Catatonic
Nine Lives
I just turned 55 so I am eligible for early retirement (with a 15% penalty).
At UPS, management is taught to anlyze and do financial analysis. That is working against UPS now because people do simple cost/benefit analysis of retiring now versus working until 60 or later.
A management person with 35 years of service
PROS
1) Get away from the pressure
2) Difference in take home pay versus Pension pay is not too great (probably 40% less)
CONS
1) Take a 3% penalty per year before age 60 (why incur a penalty if you want people to leave)
2) The National debt is going out of site (just like in the 60's and early 70's) and the logical way to retire the National debt is to "let" inflation go up. Since UPS pension is not COLA based, a few years of excessive inflation will erode your buying power to 50% or less.
3) What do you do in retirement? I guess one adjusts but it is a bit scary to me not to have job type responsibilities but I am beginning to warm up to that aspect.
This was therapeutic in a way as I try to make this decision myself.
I know the differences are even greater if one does not have 35 years in.
Please provide feedback from your perspective (Union vs Non-Union, ---- 15 yrs vs 25 yrs vs 35 yrs ---- Already retired vs Looking to retire)
At UPS, management is taught to anlyze and do financial analysis. That is working against UPS now because people do simple cost/benefit analysis of retiring now versus working until 60 or later.
A management person with 35 years of service
PROS
1) Get away from the pressure
2) Difference in take home pay versus Pension pay is not too great (probably 40% less)
CONS
1) Take a 3% penalty per year before age 60 (why incur a penalty if you want people to leave)
2) The National debt is going out of site (just like in the 60's and early 70's) and the logical way to retire the National debt is to "let" inflation go up. Since UPS pension is not COLA based, a few years of excessive inflation will erode your buying power to 50% or less.
3) What do you do in retirement? I guess one adjusts but it is a bit scary to me not to have job type responsibilities but I am beginning to warm up to that aspect.
This was therapeutic in a way as I try to make this decision myself.
I know the differences are even greater if one does not have 35 years in.
Please provide feedback from your perspective (Union vs Non-Union, ---- 15 yrs vs 25 yrs vs 35 yrs ---- Already retired vs Looking to retire)