's setting up and getting a straight answer about healthcare that you should be focusing on. I'd call the number of WCT in Seattle, but also check with your local. My healthcare is taken care of through the local as we opted for a better plan than the WCT offers alone. My healthcare plan didn't have an age requirement which made it possible for me to retire at 49. I've read that in a lot of places, 55 is the age requirement. There are restrictions when it comes to working while retired, and you are sent a form annually verifying that you either aren't working, or are within the limits of their restrictions. I'd get documentation stating exactly what those restrictions are. I got a whole folder of documentation from them, and it has changed since I retired 5 years ago. They sent new docs. I generally don't care about any of that and just sign I'm not working. I retired for a reason...to not work!

Again, congrats on making it through the grind. Your life is about to change. Every day is Saturday!

 

[Started on Paper]

I am currently in local 483 "16 years" and before that in local 396 "19 years".

With local 483. I do qualify for medical benefits for me and my wife. $250 for me and $150 for her a month.

I might be able to retire under the local 396 plan but I have not checked into that yet to see if it is any better or I actually have the ability to do that.

Congrats on getting to the retirement part of your life!

Western Conference is not all the same. I was WCT So Cal. when I retired at 49 almost 18 years ago. If you are Nor Cal things are different than So cal in the same Pension Retirement plan. You could be in any of 7 different states, so which is it? Age? You may not be eligible for Healthcare till you hit a certain age! That alone is a huge game changer in retirement plans for most!

So best advice I will give you: See Below

Do you qualify for Retirement Healthcare?

Don't trust anything posted on this site as tho it is exactly the same for you!!!!!!!!!!!!!!!!!

If someone is from the same part of the WCT may help. This is where you have to do your due diligence and cannot depend on word of mouth. Make sure you find out DIRECTLY from the WCT what are the rules your retirement will exclude for you and or include for you! This is NO JOKE when it comes to retirement! Dot your EYE'Ss and cross your TEE"S!

Here is the link>>> Welcome | The Western Conference of Teamsters Pension Trust

Things you may not know, AGAIN! DONT trust the local on your retirement!!! Go to the WCT !! Local may have some knowledge but DON"T 'let them be your guide! Do your homework!

Get a with drawl card! Don't just say screw-it I'm done! YA never know!! A with drawl card keeps you in good standing in case you want to do Teamster work again, all you do is reinstate and done, no pay initiation fee's again.

There are restrictions in some cases for work after you retire. Restricted by age and amount of hours worked.

Retirement Healthcare is not the same thru out WCT get your facts straight before you retire!

Retirement is so hard! Maybe you should work till you puke so you don't have to do all the homework before you retire?

Dos Centavo's

 

[Up In Smoke]

I would recommend moving your 401K to a self managed or local advisor managed account. This makes access to your funds (deposit or with drawl) much easier. Convert your ups stock to Class "B" shares for the same reason and finally move all your (and wife's) assets into a trust. Trusts have tax incentives, healthcare and end of life benefits. Congrats and enjoy a long and healthy retirement.

 

[Shiftless]

I am currently in local 483 "16 years" and before that in local 396 "19 years".

With local 483. I do qualify for medical benefits for me and my wife. $250 for me and $150 for her a month.

I might be able to retire under the local 396 plan but I have not checked into that yet to see if it is any better or I actually have the ability to do that.

Was this Continuous UPS employment?

Local 396 19 years as a Teamsters for UPS or other?
Local 483 16 years as a Teamster for UPS or other?

Altho I didn't retire 396, I was in two different locals myself.

I was in two different locals next door to 396 and we all collaborated on many of the same work rules, anything pertaining to a UPS'ers, same Panel Process, Health & Welfare and we pay $300 a month in total for spouse and I.

BUT? Maybe new retiree's pay a higher monthly fee? I Don't know?

Maybe a retired 396'er while chime in.

 

[Started on Paper]

Was this Continuous UPS employment?

Local 396 19 years as a Teamsters for UPS or other?
Local 483 16 years as a Teamster for UPS or other?

Altho I didn't retire 396, I was in two different locals myself.

I was in two different locals next door to 396 and we all collaborated on many of the same work rules, anything pertaining to a UPS'ers, same Panel Process, Health & Welfare and we pay $300 a month in total for spouse and I.

BUT? Maybe new retiree's pay a higher monthly fee? I Don't know?

Maybe a retired 396'er while chime in.

Yes it was all continuous employment.

I called local 396 to see if there retirement benefits were better and available for me to retire with and there answer was that I would have to work for 30 month to receive medical benefits so that in not happening.

 

[Shiftless]

First off, is Local 483 in Idaho? That is WCT as you say.

Pretty sure, but I may be wrong? I would guess you will get the retirement benefit pkg that is in the region you are working or retired from last.

Is your retirement still thru one of the PEER programs?

Healthcare retirement programs can be vastly different even in one state.