Has anyone heard about being considered an "early retiree" when age and years of service equal 72?
39 replies (most recent on top)
Early retirement? I smell an eisp!!!! WOOHOO!! Gimmee my free moolah!
I retired at 55. I had 25 years to the day. At age 62 I'm taking an allowed amount, for the rest of my life, per my financial planner. At this age, along with my other allotments, I'm making the same salary I made, less overtime, per month including SSI. I love this. I have full medical. I took the buyout. No regrets here.
Read your contract it is pretty explicit. I could tell you what mine says but I have no idea what one or area you work in, although most are similar. If you don't have contract (non-union) I assume it is what ever the company wants? Ours is not a pure 72 or 75 rule.
It goes as follows:
30 years full service pension any age. (start at 18 you can get out at 48)
25 years full service pension at age 50 with a 6% reduction for each year under the age of 55. (prorated back at a 1/2 % a month until you either hit 30 years or your 55 birthday.) A person starting at 21 would for example have a 30% penalty at age 50 yet be service pension eligible and upon their 51 birthday would be penalty free.
20 years at age 55 with no penalty.
15 years at age 60 with no penalty
10 years at age 65 with no penalty being the minimum number of service years needed for a service pension.
Obviously each circumstance is worth vary degrees of money with the service multiplier coming into play. If cash balance is opted for there is also the three indices used to factor in the present value at the time of retirement and the retirees age. All things being equal the younger you are the more you get once you hit the 30 years or age 55. The best bang for the buck is to be 48 with 30.
72T allows you to make 5 equal deductions from your 401 for 5 years or until you reach the age of 69 and 1/2.
Heck,. I plan to work till I'm 72!
Why not ?
Fiber is EASY!
Voice complaints here: 9803358720.
A simple text will do. Let the fat cats know that this is BS. They keep the ones who have zero skills but are willing to work for much less bc they have nothing to offer any other companies.
@3eqm, it had zero to do with your message earlier. It was the manner in which it was delivere.,A boastful, obnoxious, know it all.
Yea, 3rjr, your a real jerk for telling people to assume responsibility and take control of their financial affairs! I'll bet you're one of these hard a**ses who thinks 10 year olds are too old to breastfeed!
3rjr, you come off as a pretentious, know-it-all yourself.
It must s--- to be forced to be around you.
Not sure if most of the posters here are trolls who dont even work for Verizon landline, or just inept.
Here's some homework for you. What is a SPD? If you really work for Verizon, you have a dozen SPDs available to you on the eweb. Find them, select the relevant one, and read the damned thing. Maybe read it twice if it's hard to understand.
Once you read it you should understand why all this age 55, age 59.5, 72t talk doesn't apply to the fidelity 401k. (Very common misconception).
You also need to understand the difference between a vested pension, a pension, an early pension, a service pension, and a reduced pension. I just saw a coworker (a know it all who likes to brag about how intelligent he is) retire. He thought he knew, he thought he understood what HR was saying, but he didn't. He walked out with a out $200,000 less than he thought he was getting. Spoiler alert: when you make a mistake like that, Verizon does t feel sorry for you and fix it.
TLDR: READ THE DAMNED SPD.
@QRMc8Z3-1nqh**YOU HAVE THAT SO RIGHT MY FRIEND. I was pushed out at 56 with 16 1/2 years and I saw it happen to so many people before me. It is such a disappointing thing and I was so loyal to this company. I was so stupid to think if I was loyal then they would make sure things were right. NOT and unfortunately I learned the hard way. I was blessed to realize at age 30 to take 16% out for retirement so I ended up being able to retire early but I someone told me that he saw an e-mail stating that if his number equaled 72 he was entitled to get services for a discount.
AGAIN, EVERYONE WHO PROVIDED POSITIVE FEEDBACK........THANK YOU!!!!
@QRMc8Z3-fyr what number was that you were entitled to retirement. I had 16 1/2 years and was 56 years and looking to get the discount off services. I am aware of the 55 rule on pension and I qualify for it but my question was what number would I have to hit to get discount for services.
EVERYONE who chimed in I SO MUCH APPRECIATE and probably should of qualified exactly what I was looking for but I wanted to find out if you hit the 72 number if you qualified for discounts on the services they offer.
