Why should one retire from UPS?

[hangin455]

It is a "principle of it" thing.
.....they may consider restoring our pension benefits taken away in one of those "enhancements" to the pension plan.

I'd like to think there was a chance of that happening but unless management becomes unionized, it'll never happen. They haven't taken anything away from the hourly workers cause they have a contract. They continue to unilaterally "enhance" those with no representation because they CAN!

 

[Cezanne]

Trust me just from past experiences, do not expect that union representation will keep the company from "enhancing" your pension plan benefits. Just out of curosity, how has the company "enhanced" your pension plan , when and how?

 

[UPS Lifer]

Hoke,
Quick facts: retired after 35.5 years grandfathered got full retirement.

I had a conversation with my brother who started his own company and is a whiz when it comes to real estate and other financial investments. I struggled with leaving early prior to 55. He put it like this. How much would it be worth to you per year to get the best years of your life back? By that he meant that your best year is the one you have right now NOT 5 YEARS from now. Had I not waited till 55 I would have basically quit losing all benefits and had to wait to 65 to get my pension OR get a 3% reduction for 10 years if I decided to take my pension at 55.... a 30% reduction. Once he put it like that, I realized that quitting would cost me over 200K a year. It was almost like I was getting an additional 200K a year. This changed my whole outlook and made it easy for me to wait till 55 to retire.

I know that at 55 you get your benefits and that is a major expense ... if you can live on your pension that you would get ..... You should be gone today. Based on the time of year you should make sure you have HR give you your packet... ask for it now. IT TAKES ABOUT 6 WEEKS BUT THEY CAN PUT A RUSH ON IT AND YOU CAN GET IT IN ABOUT 2 WEEKS. Only in your last year, you can take all your vacation all at once and then retire after that. I took all my vacation - personal days and backed that off my birthday in March. My last day worked was January 26th, 2007.

I don't have any regrets. These people that say why are you retiring so young .... what are you going to do? I say to them ... anything I want to do.

I ABSOLUTELY LOVE MY INDEPENDENCE. I am finally in charge of what I want to do (as long as my wife says it is OK!)

It is almost 3 years and I still get up in the morning and pinch myself.

RETIRE IN JANUARY....DON'T WAIT!!!!!

 

[Dustyroads]

Hoax, I can sympathize with your situation. I have noticed that retirement at "30 and out" looked a lot more exciting when I just had about ten years in, than now when I have more than 30. Personally, as a package car driver, I will probably leave before the next contract. I suppose that since you are in management, the prospect of a rumored buy-out would have to play in your decision. However, I have a good friend who left at 55, with 30 plus years in, and over 25 in management. Unfortunately, things changed in his personal life, and he found that he couldn't live on his retirement, and had to go work nights in an assembly line management position in a factory. He wanted to come back to UPS, but the company said the bridge had been burned. You need to be sure it's time to go, as you can't go back.

 

[Bubblehead]

It is a "principle of it" thing.
UPS counts on people to leave so they will not have to pay ... if enough of us continue to work, they may consider restoring our pension benefits taken away in one of those "enhancements" to the pension plan.

I'm not sure this is a parallel analogy, but this post put me in the mind of this story.
We have a feeder driver that has something like 45 years of safe driving.
When asked why he continues to drive when he is obviously way past fully vested in the pension, and well past retirement age, he tells this story.
Some time ago he divorced his wife and in the ensuing bitter battle to split their assets, it was determined that he would have to give her a piece of his retirement benefits when he retired.
It is his contention, and intention obviously, that he will die behind the wheel of that feeder before she gets another penny from him.
While I grinned and found this funny and admired his persistence initially, I found myself inevitably pitying him.
In his efforts to win the battle, he is losing the war.
The woman he is trying to defeat is kicking his ass, all the way to the grave, whether he realizes it or not.
Weigh your options carefully when choosing between time and money.

 

[Dustyroads]

It might work out for the feeder driver with 45 years. Maybe he will OUTLIVE her, and get to keep it all! Maybe he's crazy like a fox.

 

[Dis-organized Labor]

Because you can if you want to!

I could have retired in September 2007 but I decided to finish out the year. It will be 2 years in a little over 3 weeks that I left Uncle Buster. I do not miss the BS but I do miss some of the people and customers with the daily interaction etc.

36 years was enough and with the things that have changed in the last 2 years my friends that are still working always tell me how lucky I was to retire when I did. I draw a little bit of money from my investments each month to do the fun things in life. Cruises, trips to Nascar races, vacations to OBX, Florida and where ever else we may want to go.

Everyday I have plans to do something but when the day is done some days the plan is met and others I guess something better got in the way. It sure is nice to be flexible.

