I just made my retirement elections and come to find out I get a 1700.00/mo. credit for working at Bendix during my career. Plus they gave my an additional 500.00 / mo until I turn 62 YO. I LOVE THIS COMPANY!!
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Social Security is actuarilly neutral. Whether to take at 62, 67, 70 or whenever in between is a personal decision, and the system cannot be gamed for more $$$, and unless you KNOW when you'll die, you cannot know which age is financially best for you. Sure, it's great to take the money at 62, but you lock in low payments...sure, it's great to wait until 67 or 70 and get that fat check, unless of course, you die at 68 or 70 and leave a widow who never got to travel or enjoy life while you worked yourself to death.
Myself, I loaded up on ROTH deposits when they came available and the ROTH 401 with match was wonderful...who knew at the time that Obamacare would come along and PAY nearly all my bill because I'm now "poor". ROTH withdrawals are not "income" and with very little (managed) income, health insurance is nearly free for me and my wife. I can withdraw or take pension over 62K per year and pay $26,000 (not a typo) per year for healthcare, or take TIRA withdrawals or pension <62K per year and augment spending with ROTH funds and healthcare is now about $1950 per year because I'm POOR...HAHAHAHAHAHAHAHAHAHAHAHAHA. What a screwed up system that has evolved into this craziness...
Anyway, RIF'd, retired at 58, bought a ranch, and now all you working folks are paying my healthcare...thank you very much. It ain't fair, but that's the way it is...for now...who knows what next year will bring?
Is that because of the asbestos exposure?
Your retirement, pension choices and Social Security are the most import choices you will ever make in your life. I saved and after 43 years with a Honeywell company I am in a comfortable retirement. Having been In a Honeywell RIF two years ago, I understand the emotional situation people are putting up with everyday. Please think out your options very carefully when making choices.
The original poster said he gets the 500.00 a month adjustment at age 62 and taking pension. That sounds great 6000.00 a year. Remember the pension is never going to change and when you reach Social Security age that 6000.00 a year is going away, it is really now part of your SS. I do not think you get the 500.00 a month for life.
He also has stated that he will not take SS until age 66 this is a wise choice. Now think about health care, I know Honeywell is not the best. You will not get Medicare until 65 I say this because I hope your spouse will cover you under their employers insurance plan.
I have to admit that I was going to retire at 65 but stayed until Honeywell made the choice for me two years latter. Think of the two years of money I made and the six months of severance pay I would not have gotten at 65YO.
The bottom line of all this is to all people to really look at all the options that are in front of you. If you are comfortable (money wise) retiring at 62 congrats and Best Wishes.
I guess when you put it that way....life itself is never a guarantee
The company can giveth, but the company can take it away too. And the probably will.
to 1aaj - I guess he told you!!!!!!!!!!!!!!!!!!!!!! Burned!
By this response this confirms you can always find the negative even in a positive situation.
I'll try to explain why we're so happy.
When you get a 1700.00 addition amount of money month over month in your retirement, it makes most of us very happy.
Not to mention survivorship for my wife was almost doubled.
I get the SS adjustment at 62 YO and no I've planned well over my 37 years at Hon. and won't take SS until 66 yo wishing there wasn't the adjustment auto made at 62 but more snd more workers including Hon. doesn't get ANY retirement so yes I love this company,
Now go and be miserable somewhere else.
Sounds good but think about it for awhile. I believe what your 500.00 is the amount you get until eligible for Social Security. Seeing as you get this until you are 62 you must have a full SS age of 66 or possibly 67 years of age. I am confused as to why you believe this is so great. If you take SS at age 62 you will take large reduction in SS benefit. If you can make it to full SS age I believe you would be better off in the long run. Keep in mind that 500.00 is only until age 62 not until 100 percent Social Security. So why do you love this company?