Why should one retire from UPS?

[Catatonic]

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!

Since I am older, I'm under a different retirement plan than you.
There is definitely a 3% penalty per year if you retire at age 55 with 35 years of service. Full retirement with no penalty is at age 60.

Also, make sure you go to the 2nd page of the retirement calculator ... might be a few surprises hidden back there.

 

[Catatonic]

Another thought, based on several comments made, why retire from UPS and then go work at another place or for yourself.
Most of us, if not all, will make more at UPS than we can working elsewhere and your monthly pension payment increases with every year you stay .
In my case, it increases 7 - 8% every year between age 55 and 60. Only increases 3% after that.

If I retire, I will probably go work someplace else so "Why should I retire from UPS?"

 

[brownmonster]

Another thought, based on several comments made, why retire from UPS and then go work at another place or for yourself.
Most of us, if not all, will make more at UPS than we can working elsewhere and your monthly pension payment increases with every year you stay .
In my case, it increases 7 - 8% every year between age 55 and 60. Only increases 3% after that.

If I retire, I will probably go work someplace else so "Why should I retire from UPS?"

Because we all think somewhere else treats people better with less stress. When I retire I'll have 30 years of chores I was too busy or to tired to do while working. Should keep me busy for a while. If I get my kids off of the payroll I can live on 1/3 of my present income.

 

[raceanoncr]

Another thought, based on several comments made, why retire from UPS and then go work at another place or for yourself.
Most of us, if not all, will make more at UPS than we can working elsewhere and your monthly pension payment increases with every year you stay .
If I retire, I will probably go work someplace else so "Why should I retire from UPS?"

We have and HAVE had that here for years. Many, if not most, retirees have gone on to other jobs, with much less pay. Most of those have said they needed the money. Well, then, why not stay here and make 2-3 times as much doing something you know and understand? Of course, P/C or something similar would pretty stressful to maintain for 30 years but then, again, is it any LESS stressful to worry about money when you're retired?

Feeders? Well, why would I retire (unless, of course, you can) only to go drive something else for 50 cents less per mile? Or drive a school bus (OMG, I couldn't imagine doing THAT!!). Or swab foors, wash dishes, flip burgers, etc.?

Me? I woulda been gone this month if not for 7 1/2 months of dis this year and 3 the year before, which don't count toward retire credit. Got no bills, cept for mortgage. Got everything I need and want. Early SS plus an even 31 years of pension credit plus wife's income will be more than enough to live on without any extra work involved.

I can't see retiring here only to pull my hair out over stress from no income. Don't plan to work anymore, don't WANT to work anymore, ain't GONNA work anymore. I put my time in.

Thank you

Race

 

[The Milkman]

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)

I retired Jan 2008 and love it..I value my time here on earth over any amount of money.. You get sick then what good is all the money or so called security going to do you?? Think of the homeless and people that do not even get pensions yet they survive.The question is depends on how you tend to live.. I am living it up best as I can now because someday someone will be (if I live long enough) will be changing my diapers and feeding me.. Take advantage of time..You only go around once. I have friends that are alot better off than me and are nervous to retire..If I can wing it I tell them they can also.. You can't take it with you..

Again think about this..You work another 5-10 years then you retire..The next month you are told you have cancer and will live 6 months.....You will then say to yourself...I should have hung it up while I was healthier..You can not go back at that time and all the so called security you worked for your whole life goes down the tubes as you suffer and kick yourself in the butt. I feel blessed that I am able to relax and do not need an alarm clock anymore and do not have to deal with all the stress..

Why people work when they can retire??? I do not know.. All I know is someday someone will say to you is "I told You so".. If you are 55 and live to 80...You only have 300 more months on this earth...They go by fast...Scary Huh ?? blink of an eye..How many months do you want to enjoy before you say goodbye??? That is the question.. Good Luck but I do not regret hanging it up at 55 with 25 as a friend/T...

 

[trplnkl]

Another thought, based on several comments made, why retire from UPS and then go work at another place or for yourself.
Most of us, if not all, will make more at UPS than we can working elsewhere and your monthly pension payment increases with every year you stay .
In my case, it increases 7 - 8% every year between age 55 and 60. Only increases 3% after that.

If I retire, I will probably go work someplace else so "Why should I retire from UPS?"

This is where the union vs. non-union comes into play. Being management, you don't have as much fear of injuring yourself as much as a union employee. The stress levels and what they do to your heart and blood pressure are your main concerns as far as health goes. As pickup said, you have reached the minimum age and years required. If the stress isn't an issue for you there is no telling how many years you can stay around. I have a couple of friends that have reached the years of service + age minimum. They like their jobs and now say that they don't worry about the stress or worry about getting fired....so what. One of them called it a new lease on life.
Hoax, just don't make a decision that you don't think you can be happy with.

