UPS Special Pension Buyout Offer - December 2016

[rod]

I received my offer, my monthly payout at retirement would be $278, buyout would be about $24K. I am 51, I do have a 401k at my current employer as does my wife at hers. My thoughts would be to take the buyout pay off bills, put some away for the kids and my savings and leave some for the IRS man in April. Thoughts?

The hell with the kids--buy a Harley

 

[Jones]

I received my offer, my monthly payout at retirement would be $278, buyout would be about $24K. I am 51, I do have a 401k at my current employer as does my wife at hers. My thoughts would be to take the buyout pay off bills, put some away for the kids and my savings and leave some for the IRS man in April. Thoughts?

Take the buyout but don't spend any of it. Roll it into an IRA or 401K.

 

[burrheadd]

I received my offer, my monthly payout at retirement would be $278, buyout would be about $24K. I am 51, I do have a 401k at my current employer as does my wife at hers. My thoughts would be to take the buyout pay off bills, put some away for the kids and my savings and leave some for the IRS man in April. Thoughts?

take it to Vegas bet it all on the Chiefs to win the Super Bowl

you be rich come January

 

[olroadbeech]

I received my offer, my monthly payout at retirement would be $278, buyout would be about $24K. I am 51, I do have a 401k at my current employer as does my wife at hers. My thoughts would be to take the buyout pay off bills, put some away for the kids and my savings and leave some for the IRS man in April. Thoughts?

talk to a tax person unless it's legal to roll over to another retirement plan. if you get cash you will pay the tax man BIG time .

 

[Gipsee]

I received my offer, my monthly payout at retirement would be $278, buyout would be about $24K. I am 51, I do have a 401k at my current employer as does my wife at hers. My thoughts would be to take the buyout pay off bills, put some away for the kids and my savings and leave some for the IRS man in April. Thoughts?

That is what I'm doing because I can't "Retire" until 2035 and the $423 a month then won't be worth much...plus I have a great retirement with my current employer. Do what's best for your family.

 

[Shecoope]

Well it’s now December 2019 anybody anticipating their pension buyouts

 

[Gipsee]

Well it’s now December 2019 anybody anticipating their pension buyouts

Sure...but they probably won't beginning rolling in before the 13th.

 

[IVE GOTTA PACKAGE 4U]

Well it’s now December 2019 anybody anticipating their pension buyouts

It's a little bet early for the mailman

 

[Shecoope]

Got some good news so called the ups pension plan today they said that if you get direct deposit that funds will be direct deposited December 23

 

[IVE GOTTA PACKAGE 4U]

 

[What'dyabringmetoday???]

talk to a tax person unless it's legal to roll over to another retirement plan. if you get cash you will pay the tax man BIG time .

Or talk to UpstateNYUPSer. Lol.

 

[Shecoope]

Well ups said they should distribute funds by the 23 or this month fingers crossed

 

[Shecoope]

View attachment 274441

Do you know the process of how ups will distribute payments do they mail them to the plan trustee first

 

[IVE GOTTA PACKAGE 4U]

Do you know the process of how ups will distribute payments do they mail them to the plan trustee first

I'm not sure

 

[Shecoope]

I'm not sure

Did u elect rollover or lumpsome

 

[IVE GOTTA PACKAGE 4U]

Did u elect rollover or lumpsome

Rollover

 

[upsbeernut]

Rollover

Spend it

 

[IVE GOTTA PACKAGE 4U]

Spend it

No

 

[upsbeernut]

No

You only live once

 

[UpstateNYUPSer(Ret)]

Do you know the process of how ups will distribute payments do they mail them to the plan trustee first

Which part of "direct" deposit are you having difficulty with?