If you separate from the company at 55 you can withdraw from your 401k without 10% penalty. That money will be taxed as income. The 72t rule allows you to take equal payments every year up to 59 1/2. 72t would really only be used if you leave before 50. Interest rates are a major factor when it involves lump sum, rates go up lump goes down. Rates will continue to rise this year, making the decision to leave a little easier. In most areas the enhanced EISP looks like a long shot, just my 2 cents.
@1mhe. a couple of comments. I could be wrong but I think you can touch the 401k and IRA money at age 55 if you use the "72T" rule, which is to retire and then withdraw equal amounts from age 55 to 59. Maybe somebody who's done this could chime in if I'm correct about this? Another thing is that I don't think your pension amount necessarily goes up if you have 30 years at age 55 but then stay until you're 59. Once again maybe someone who's done this could explain to us how it works. TIA
Your monthly pension here at verizon for 30 years kind of s---s ,cause we lost the pension increase from 2010 to 2016 it was frozen so you lost about $480 a month,if you are in your early 50's and you have 30 yrs your monthly is about $2700 before tax,you cannot retire on that in n.y so you have to stay until you can touch your 401k then your good depending on Your situation.all these guys with 20years and young kid talking about oh why dont you leave a 30 yrs ,all talking sh--,all i say is talk to me when you got 30 yrs...then you will understand
Actually the pro stock market poster is correct. Its gone up since its inception. If you invested in pretty much -any- stock short of enron in the beginning you would be a millionaire by now
Trust your future on the stock market, that's a good one. Talk to the guys who left in 07.
Once you hit 30 and ur still around youre just being greedy and keeping others from moving up the food chain. Im doing the minimum (75) and out. These old dopes ever hear of the stock market? Fools...
At age 49, my age and years will be 79 and I still will have to wait a year.
No, I left in Oct but my ncs date was in the next year.
1frm, it's interesting that you're discriminating against them by virtue of their age alone while claiming "...they blame everything on age discrimination".
they, they, they...
You're biased and you paint with a wide brush.
and then they complain when job targeting doesn't include them.. they blame everything on age discrimination.
...fear, boredom, cost of healthcare...
Perhaps neither.
Sometimes there's still a young child in the household, investments did not go as well as expected, a divorce, a family-sickness wiped out savings, you're too young - there are a number of reasons beyond "greed or stupidity" that someone might stay beyond the 30 year mark.
Thanks 1zwt.
How much is the pension for a 30 year retirement monthly?
Wondering because people for whatever reason keep working when they hit 30 years...
Greed or stupidity?
@1irg The year you left you would have probably hit 30.
Your age and time must equal 75 to be pension eligible. If you have the 75 number and you leave before you are 55yrs old you will be penalize 6% from your pension for every year you are short of 55yrs of age. If you do 30 you can leave at any age and get a full pension.
I left at 50 with 29 years. Full pension and medical. My pension did go up when I hit 50 years of age, even though I had the 75 number at 49.
@1dje- If I am mistaken, I have no idea why both the Union and Company gave me the chart with those numbers. Look at your pension and benefit info and you will see I am correct.
@1arq, I am quite certain you're mistaken.
@1bro-- No, the numbers I posted below are what you need to be "pension eligible" which would include medical benefits. The chart is in the contract.
You still win under 75. Let the money sit, it will continue to earn interest until you push the retirement button. Fact! Call HR if you don't believe it.
My understanding is, as far as wireline craft in my area goes, unless you have 30 years already, you must stay until the year in which your 55th birthday falls (and also reach that 75 number) in order to retain the medical benefit in retirement. If I am mistaken, my apologies, but somebody below replied earlier that you could leave at 50 with 25 years. I think, under that scenario, you might be surrendering your medical coverage in retirement.
@1vpl is correct.
It gets scary when you're around the 72, 73 mark because the company wants to fire you and avoid paying the pension and that's their open at that point... Once you have 75 if you get canned you still win...
I never heard of the 72 number for retirement, I've always heard the number is 75, but it's not just 75, it has to be a certain combination. Any age 30 years or more. At age 50, 25 years or more. At age 55, 20 years or more. At age 60, 15 years or more. At age 65, 10 years or more.
I thought if you were involved in a RIF it was 72, otherwise 75.
I always thought "75" was the bare bones minimum.... No???
yes - I was "kicked to the curb" in 2015 and my years of service plus my age at the time qualified me to be considered "retired" from Verizon.