 

[Highwayman]

I'll be 57 in 4 years w/26 years of vesting. If everything works out right I will retire. My wife is finishing up her teaching degree this month, so I hope in 4 years she can find a teaching position with family benefits and I too will try to do all my chores. If I get bored I might try a PT job. Wait, I really like reciting all the stupid sayings and the new blue playbooks!

 

[IWorkAsDirected]

1.You only live once.

2.No one ever laid on their deathbed and wished that they had spent more time at work.

3. Money isnt everything. I have never seen a U-Haul truck following a hearse.

I am leaving the first day that I am eligible...Feb. 27th of 2017. I will be 50 yrs old and have 30 yrs in. My plan is to go onto my wife's medical insurance for 5 yrs until I can enroll in the Teamster retiree plan at age 55. To supplement my pension I will either own and operate a tow truck, or I will drive a school bus. My uncle does that; he really enjoys it because he gets summers off and when the weather is good he gets up at 5:00 AM, runs his bus route, and then spends the middle of the day playing golf until its time for the afternoon run.

My goal is for my pension to be able to support my wife and I, and then anything we earn beyond that will pay for vacations, toys etc. We will probably downsize into a smaller home. We both like the idea of living a $50,000 per year lifestyle on an $80,000 budget and not the other way around.

I retired in March and definately never looked back at that stressful, conniving mess. My plan was to drive school bus on an on call basis, but with budget cuts it didn't happen. I drove bus for 10 years before working a ups and had actually been trained and hired a few years ago. Maybe when things settle down I can go back to that but only as a substitute, I don't want to be tied to anything. I have found a few easy part time ways to make a little extra money and I live cheap, so I can travel.

I recommend reitrement to everybody it is wonderful!

 

[wkmac]

Another thought, based on several comments made, why retire from UPS and then go work at another place or for yourself.
Most of us, if not all, will make more at UPS than we can working elsewhere and your monthly pension payment increases with every year you stay .
In my case, it increases 7 - 8% every year between age 55 and 60. Only increases 3% after that.

If I retire, I will probably go work someplace else so "Why should I retire from UPS?"

First off, Pickup's points were really good thoughts and I've heard them more and more from UPSer's who could retire at the drop of a hat but yet are still here. Sober's points were good too.

As to your points Hoax, generally speaking you are correct in the pay part with retiring and working elsewhere but consider this. Add your retirement pay to your new job pay and see what that is? Maybe? Maybe Not? Also from my POV, working nights will factor in as I face the very same thing you are in less than 2 years. I use to kid about my retirement dream job but everyone will have different factors to weigh in.

One thing that I was told by a retiring manager on his last day and I always considered them good words of wisdom.

Forget everyone else, forget everything else, don't retire until you know you are ready too and want it just as bad as you wanted the job on your first day. Then you'll know you are ready and will have no regrets!

On Nov. 16th 2011, that quote is going up on my toolbox lid for me to see everyday.

 

[IWorkAsDirected]

I retired Jan 2008 and love it..I value my time here on earth over any amount of money.. You get sick then what good is all the money or so called security going to do you?? Think of the homeless and people that do not even get pensions yet they survive.The question is depends on how you tend to live.. I am living it up best as I can now because someday someone will be (if I live long enough) will be changing my diapers and feeding me.. Take advantage of time..You only go around once. I have friends that are alot better off than me and are nervous to retire..If I can wing it I tell them they can also.. You can't take it with you..

Again think about this..You work another 5-10 years then you retire..The next month you are told you have cancer and will live 6 months.....You will then say to yourself...I should have hung it up while I was healthier..You can not go back at that time and all the so called security you worked for your whole life goes down the tubes as you suffer and kick yourself in the butt. I feel blessed that I am able to relax and do not need an alarm clock anymore and do not have to deal with all the stress..

Why people work when they can retire??? I do not know.. All I know is someday someone will say to you is "I told You so".. If you are 55 and live to 80...You only have 300 more months on this earth...They go by fast...Scary Huh ?? blink of an eye..How many months do you want to enjoy before you say goodbye??? That is the question.. Good Luck but I do not regret hanging it up at 55 with 25 as a friend/T...

Totally agree, I very briefly thought about staying longer until the job and things with family changed that. But when I was thinking about staying I noticed how many people in obituaries passed away months or a few years after retiring. With some jobs that wouldn't be a big deal I suppose if you really enjoyed it, loved going to work everyday, weren't wearing out your body, and had a normal work day instead of never being able to count on a personal life Mon-Fri.

