U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-12-2011, 10:32 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705

Advertisements

Whoa, that monthy amount is based on the interest it is expected will be earned over the next 40 years not now. If it is a pension employee contributions might be available but since he said he contributed none that would explain why there isn't anything to roll over. There is a major difference between a pension and a 401B.
Reply With Quote Quick reply to this message

 
Old 09-12-2011, 05:48 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,172,300 times
Reputation: 6691
I don't really understand what the OP does not understand, he is now qaulified for a pension, something very rare these days, he gets his pension or it starts at age 65. He is now 25 why should he expect them to pay him now? why would anyone expect a pension which is for retirement to be paid to them any earlier than the set retirement age?
Reply With Quote Quick reply to this message
 
Old 09-12-2011, 06:47 PM
 
Location: Location: Location
6,350 posts, read 7,829,685 times
Reputation: 18574
According to current regs, the OP cannot begin to collect social security until he attains age 67. If the UPS pensions kicks in at age 65, he'll be getting that money two years before his "official" retirement.
Reply With Quote Quick reply to this message
 
Old 09-12-2011, 08:21 PM
 
Location: Los Angeles area
14,018 posts, read 17,740,386 times
Reputation: 32304
Quote:
Originally Posted by theatergypsy View Post
According to current regs, the OP cannot begin to collect social security until he attains age 67. If the UPS pensions kicks in at age 65, he'll be getting that money two years before his "official" retirement.
Not so. He will be able to begin collecting Social Security at age 62, with reduced benefits for life. Sixty-seven will be his "full retirement age".

By the way, all these Social Security retirement ages have little to do with peoples' actual retirement; they are just ages at which certain levels of retirement benefits become available from Social Security if one applies for them and has qualified for them by 40 quarters of work on which FICA taxes were paid. Some people retire at those ages, some people retire before, and some people keep working beyond them.
Reply With Quote Quick reply to this message
 
Old 09-12-2011, 09:43 PM
 
380 posts, read 1,083,850 times
Reputation: 205
I got the summary at in the year 2051 I can expect a monthly payment of $320... again I never expected to get it this early. I just asked some of you if you knew why they started it at 65 and not earlier. It says if you put 10 years at UPS then you can get your pension at 50.
Reply With Quote Quick reply to this message
 
Old 09-13-2011, 04:06 AM
 
Location: Location: Location
6,350 posts, read 7,829,685 times
Reputation: 18574
Quote:
Originally Posted by Escort Rider View Post
Not so. He will be able to begin collecting Social Security at age 62, with reduced benefits for life. Sixty-seven will be his "full retirement age".

By the way, all these Social Security retirement ages have little to do with peoples' actual retirement; they are just ages at which certain levels of retirement benefits become available from Social Security if one applies for them and has qualified for them by 40 quarters of work on which FICA taxes were paid. Some people retire at those ages, some people retire before, and some people keep working beyond them.
Sorry - slip of the finger. I left out the critical word "full". I will now go stand in the corner for 10 minutes.
Reply With Quote Quick reply to this message
 
Old 09-13-2011, 04:10 AM
 
Location: Location: Location
6,350 posts, read 7,829,685 times
Reputation: 18574
Quote:
Originally Posted by Jamerschris View Post
I got the summary at in the year 2051 I can expect a monthly payment of $320... again I never expected to get it this early. I just asked some of you if you knew why they started it at 65 and not earlier. It says if you put 10 years at UPS then you can get your pension at 50.
If you returned to UPS, would your previous employment be counted toward those 10 years?
Reply With Quote Quick reply to this message
 
Old 09-13-2011, 09:01 AM
 
380 posts, read 1,083,850 times
Reputation: 205
yes at anytime it still counts is what they have told me. which is always good if I can work another 5 years and get it at 50.

To be honest UPS is Hard work for someone who is out of shape when it comes to unloading trucks and sorting packages. In my 6 years there They were a wonderful company to work for, and the benefits are good also. I quit because I had another full time job it was taking a toll on my body.

Last edited by Jamerschris; 09-13-2011 at 09:08 AM.. Reason: didnt get to type everything
Reply With Quote Quick reply to this message
 
Old 09-13-2011, 11:10 AM
 
Location: SW MO
23,605 posts, read 31,487,261 times
Reputation: 29071
Quote:
Originally Posted by Jamerschris View Post
I got the summary at in the year 2051 I can expect a monthly payment of $320... again I never expected to get it this early. I just asked some of you if you knew why they started it at 65 and not earlier. It says if you put 10 years at UPS then you can get your pension at 50.
It's a matter of "vesting" for the employee and accruing interest for the pension fund. Defined benefit retirement plans/pensions are increasingly rare these days so count your blessings.

But thanks for posting this. It reminded me that back in a former life I was with the, then, Retail Clerks Union for six years. It's since been rolled into the United Food and Commercial Workers Union and I just contacted their pension fund to see if I have anything coming (I'm 65). If I do, I win. If I don't, I've lost nothing.
Reply With Quote Quick reply to this message
 
Old 09-16-2011, 08:01 AM
 
9,912 posts, read 9,305,263 times
Reputation: 8053
Quote:
Originally Posted by Jamerschris View Post
I got the summary at in the year 2051 I can expect a monthly payment of $320... again I never expected to get it this early. I just asked some of you if you knew why they started it at 65 and not earlier. It says if you put 10 years at UPS then you can get your pension at 50.
My husband's employer had a company paid pension like that and he was eligible for the monthly check at 59 1/2. A company paid pension 100% funded by the employer is getting to be a thing of the past.

Hold on to all your records and paperwork for the next 40 years and hope you are fortunate enough that your next employer has this benefit. People confuse 401k that employees contribute to, to company paid pensions.

Extra money from former employers will come in handy when you retire.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top