Pension reduction after Social Security

Pension reduction after Social Security

Posted in the Chrysler Forum

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Bullheaded

Bullhead City, AZ

#1 Apr 4, 2010
I haven't called Benefit Express, but will be soon. My question to the forum is this. I will be 62 in four months and will be applying for Social Security. I retired in 1998 after 30 yrs and as a UAW member have collected my pension since that time. Thank you UAW. How much does my pension check get reduced once the Social Security kicks in? Thanks
sam

AOL

#2 Apr 4, 2010
Bullheaded wrote:
I haven't called Benefit Express, but will be soon. My question to the forum is this. I will be 62 in four months and will be applying for Social Security. I retired in 1998 after 30 yrs and as a UAW member have collected my pension since that time. Thank you UAW. How much does my pension check get reduced once the Social Security kicks in? Thanks
don't you people read the paper work before retire. you'll lose the company suppliment, which will be about what you get for social security.
uaw

Converse, IN

#3 Apr 4, 2010
Hey Sam this site is for people who have questions and for people that have known good answers and opinions. Why dont you keep your crap remarks to yourself about us people but thanks for the accurate actual answer.
sam

AOL

#4 Apr 4, 2010
uaw wrote:
Hey Sam this site is for people who have questions and for people that have known good answers and opinions. Why dont you keep your crap remarks to yourself about us people but thanks for the accurate actual answer.
a lot of people retire without knowing anything about their pensions, some think they loose nothing at 62.
matt

AOL

#5 Apr 4, 2010
You will loose one half of your pension not at 62 but when you turn 63 the half you loose is the suppliment, which will be made up by social security when you turn 62 in other words for one year from age 62 to 63 you will draw your full pension and social security too, at the age of 63 they will take half of your suppliment away and your pay with half your suppliment and your social security will equal what you were drawing as a full pension.
Again and Again

AOL

#6 Apr 4, 2010
Matt is absolutely correct .
james

Roseville, MI

#7 Apr 4, 2010
I retired may 2008, when I turn 62 my suppliment will be gone. social security picks up ,but my pension will decrease 300 bucks a month because I LEFT EARLY, 51YEARS OLD

Since: Jan 10

AOL

#8 Apr 4, 2010
Bullheaded wrote:
I haven't called Benefit Express, but will be soon. My question to the forum is this. I will be 62 in four months and will be applying for Social Security. I retired in 1998 after 30 yrs and as a UAW member have collected my pension since that time. Thank you UAW. How much does my pension check get reduced once the Social Security kicks in? Thanks
say you get 3,200 from Chyrsler, Social Security should now be about 1,800 for you, so Chrysler would then give you around 1,400, still you get 3,200 but from 2 checks not one, most people think we get a full pension from Chrysler for life, We don't, It's offset once you qualify for Social Security

Since: Jan 10

AOL

#9 Apr 4, 2010
matt wrote:
You will loose one half of your pension not at 62 but when you turn 63 the half you loose is the suppliment, which will be made up by social security when you turn 62 in other words for one year from age 62 to 63 you will draw your full pension and social security too, at the age of 63 they will take half of your suppliment away and your pay with half your suppliment and your social security will equal what you were drawing as a full pension.
Not True, you are giving false information
sam

AOL

#10 Apr 4, 2010
The Truth 1 wrote:
<quoted text> Not True, you are giving false information
years of service x benefit amount. lets say you have 40yrs. 40 x 53.55= 2142.00 per month is your pension. Social Security will be about 1450 per month. add it up and you would get 3592 per month at 63. from 62 to 63 you get both 3170 + 1450
Bullheaded

Bullhead City, AZ

#11 Apr 4, 2010
Thank you for the info uaw, Matt and others. All forums have idiots like Sam. Just a part of the process. I knew when I posted I would get someone like him. The glass is always half empty and the sky is falling.
sam

AOL

#12 Apr 4, 2010
Bullheaded wrote:
Thank you for the info uaw, Matt and others. All forums have idiots like Sam. Just a part of the process. I knew when I posted I would get someone like him. The glass is always half empty and the sky is falling.
well you should have known this when you retired.i know how much i will get when i retire and when i hit 63.
Bullheaded

Bullhead City, AZ

#13 Apr 4, 2010
You see Sam, I am wintering in Az, thanks to the UAW. My info is back in Mich. I just thought I would ask this question in passing. Again, thanks to those who took time from their busy schedule to answer.
sam

AOL

#14 Apr 4, 2010
Bullheaded wrote:
You see Sam, I am wintering in Az, thanks to the UAW. My info is back in Mich. I just thought I would ask this question in passing. Again, thanks to those who took time from their busy schedule to answer.
look it up on dashboard
Retired

Lancaster, OH

#15 Apr 4, 2010
Bullheaded wrote:
Thank you for the info uaw, Matt and others. All forums have idiots like Sam. Just a part of the process. I knew when I posted I would get someone like him. The glass is always half empty and the sky is falling.
Bullhesd, I would like to put my two cents worth in, Retired in March of 08, after 38 years 58 years old. When you turn 62 you will receive full pension, and soc security for 10 months essentially, double dipping, after 10 months your subsidy portion of your pension will stop. Then half pension, and soc security there after, you won,t lose anything, in fact you will probably me making about a hundred dollars extra, after it,s all said and done. This is what i experienced from retirees from Chrysler, that have turned age 62.
sam

AOL

#16 Apr 4, 2010
Bullheaded wrote:
You see Sam, I am wintering in Az, thanks to the UAW. My info is back in Mich. I just thought I would ask this question in passing. Again, thanks to those who took time from their busy schedule to answer.
seeing you retired at 50 with only 30yrs. you'll be lucky to gross 1440.00 a month and clear 1150 a month on your pension. good luck
sam

AOL

#17 Apr 4, 2010
Retired wrote:
<quoted text> Bullhesd, I would like to put my two cents worth in, Retired in March of 08, after 38 years 58 years old. When you turn 62 you will receive full pension, and soc security for 10 months essentially, double dipping, after 10 months your subsidy portion of your pension will stop. Then half pension, and soc security there after, you won,t lose anything, in fact you will probably me making about a hundred dollars extra, after it,s all said and done. This is what i experienced from retirees from Chrysler, that have turned age 62.
remember he retired with 30yrs. and you retired with 38yrs,about 450.00 difference a month there.the more time the more money
Just Curious

Eldon, MO

#18 Apr 5, 2010
My dad retired back in 2004 and he said that he was just told by the union that the whole recieve full pension+social security for a year after turning 62 is gone.
john

AOL

#19 Apr 5, 2010
Just Curious wrote:
My dad retired back in 2004 and he said that he was just told by the union that the whole recieve full pension+social security for a year after turning 62 is gone.
This is true! but it end up being about ten months

Since: Jan 10

AOL

#21 Apr 5, 2010
john wrote:
<quoted text>This is true! but it end up being about ten months
that's what i've been told, you don't get to double dip, you kind of do for a few months but then you have to pay back the "differance", so that's not double dipping

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