OT Got my 1st retirement check today!!

I guess I'm offically an old phart, got my first pension check today. I worked at Kent Feeds for 16 years and they closed the plant about a year and a half before I could take early retirement. I found out I could take a reduced pension starting at age 60, so I signed up in Feb. Still have to keep on working, but every little bit helps nowdays. Chris

The company that I spent 32 years with closed the division where I was when I was 50. I was able to begin drawing on my pension at a reduced rate at 55. If I had waited until 65 it would have been considerable more, but there ain't no guarantees, so I said I'll take what I can get now. Like you say, it helps, especially since I was not able to find a job that paid near what I was making. Speaking of old pharts, that is one of the largest organizations in the country. They probably have more members than AARP. The good part is, when you reach that status, you have pretty well paid your dues already.

For those of you who do not understand the old retirement system for military people if you had service connected disabilities your military retirement was reduced by what VA was paying you making military retirees the only people in the US who were paying their own disability pay. When VA rated me at 70% military connected disabilities they reduced my retirement pay to the amount VA was paying me. Now both houses sent a bill to Clinton while he was setting in the chair more than once to allow us to draw both in full he vetoed it. Concurrent draw wasn't passed until Bush was in office. Here I was, having served from 74-96, drawing only what VA paid because it was more than my 50% retirement. And then VA telling me I couldn't look for work or work! Now here is the bad part. People with service connected disabilities, who are also retired under a certain % disability rating are still paying because they still take the VA payment out of their retirement pay!!!!!! This needs to be fixed now!!!! My own dad, WWII vet who lost a leg fighting and stayed on active duty to rise to highest enlistedt rank, and retire with 31 years active duty refused VA comp because it was less than his regular retirement pay!

Now don't take tis the wrong way, pease!!!!! If you can get any kind of retirement based on how long you worked fot GM/Ford/whoever, then take what you can get!

Just trying to put this perspectie......

Rick

One of the best feelings I have ever had was to get my first check two years ago. Its still hard to believe to look at my checking account on the first of every month and see that money there. Life is good!!!

That's kind of the way this one is set up, if I'd have waited until I was 65, I'd get about $250/month more. BUT, If I die before signing up, my wife gets $0. I took less to be sure to get it and and a little more off so my wife gets the same payment that I get for the rest of her life when I die. Chris

Our company here in michigan got bought out a couple of times and the last company to take it over did not honor the pension plans that were in place for us for the last 60 years. The people who had 30 years in were elgible to retire from the old company and keep employed with the new comapany and draw their full pensions while they continued to work. The people who had 29.99 years or less were totally screwed by this new company including me. I was about 4 years away at the time and had 26 years during the buy out. Now we have a bunch of worn out sick guys that have no chance of retirement until we get to 65 and hit social security and medicare. They also eliminated our retiree health insurance at the same time. I've never seen such a change in people than I did after that happened. Really really angry bitter guys that have no way out of the workforce grind other than a gun to their head. These are not easy jobs either. These are heavy repetetive jobs in a noisey chaotic toxic enviroment every day. Not a good situation for us.

(quoted from post at 11:17:00 03/11/12) Our company here in michigan got bought out a couple of times and the last company to take it over did not honor the pension plans that were in place for us for the last 60 years. The people who had 30 years in were elgible to retire from the old company and keep employed with the new comapany and draw their full pensions while they continued to work. The people who had 29.99 years or less were totally screwed by this new company including me. I was about 4 years away at the time and had 26 years during the buy out. Now we have a bunch of worn out sick guys that have no chance of retirement until we get to 65 and hit social security and medicare. They also eliminated our retiree health insurance at the same time. I've never seen such a change in people than I did after that happened. Really really angry bitter guys that have no way out of the workforce grind other than a gun to their head. These are not easy jobs either. These are heavy repetetive jobs in a noisey chaotic toxic enviroment every day. Not a good situation for us.

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They should try farming.....

I got laid off at Farm Credit in 1995, when I was 48 (they reduced the workforce by a third, district-wide). Started my own law practice, decided to wait until 65 to start drawing Farm Credit pension. When I was 56, a check shows up in the mail. I called the benefits dept.- they said the formula changed, and it made so much more sense to start drawing immediately (as opposed to waiting for full benefit at 65) that they just sent out checks to everyone. I could cancel if I wanted. I "did the math", and if I had waited until 65 to start drawing, I would have had to live to 85 to draw enough at the higher rate, to make up for what I would have lost by not starting at 56.

So I have been among the "working retired" for 7 years now. Still enjoy seeing my "old age pension" check show up like clockwork, without even having to remind them.

I remember way back when this old Colonel (active duty for 30+ years)was working on his retirement and he was trying to get his VA disability up to 100%. We laughed a little bit about it because, while he had some hearing loss due to the loud noises (Armor), he really didn't have very much wrong. It was surmised (perhaps incorrectly) that the disability pay was not taxed. ???

Same thing happened to my fil. He was in his mid 50's and the company got bought out. I have never heard of a company that got bought out that didn't screw the workers.