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Post by thintwowin on Feb 5, 2019 14:25:39 GMT -5
There will be some kinda buyout, cause it cost Ford nothing. It’s just a advance of your pension money already sitting there. Your monthly retirement income will go down if you take a buyout.
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Post by tiger66 on Feb 5, 2019 18:32:40 GMT -5
How’s your retirement go down? You get a set amount for years of service, how’s that change with a buyout?
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Post by Ex-metalman on Feb 5, 2019 19:20:39 GMT -5
How’s your retirement go down? You get a set amount for years of service, how’s that change with a buyout? I think they mean if you somehow take a buyout and retire early.If you stayed it would be more..I guess |
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Post by tiger66 on Feb 5, 2019 19:46:50 GMT -5
If you leave early yes it will be a smaller retirement
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Post by plantworker2019 on Feb 5, 2019 20:54:27 GMT -5
How’s the line running
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Post by Ex-metalman on Feb 5, 2019 22:14:19 GMT -5
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Post by plantworker2019 on Feb 5, 2019 23:25:15 GMT -5
LoL...... That’s the Ford Way |
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Post by fordlapworker1993 on Feb 6, 2019 11:59:24 GMT -5
When does the model year change?
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Post by lap65 on Feb 6, 2019 13:17:50 GMT -5
Actually when you do the math, you bring home more on the social security even at 62..than you do with the supplement that ford gives you until 62......why? Taxes
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Post by plantworker2019 on Feb 6, 2019 15:32:49 GMT -5
When does the model year change? You must be new |
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Post by fordlapworker1993 on Feb 6, 2019 15:34:40 GMT -5
When does the model year change? You must be new Lmao |
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Post by beenaround on Feb 6, 2019 19:53:46 GMT -5
When does the model year change? You must be new Please tell us. |
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Post by blackbird66 on Feb 7, 2019 12:10:42 GMT -5
The longer one works past 30 years the more one's Ford retirement benefit once he does retire. For example, someone who retires at age 65 (Regular Retirement) with 45 years of credited service is going to have a much higher Ford retirement benefit than someone who retires with 30 years of credited service (Early Retirement). The 65 year-old in this example will also collect a lot higher Social Security benefit. When you say "cut in half" you are referring to the Ford Supplemental Benefit given to those who retire after only 30 years and less than age 62. The Ford Supplemental Benefit ends once one turns age 62. One is expected to then supplement his Ford Retirement Benefit with a Social Security Benefit, one's own retirement savings, or both. Some have to resort to going back to work. I know how much I will collect in Ford retirement benefit and Social Security benefit on the date I plan to retire. Do all of you? Will it be enough yearly fixed income to live on for a long time (taking into consideration inflation over the years)? I make all my retirement planning based on the assumption I will live to see age 85. YMMV. Not true. At one time that was true, but now 30 years service is max payout regardless how many more years you work. I’ve double checked on that already. |
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Post by nra4life on Feb 7, 2019 13:55:24 GMT -5
The longer one works past 30 years the more one's Ford retirement benefit once he does retire. For example, someone who retires at age 65 (Regular Retirement) with 45 years of credited service is going to have a much higher Ford retirement benefit than someone who retires with 30 years of credited service (Early Retirement). The 65 year-old in this example will also collect a lot higher Social Security benefit. When you say "cut in half" you are referring to the Ford Supplemental Benefit given to those who retire after only 30 years and less than age 62. The Ford Supplemental Benefit ends once one turns age 62. One is expected to then supplement his Ford Retirement Benefit with a Social Security Benefit, one's own retirement savings, or both. Some have to resort to going back to work. I know how much I will collect in Ford retirement benefit and Social Security benefit on the date I plan to retire. Do all of you? Will it be enough yearly fixed income to live on for a long time (taking into consideration inflation over the years)? I make all my