enoughisenough
New Member
Why That WEatFORD 862 when we RETIRE our penison isREDUCED!!!
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Post by enoughisenough on Feb 26, 2016 20:27:29 GMT -5
Ok OK!!!! ENOUGHISENOUGH!!! I went to the RETIREMENT CLASSES and IM more confused now than ever! Do you all US realize that when we retire that our retirement is reduced to the amount minus our PENSION and YES WE ASK YOUR U N I O N R E P R E S E N A T I V E shall I say ask your UNION REP why is it that out of EVERYBODY WHY IS IT THAT WE when we are SSI ready why do we GET REDUCED IN OUR RETIREMENT WTF!!!! are we paying union dues and what are you doing for us retirees N O T H I N G and do YOU ALL W A N T to know why........ WELLL ITS SIMPLE everybody in the INTERNATIONAL UNION (yes we pay for their RETIREMENT OUT OF OUR UNION DUES) anyhow they are fine because we pay their SECOND RETIREMENT SO they are GOOD NOT MATTER WHAT so they can KEEP SELLIN US OUT as they always have. anyhow once you and I reach retirement age our pension is reduced minus our social security income. So lets make it easy i will spell it out once you and the person working across from you reach retirement age your pension is reduced minus social security so lets say your retriement is $3000 when you are 62 and you recieve $2000 from SSI your retirement is REDUCED TO .....................YOU GUESSED IT!!!! DING DING DING $1000.....ok geniuses why is it that out of the big three WE (MEANING US AT F O R D FORD FORD is a gettin screwed,,,becuz all yall gettin that double retirement when yall gooo intranationaaalllll!! so why do you care ya shouldn't....look at the people in all the other UNIONS payin' dem dues yep ya guessed it they dont get penalized when they turn 62 or 63 or WHATEVER age because they have a real union and brotherhood and THEIR RETIREMENT IS NOT GOING TO SHRINK ONLY FORDS....... N O T CHRYSLER G M C nor G E nor CHEVY DODGE YOU NAME IT NOPE only FORDS!! WHY dk...........................................................................................................
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Post by liftman on Feb 26, 2016 21:09:11 GMT -5
The way retirement is calculated is $55.00 per year for every year worked plus a supplement. Let's say a worker works 30 years that means he or she gets $1650.00 in retirement plus $1650.00 supplement. At age 62 you loose your supplement and you choose whether to take ssi. The dream that our retirement is over $3000.00 is wrong
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Post by ktpbob on Feb 26, 2016 21:43:14 GMT -5
always been that way. I think most of us don't take the financial classes they offer in our early years to learn these things and people start thinking of how much they will get when they retire and then disappointed when it don't work the way they dreamed of. The financial classes would of taught you the way it works.
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Post by nra4life on Feb 26, 2016 23:29:30 GMT -5
Been that way forever....thats why you load your TESPHE up for 30 years. Unless you do the 30 years your super screwed once your social security kicks in. Go to the retirement classes BEFORE you retire, will save you and your family alot of grief
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Post by machination on Feb 27, 2016 5:40:31 GMT -5
Welcome to 1975!
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enoughisenough
New Member
Why That WEatFORD 862 when we RETIRE our penison isREDUCED!!!
Posts: 9
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Post by enoughisenough on Feb 27, 2016 10:52:12 GMT -5
I was talking to some Teamsters this morning and they are shocked that our retirement is reduced once we reach 62. It is just disappointing to know and I don't understand why our union doesn't fight it. Since this is the case Ford employees should have a lot better contract with a lot more benefits and wages and stock options because Ford is saving a ton of money because of this. As I said earlier though since the International Union reps receive another retirement that is funded directly out of our union dues they don't give a hoot and it's funny how they raised our dues this past year so they can keep getting their fat salaries and double retirements! Thanks to them we keep getting less and giving more so they are showing me and us what a union is really about which is a business within a business which has absolutely no product or business but to take money from the workers. That's it nothing less and nothing more. And sad part is when we call or ask for help they say well they can do that blah blah blah...All these other companies that don't have unions like for instance Toyota well they have something called laws and HR which is why they don't have a union...just sayin
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Post by Ex-metalman on Feb 27, 2016 11:20:10 GMT -5
That's why with what the new ours get (matching) it's actually better over 30yrs..I personally think that a Co reducing a pension at SS age should.Be a crime but evidently its legal..