To me STUFF is definately not worth it. Because of a divorce and family problems I had to sell my home, I now live in a park model trailer, just perfect for me and my cat, very affordable and I'm still not here that much, I travel and take care of grandkids. More room would be nice, I suppose, but then you just fill it with STUFF. I have my toys, ATVs, Trailers, mountain property etc but got rid of the stuff that takes up room. I love my simple life! So glad I'm not working to support stuff or a place to put stuff.

 

[soberups]

Another thought, based on several comments made, why retire from UPS and then go work at another place or for yourself.
Most of us, if not all, will make more at UPS than we can working elsewhere and your monthly pension payment increases with every year you stay .
In my case, it increases 7 - 8% every year between age 55 and 60. Only increases 3% after that.

If I retire, I will probably go work someplace else so "Why should I retire from UPS?"

Every extra year you spend at UPS is a year of your life that you will never get back.

I dont hate my job...but 30 years is long enough to spend doing the same thing at the same place. For me, the day I hit my PEER 80 it will be time to move on.

 

[IWorkAsDirected]

Because we all think somewhere else treats people better with less stress. When I retire I'll have 30 years of chores I was too busy or to tired to do while working. Should keep me busy for a while. If I get my kids off of the payroll I can live on 1/3 of my present income.

LOL!! Boy I'll be glad when my youngest finishes school and gets on with some kind of new income. I'm supporting him and his two kids right now on my pension (he's a single dad who has always done construction, NO JOBS)

I'll get rich quick, my pension will be plenty, as I'm doing double duty with it right now.

 

[nobber]

Hoaxster, I also had to make that same decision as you. I have over 37 FT years and the last 24 years in management. I did the math and the diff between my paycheck and my retirement check (net) is $550. I have enought credits that my medical is payed for. So for me it was a no brainer. I retired last week. No plans to get a another job. Good Luck

 

[negrosangre]

I have a few years to go to reach 55 and 20 years, but my question is, can we retire and NOT take pension right away, rather "let it ride" until reaching 62 or 65? My hope is I wouldn't need the pension income right away, instead living off savings and/or a PT job, if I so choose.

 

[Dis-organized Labor]

Another thought, based on several comments made, why retire from UPS and then go work at another place or for yourself.
Most of us, if not all, will make more at UPS than we can working elsewhere and your monthly pension payment increases with every year you stay .
In my case, it increases 7 - 8% every year between age 55 and 60. Only increases 3% after that.

If I retire, I will probably go work someplace else so "Why should I retire from UPS?"[/QUOTE]

Oh, now I understand the question. Because, theoretically, it will put more MIP in my pocket.. And, most importantly, into Scott's..

 

[rod]

Because we all think somewhere else treats people better with less stress. When I retire I'll have 30 years of chores I was too busy or to tired to do while working. Should keep me busy for a while. If I get my kids off of the payroll I can live on 1/3 of my present income.

Good luck with that dream Just wait until Grandma gets to spoiling those Grandkids.

 

[brownrod]

Get out !!!! It's never early enough?

Don't you have anything that you love to do that could occupy your time instead of a job? Any hobbies you would rather devote your life to? Any hobbies that you love to do that you could make money doing?

Of course, maybe you love your job? Maybe you need the money.

I'm about 30ish and plan on QUITTING in my early 40's. I'm saving and investing all my money. I will own a couple meager residences for myself (paid for). Have a couple rental properties and a lot of money in 30 year bonds that will generate enough interest for me to live off of. Of course I don't mind living like a miser.

I have passion's in my life that being a package car driver does not give me the time to pursue. I need to get retired early enough so that I can enjoy life!

Right now I am engineering my life so that my monthly expenses are in the neighborhood of 500$. No unnecessary bills, no rent/mortgage. Just the basics. That gives me some serious cash flow over the next 10 years to play with.

My goal since I was a teen was to be retired before I am 40. Mathematically I will be able to do it... But I think I'll need to work a few years beyond that so I have some extra money so I don't have to live like a complete miser (like eating dog food).

 

[UpstateNYUPSer(Ret)]

Let me guess--you are single with no children. Right?

 

[brownrod]

Let me guess--you are single with no children. Right?

Of course. And intend to stay that way.

 

[UpstateNYUPSer(Ret)]

Of course. And intend to stay that way.

I hope you and your accountant live happily ever after.

For those of us in the real world (the one with kids), retirement tends to get put on the back burner.