I hope to live well for another 25-30 years and enjoy life with my wife, children and grandchildren so thats why I retired.

TarBar:
Congratulations onn your retirement.
Where do you live and what job did you retire from??
I'm a manager in the airline with 22 years here!

Best Regards,
DOL

 

[cachsux]

One of our drivers called in today and said he had enough,the weather was bad,he was tired of the long hours,and other reasons and pulled the plug.
congrats to him.

 

[Just Numbers]

RETIREMENT - When you stop living at work and start working at living!

 

[satellitedriver]

island.....I enjoyed your rambling and saw many similarities (sp) in my own life.

+1

 

[Catatonic]

I'm not sure this is a parallel analogy, but this post put me in the mind of this story.
We have a feeder driver that has something like 45 years of safe driving.
When asked why he continues to drive when he is obviously way past fully vested in the pension, and well past retirement age, he tells this story.
Some time ago he divorced his wife and in the ensuing bitter battle to split their assets, it was determined that he would have to give her a piece of his retirement benefits when he retired.
It is his contention, and intention obviously, that he will die behind the wheel of that feeder before she gets another penny from him.
While I grinned and found this funny and admired his persistence initially, I found myself inevitably pitying him.
In his efforts to win the battle, he is losing the war.
The woman he is trying to defeat is kicking his ass, all the way to the grave, whether he realizes it or not.
Weigh your options carefully when choosing between time and money.

Excellent analogy ... food for thought.
I was thinking 2 or 3 years not 20 or 30.

 

[rod]

After further review I've come to the conclusion that no one else should retire-- the "pie" is only so big and I want it all

 

[raceanoncr]

We have a feeder driver that has something like 45 years of safe driving.

That ain't Ron, is it? Seen him in SDFAS breakroom many times.

 

[8up]

i just became retirement eligible, but with 7 weeks off with pay, holidays, and weekends off i can't bring myself to being available around the house much more than i am already. "sorry dear, i can't start that project right now i have to leave for work".

 

[randomUPSISer]

It is a "principle of it" thing.
UPS counts on people to leave so they will not have to pay ... if enough of us continue to work, they may consider restoring our pension benefits taken away in one of those "enhancements" to the pension plan.

My guess is that doesnt happen in you or my lifetime. Thats not saying much since I'm nowhere near "retirement".

 

[Catatonic]

Trust me just from past experiences, do not expect that union representation will keep the company from "enhancing" your pension plan benefits. Just out of curosity, how has the company "enhanced" your pension plan , when and how?

Reduced the monthly payout and implemented a 3% per year penalty up to age 60 (35 years of service) if you take early retirement...up to age 65 if less than 35 years.

 

[UPS Lifer]

i just became retirement eligible, but with 7 weeks off with pay, holidays, and weekends off i can't bring myself to being available around the house much more than i am already. "sorry dear, i can't start that project right now i have to leave for work".

Boy!! I hope your wife doesn't see this post. Imagine that! You are willing to forgo retirement and basically work at half salary just to put off projects around the house. YIKES! Something is certainly wrong with this picture!

If I may make a suggestion..... Create your own projects that YOU want to do under YOUR time frame and YOUR convenience.

When my wife asks me to get something done, I just smile and tell her I am busy busy busy! It's on my schedule... What is she going to do fire me?

Of course my wife quit in 2001 so I don't feel real guilty and I don't push my luck either!

 

[UPS Lifer]

Reduced the monthly payout and implemented a 3% per year penalty up to age 60 (35 years of service) if you take early retirement...up to age 65 if less than 35 years.

Hoke,
When did this happen? When I left my benefit did increase from 20 to 25 to 30 to 35 years but the difference was not enough to make me think about continuing to work. If I recall correctly, the biggest increase was 25 to 30 years and there was less of an increase from 30 to 35 years. As long as you left at 55 you did not get penalized 3% a year.

Are you saying that in the last 2 plus years this has changed?

 

[Catatonic]

Hoke,
When did this happen? When I left my benefit did increase from 20 to 25 to 30 to 35 years but the difference was not enough to make me think about continuing to work. If I recall correctly, the biggest increase was 25 to 30 years and there was less of an increase from 30 to 35 years. As long as you left at 55 you did not get penalized 3% a year.

Are you saying that in the last 2 plus years this has changed?

Not sure what age the 3% penalty kicks in but it is in my packet that I got from HR and it is reflected on the Sperrin site.
Increase per year between 55 and 60 is 7-8%.
At 60 it drops down to 3% increase per year.

 

[brownmonster]

If the Hoaxter has been in mgmnt for most of his career then I would think he would be able to augment any pension shortfalls with that nice pile of UPS stock he has been accumulating for 30 years.