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Post by machination on Feb 27, 2016 11:52:41 GMT -5
That's why with what the new ours get (matching) it's actually better over 30yrs..I personally think that a Co reducing a pension at SS age should.Be a crime but evidently its legal.. To suggest that a company shouldn't have the right to save money when a government benefit kicks in and that they should even be charged with a crime for reducing a pension upon the employee gaining income from ss, is a socialist idea. Are you a socialist now? I actually tend to agree with you on this, but it just puzzles me when all you right-wing rednecks who hate socialism so much quote socialist websites and promote socialist ideas. It kind of causes me to think that maybe you guys don't really know much about politics. |
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Post by lap65 on Feb 27, 2016 12:52:46 GMT -5
Been that way forever, dont worry. SS will be gone by then & then we can keep it all.  |
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Post by nra4life on Feb 27, 2016 20:45:19 GMT -5
Good Lord, your pension ISNT reduced when you turn 62. Your supplement is taken away ...... because it is an added benefit to supplement your income until you turn 62 and your social security kicks in. Without the supplement you couldnt retire until you are 62. Imagine having to do 40+ years until you could retire at social security age. Amazing guys are signing up to retire that have worked here 20+ years and dont have a clue about their pension. Sad really
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Post by javajoe on Feb 27, 2016 22:59:17 GMT -5
nra4life is spot on about the supplement, this is how we received or thirty and out. The teamsters pension is handled by Central States pension fund which now is in financial ruin and paying out 3$ to ever 1$ going into it.
The Teamsters are awaiting word from the government on what to do to make the pension fund solvent again. Which means reducing benefits or changing the retirement age.
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Post by Ex-metalman on Feb 28, 2016 8:44:51 GMT -5
My dad retired from Philip Morris with 41 yrs in..He was 59,he gets the same amount now as he did then from them ?Thats what most people think when they start here ..I'm a true conservative trust me ...
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Post by remember1976 on Feb 28, 2016 9:30:41 GMT -5
This is nothing new.
Every four years Ford/UAW hands out a big benefits guide that explains all of this and more. It is appalling how few actually bother to crack it open.
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Post by remember1976 on Feb 28, 2016 9:46:56 GMT -5
look at the people in all the other UNIONS payin' dem dues yep ya guessed it they dont get penalized when they turn 62 or 63 or WHATEVER age because they have a real union and brotherhood and THEIR RETIREMENT IS NOT GOING TO SHRINK ONLY FORDS....... N O T CHRYSLER G M C nor G E nor CHEVY DODGE YOU NAME IT NOPE only FORDS!! WHY I cannot speak to GE's pension plan. But with regard to UAW represented GM and Chrysler/FCA hourly employees you are wrong... their pension works the same way as ours. The retirement supplement is a bonus that was negotiated years ago to allow employees to retire after 30 years of seniority regardless of age. Consider it as your Social Security paid ahead of schedule. So, for example, if you retire with 30 yrs seniority at the age of 48 you immediately get what you would otherwise have to wait until age 62 to collect from Social Security. Why you are outraged about this is beyond my ken. By the way, TESPHE is also there for you to independently save for retirement. And you also have the option of continuing to work until you have accumulated more years of seniority. The longer you work the more you will collect from both Ford and SS upon retirement. And by the way... fall on your knees and thank God in Heaven that you do not have to rely upon a Teamsters pension. |
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Post by Ex-metalman on Feb 28, 2016 10:33:48 GMT -5
I agree ...I'm going at 61 so I'll get my full retirement till 62,,but can u have the option to wait on SS or are you forced to start taking payments at 62?