retirement planning based on the assumption I will live to see age 85. YMMV. Not true. At one time that was true, but now 30 years service is max payout regardless how many more years you work. I’ve double checked on that already. Wrong. The next time they offer they retirement classes everyone do themselves a favor and attend, never understood why people wait until they get ready to retire to attend them, the time to go to them is 20 years before you retire. Alot of misinformation on this thread bit this has to be at the top of the list, just blatantly false. Not sure who you “double checked” with on this and what sort of addiction problem they have, but they don’t have a clue what they are talking about. Stay safe people |
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Post by pmooret on Feb 7, 2019 15:10:51 GMT -5
nra4life you are spot on. I took a retirement class when I had about 15 yrs seniority. It was amazing how many folks on the floor, even old timers, didn't understand our retirement structure. The first thing I recommend everyone educating themselves on is "Life Income Benefit". Reason being I encourage this is because legacy employees have not had a raise to their "Life Income Benefit" for about 15 yrs and this is a contract year. This is unacceptable, especially since the 2nd tier employees had a raise to their retirement structure on the last contract. Basically, our retirement hasn't kept up with inflation, even Social Security gives a yearly raise with the last one being about $60 a month. Our retirement use to be good but has failed to keep up over the years. I believe one of the reasons is that folks don't understand the structure.
Again, folks please take a retirement class. Looking at the previous posts it appears no one is on the same page!
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Post by ktp99 on Feb 8, 2019 5:39:27 GMT -5
I'm definitely taking a retirement class the next time they have them. I'll have 20 in March, so I'm getting closer to that 30. Only problem will be my age at 30 yrs, I'll be 54. If anyone hears of a class, drop us a line here!
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Post by remember1976 on Feb 8, 2019 7:23:55 GMT -5
All I can say to this is, "Good luck to you."
It is all spelled out in the contract book. Also in an easily understandable format in the big Your Employee Benefits book issued to every legacy employee every four years by the UAW/Ford National Employee Services Center. That book takes you through the calculation to determine your retirement benefit based on the number of years you intend to work.
It is amazing how few people ever bother to crack open either book.
If one takes an Early Retirement at 30 years seniority he will collect both a Life Income Benefit and Supplemental Allowance amounting to a combined $3,170/month until age 62 and one month. That is $38,040/year until age 62 and one month. At that point the Supplemental Allowance ends.
I will be taking an Regular Retirement at age 66. I will receive better than $56,000/year in the combination of Ford Regular Retirement Benefit and Social Security.
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Post by Ex-metalman on Feb 8, 2019 7:57:10 GMT -5
All I can say to this is, "Good luck to you." It is all spelled out in the contract book. Also in an easily understandable format in the big Your Employee Benefits book issued to every legacy employee every four years by the UAW/Ford National Employee Services Center. That book takes you through the calculation to determine your retirement benefit based on the number of years you intend to work. It is amazing how few people ever bother to crack open either book. If one takes an Early Retirement at 30 years seniority he will collect both a Life Income Benefit and Supplemental Allowance amounting to a combined $3,170/month until age 62 and one month. That is $38,040/year until age 62 and one month. At that point the Supplemental Allowance ends. I will be taking an Regular Retirement at age 66. I will receive better than $56,000/year in the combination of Ford Regular Retirement Benefit and Social Security. Funny how many think you get the 3170 plus SS for life when you retire.Sad it should be that way.My dad retired from Philip Morris with 41 yrs.He got the full retirement PLUS SS.I understand everything you’re saying.Only thing I don’t get is why they call it EARLY retirement when you’ve put 30 in?Ive been calculating mine for yrs.Im done at 58.I’ll get 2600,till 62 then it goes to 1465 ,but I’ll get my 1400 SS and be back to around 2800.Only thing is I’ll have to continue paying into SS til 62 or it could be lower than 1400. |
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Post by remember1976 on Feb 8, 2019 8:10:24 GMT -5
....
