Why should one retire from UPS?

[rod]

I highly recommend retirement. If you do plan on getting a part time job make sure it is a fun one that you enjoy and fits your schedule. I was lucky enough to get a job with my local township that allows me to come and go as I please and work as often (or not) as I want to. I see my boss once a month - if I attend the monthly township meeting -otherwise they just send me an email to let me know if there is anything they really need me to do. Once a month I have to clean the town hall before the meeting- other than that I pretty much do as I want. (lots of mowing in the summer and a little snowplowing in the winter.) I wouldn't get rich doing it but it does keep me active and in beer money.

A friend of my wifes is a widower that just happens to like to dance (ballroom style) so he spends his retirement sailing the world on cruise ships teaching lonely ladies how to dance. I bet there are some perks that come with that job

 

[cachsux]

At what size does a boat become a yacht?

At the point that the chicks no longer have to be paid to want to get on it.

 

[Bad Gas!]

If you retire...Make your 25-30 year bucket list of things you want to do before you die....Sky diving or whatever..

 

[Catatonic]

If you retire...Make your 25-30 year bucket list of things you want to do before you die....Sky diving or whatever..

I can still do those while I'm working.

 

[Dis-organized Labor]

You have a good point there....I used to think a yacht was over 80-90 feet. Never put affordability into the mix.

Well then, when does a boat become a ship?

 

[Catatonic]

Well then, when does a boat become a ship?

That's easier,,,
A boat become a ship when it is too big to be hoisted and put on another ship.

 

[Dis-organized Labor]

That's easier,,,
A boat become a ship when it is too big to be hoisted and put on another ship.

Sorry, not buyin' it.

 

[Catatonic]

Sorry, not buyin' it.

That's because you can't afford it (me either).

 

[pickup]

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)

Here's the way I look at it, if you are on the fence and want to retire because of the pressure , then make the decision to retire. But DON"T RETIRE, continue going to your job every day but do it the way you want to do it, pressure free(i.e. don't internalize the pressure around you) The worst they can do is that they fire you and you will end up where you were going to be if you did retire : out of a ups job.

I gave my uncle who had a similar dillema this advice and he has been driving his superiors crazy for the last 6 months.

 

[Pump Up The Volume]

Gee, I don't know, maybe the transporation stocks are a thing of the past

 

[Old International]

The biggest cost to retire will be medical. If you have the medical ironed out, then if you can go, then go. Find something else todo, that if they piss you off, you can just leave.
I can't retire until 55, when I can start getting the medical ins. At that time, I will have 37 years of service, and 34 years of full time employment. I am 45 now(almost 46) so I am looking at 9 years and 1 month. SIGH........

 

[gimmeabreak]

Hoax

didn't your boss just retire?

 

[Catatonic]

Hoax

didn't your boss just retire?

yep

 

[pemanager]

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)

Hoax,

I haven't really fully researched the retirement plans since I have at least 16 more years to go, but I pulled the SPD out of my file and it says there is no reduction in benefits at 55 with more than 25 years under the grandfathered Alternative Formula, just for the Integrated Formula. Maybe I should start taking a closer look but I've seen some interesting things regarding the pension. The retirement calculator on UPSers.com showed a different pension amount for me when they last made changes to the pension even though I am, ostensibly, grandfathered. I also wonder why they do not have a PDF of the SPD on UPSers.com when they have the SPDs for every other program there.

Anyway, I'm sure you've been thorough but just keep in mind sometimes H.R. does, once in a blue moon, make a mistake.

Also, if you know something different about the viability of the grandfathered pension programs please share.

Thanks!

 

[Babagounj]

At what size does a boat become a yacht?

At the size I can't afford.
What is the longest rowboat?

Hoax if you really want a yacht , visit any waterfront area and ask around someone is always willing to give you one. Heck there were stories around last season of people dumping boats everywhere,including boats that were fully paid for { they couldn't afford to run them anymore }.
I get most of my boats by taking a problem away from someone else for little or no money.

 

[satellitedriver]

Glad to hear you met the minimum requirements to retire from UPS.
Now, you must decide if you want to rust out or wear out.
You are 55, in15yrs you will be 70.-(just a sobering thought)
Spend these few precious years loving those that love you.

 

[anonymous6]

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)

40% less in take home pay is not too great??? that's a BIG difference.

Inflation could be a HUGE difference in buying power. Just 6% average per year would cut your buying power by half in 12 years.

I'll retire here early but keep working either driving a school bus or starting a landscaping business or some kind of business. really don't want to work for anyone else.

hope you payed off the house.

 

[JustTired]

I retired 1-1/2 years ago with 25 years of service. I am now 57. I actually had to go on a disability retirement as the job (and a personal bad habit) finally did me in. With the dis. retirement and SS I actually am doing better than a regular 25 yr pension.

I thought that I would probably die behind the wheel and the thought of the loss of money (working vs. retirement) was definitely a concern. Boy, was I wrong. I will say that I have never been happier to have left it all behind.

It did help that (when I retired) I was able to cash in my stock ($70+/share at the time) and pay my house off. I was also able to go on my wifes insurance. With that and Medicare I'm in pretty good shape insurance wise. It's true that I can't do some of the things that I'd like, but overall I have enjoyed my time. Especially when the alternative was to work until I dropped.

Retirement can be a scary thing, but you might be surprised at just how easy the transition can be. Even without the ultimate plan in place. After all, you can't put a price on peace of mind.

 

[UpstateNYUPSer(Ret)]

As some of you may know, I am a Dave Ramsey fan and have been working very hard to reduce my debt. I hope to be debt free (other than my mortgage) by Christmas 2010. Our local requires that you have 25 years of service to be eligible for medical benefits and I am hoping that I will have the financial freedom to be able to make the decision as to whether I should retire early or stay for the full 30. The difference in pension in just those 5 years is substantial (1/3-1/2), of which my ex gets 16%, so the numbers may very well not work out as far as early retirement goes, but I plan to work very hard in the next 4 years to at least make it a possibility.

Tex was forced to retire for medical reasons. I want to do everything in my power to leave on my own terms.

 

[Catatonic]

hope you payed off the house.

Close and I would pay that off before retiring.