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Post by nra4life on Feb 28, 2016 12:27:08 GMT -5
I agree ...I'm going at 61 so I'll get my full retirement till 62,,but can u have the option to wait on SS or are you forced to start taking payments at 62? You can wait on your social security, but at 62 you lose your supplement. For what its worth if you wait until 66 to collect social security it takes until age 78 to break even, if you wait until 70 to take social security it takes until age 84 to break even. Most "experts" say take it as soon as your eligible but every person has different beliefs and theories. |
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Post by pmooret on Feb 28, 2016 12:35:56 GMT -5
One of the girls that works close to me has been checking on all of the particulars since she wants to take the buyout. She is going to take the buyout but not file for SS until she is 66, she is 62 now. She said she can use the buyout money to supplement her income if she needs it until she files for SS. If that tickles your fancy please verify although I believe that is correct.
Another lady was a widow and she is going to draw her husband's SS and not file for hers until 66.
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Post by ScottR@KTP on Feb 29, 2016 6:48:29 GMT -5
I think 65 is about the perfect time to start drawing SSI...I will have other income to supplement the loss until then. No way I'm waiting beyond 65...but I'm not drawing at 62 either...everyone's case will be different.
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Post by knowthetruth on May 28, 2016 14:53:42 GMT -5
My opinion is that a perfect start to social media ignorance for members like enough is enough to get educated before you use the device with two lips on your head. The pensions that you speak about are supplemental and contributory. Both of these are a defined income benefit. In the case of Uaw GM ford and Chrysler contrary to enough is enough which all three fall under the Uaw, differ from teamster southern states pension. The Uaw is not just automotive as enough is enough would be so absent minded to have you believe. There are many other sectors within the Uaw that have different types of pensions to and include public sector. As far as the teamsters southern states pension if we would all educate ourselves, is in jeopardy beyond most people's imagination. Currently there is legislation being created on the national level to try and secure the pension for the teamsters because of the pension act which would reduce the teamsters pension up to 40 percent. No union will be able to change that. In fact their pension is In Worse shape than the Uaw because of its structure. To be specific the Uaw international had held the ford motor company accountable and our pension is over 100 percent funded which is where it needs to be. This is due to where we are at because of the Uaw. What we need to focus on is bringing our entry level members into a defined income pension benefit like we have.
I know that it is easier to be a hater and jump on the stupidity wagon sometimes, but ignorance is just not being educated and there is nothing wrong with that, you just need to be informed.
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Post by almost30 on May 31, 2016 8:19:54 GMT -5
Before I retired last June at age 64, I checked to see what would be offered as pension. My benefits rep explained in detail how much, when and how it would be paid. I asked a lot of questions. Including what affect receiving SS would have on the amount. I didn't rely on MYFORDBENEFITS.COM's figures as they were way too confusing. (And also incorrect) My pension was a lot less than outsiders think. But I went out knowing exactly what I would receive. But it was sufficient to fill my retirement needs. That said, let me tell you how I prepared for retirement. Two years prior to retiring, I made a concerted effort to pay off as many bills as I could. Yes, doubling up car payments, credit card balances, etc took a bite out of my monthly budget, but I figured it would be worth it after I retired. I even refinanced my home mortgage, lowering my money payment by over $400. (I did this BEFORE I retired because my income from Ford was adequate to refi.) I paid off both car and truck, an RV, and all credit cards. So all I had was monthly expenses and a lower mortgage. All this was part of my retirement strategy. I didn't want to be a Walmart greeter in order to eat. My pension (without Ford supplement) and my SS total more than $3200 a month. With my wife's SS, we CLEAR over $4300 a month. I also have a sizable TESPHE balance that I haven't needed to dip into. Here's some unsolicited advice: PLAN AHEAD. Don't rely solely on your Ford pension. Start a TESPHE account or increase what you put away. Take SS as soon as you are eligible. Pay off as many bills as you can while you're still actively employed. Go to your benefits rep and ask a LOT of questions. Know in advance what you need to live on in retirement and what you're going to receive. Once you are gone, Ford doesn't give a rat's ass if you hungry and broke. (honestly they don't even when you're an active worker..lol) I wish those who are getting ready to retire the best of luck.
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Post by ScottR@KTP on Jun 2, 2016 6:07:32 GMT -5
^^^TRUE STORY^^^ Great post!
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Post by justaworker on Jun 3, 2016 1:22:54 GMT -5
Almost30, thanks for sharing. Enjoy the good life.
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