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mccart261
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Posts: 27
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Post by mccart261 on Feb 10, 2019 9:43:13 GMT -5
Took medical retirement Sep 1st 2014. Vehicle accident. Age 53 with 18.1 years service. I get $1055 pension and $2235 social security. $3155 after part B medicare.
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Post by TonyV on Feb 11, 2019 4:47:56 GMT -5
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Post by readyandaimedatyou on Feb 11, 2019 12:50:10 GMT -5
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Post by agslater on Feb 11, 2019 17:28:28 GMT -5
All I can say to this is, "Good luck to you." It is all spelled out in the contract book. Also in an easily understandable format in the big Your Employee Benefits book issued to every legacy employee every four years by the UAW/Ford National Employee Services Center. That book takes you through the calculation to determine your retirement benefit based on the number of years you intend to work. It is amazing how few people ever bother to crack open either book. If one takes an Early Retirement at 30 years seniority he will collect both a Life Income Benefit and Supplemental Allowance amounting to a combined $3,170/month until age 62 and one month. That is $38,040/year until age 62 and one month. At that point the Supplemental Allowance ends. I will be taking an Regular Retirement at age 66. I will receive better than $56,000/year in the combination of Ford Regular Retirement Benefit and Social Security. 66? Wow. This country and their retirement ages. 66 is old to retire. |
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Post by Ex-metalman on Feb 11, 2019 17:31:02 GMT -5
I wish they would make a law you HAD to retire at 30.And that would get fresh young people a new beginning in their lives.If you can’t make it after 30 yrs here something’s wrong.
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Post by remember1976 on Feb 11, 2019 19:23:49 GMT -5
There is nothing quite as exquisitely ignorant as presuming to tell another when he should retire.
But this doesn't surprise me. Nothing surprises me about the current hourly workforce anymore.
Anyone who wishes to take early retirement at the age of 48 and live for the next 30 years or so on a fixed income of $38,000/year is certainly free to do so. And good luck to you.
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Post by Ex-metalman on Feb 12, 2019 7:05:59 GMT -5
There is nothing quite as exquisitely ignorant as presuming to tell another when he should retire. But this doesn't surprise me. Nothing surprises me about the current hourly workforce anymore. Anyone who wishes to take early retirement at the age of 48 and live for the next 30 years or so on a fixed income of $38,000/year is certainly free to do so. And good luck to you. Right..That’s your opinion just as I shared mine???Whats the difference?Oh you’re a lib/dem that only wants his way or respects his own opinions..The arrogance of the workers now days amazes me |
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Post by fordlapworker1993 on Feb 12, 2019 9:17:50 GMT -5
Shit now its work til you drop dead. No pension no insurance & majority of in-progression employees I know dont put anything in TESPHE. Only thing in there is what Ford contributes & that's minimal if you're not putting anything in it.
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Post by agslater on Feb 12, 2019 12:54:18 GMT -5
Shit now its work til you drop dead. No pension no insurance & majority of in-progression employees I know dont put anything in TESPHE. Only thing in there is what Ford contributes & that's minimal if you're not putting anything in it. Its mandatory 3% for anyone going into TESPHE.They automatically take it out even if people didn't sign up to do so. They started that a while back. |
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Post by fordlapworker1993 on Feb 12, 2019 12:58:51 GMT -5
Shit now its work til you drop dead. No pension no insurance & majority of in-progression employees I know dont put anything in TESPHE. Only thing in there is what Ford contributes & that's minimal if you're not putting anything in it. Its mandatory 3% for anyone going into TESPHE.They automatically take it out even if people didn't sign up to do so. They started that a while back. You can still opt out of it but I'm not sure about in-progression. |
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Post by plantworker2019 on Feb 12, 2019 14:57:42 GMT -5
Its mandatory 3% for anyone going into TESPHE.They automatically take it out even if people didn't sign up to do so. They started that a while back. You can still opt out of it but I'm not sure about in-progression. You can opt out but that would require some effort, this new generation puts forth no effort . Love Thy Neighbor |
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