The Golfbum Is Close To Retiring

[Golfbum]

Ok guys I attended my pension seminar today and I think I am 99% sure I am going to retire.
Ford is offering me a slightly reduced pension since I do not have my 30 years of pension credits. I will be sitting at 28.1 come May 1.
However Ford is also offering us $70,000 which most of us will roll into RRSP's or some other investments so we do not get whacked with the 46% tax rate if we take cash.
They are also offering us, and this was new to us as of last Thursday. $30,000 taxable credit towards a new Ford vehicle to be used by Sept/08. Perfect for me, my lease runs out in June/08 so I can purchase a new car, still have my 01 to drive as well.
It is a life changing decision I have to make between now and Jan.26. Sign the line and state YES OR NO. I am sure leaning towards YES.
I already have a part time job lined up which I can start after May 1 if I want too.
I also have a couple of other part time jobs I want to inquire about. Since I am only 51 I feel I do not want to totally retire and just golf 7 days a week.
(NOT THAT ALL GOLF IS A BAD THING )
I also want to continue paying into CPP for a few more years due to restrictions on that at age 65. ( I guess paying into CPP for 34 years is not enough for our Feds! )
But right now I sit here and I am pretty damn happy I'll keep you posted!

[Started2k3]

Cool. You can retire and buy a summer home in Ottawa.

[Kilroy]

Looks very tempting.

[jeffc]

dude! you are living my dream. Go for it!!!

[Pinshark]

Must be nice. You've earned it I'm sure. Congrats

[jvincent]

Why only 99%?

[Big Johnny69]

Good luck with your decision buddy. I'm sure you'll make the right one for you and your family. And if you decide to retire, enjoy it. You've worked hard your whole life, now its time to sit back (or golf) and enjoy it.

[dH]

Why bother Rick; you already get 140 games a year in.... You won't be able to play anymore! .

Either way I'm sure you'll make the right choice for you! You Golf

[covanant]

Dude.....if i could retire now i would. Go be a marshall at some course and enjoy it
Also,im wondering why you would leave your future in our hands...a bunch of golfers?

[Started2k3]

Dude.....if i could retire now i would. Go be a marshall at some course and enjoy it
Also,im wondering why you would leave your future in our hands...a bunch of golfers?

If he asks his wife, then she will want him to "do stuff around the house". If he asks us then he can retire, pretend he is going to work at Ford ... play golf ... work anther job ... and have a grace period of about 1.9 years before telling his wife .

[EDSGOLF]

If he asks his wife, then she will want him to "do stuff around the house". If he asks us then he can retire, pretend he is going to work at Ford ... play golf ... work anther job ... and have a grace period of about 1.9 years before telling his wife .

LOL!!!

[kerisb]

Hey Rick, as long as you are not taking a rediculously reduced rate.........why wait, go for it! You know what the shift work does to us!! And if they are willing to give you incentives to retire take them, hell the way our big three auto makers are going, if you wait too long you may just have to pay them to retire!! The guys in here are right , go get a marshall's job at one of the courses or something, and enjoy it!! Good Luck with the decision!!

[covanant]

If he asks his wife, then she will want him to "do stuff around the house". If he asks us then he can retire, pretend he is going to work at Ford ... play golf ... work anther job ... and have a grace period of about 1.9 years before telling his wife .

YOU ARE THE MAN
Can you be my marriage consultant Do all the messy work for me?

[Eldred]

This isn't just a great golf forum. But great "support" forum

We've just had a retirement lunchon for a colleague whom been with the company for 35 years, the only things he mentioned he'll missed are the friendships. So Golfbum, unless you test drive the Mustangs at work, I'd say go and enjoy life..

[Started2k3]

YOU ARE THE MAN
Can you be my marriage consultant Do all the messy work for me?

If Golfbum followed my advice he would only have 1.9 years (or less) of happy married life, until the wife finds out ... and then he's (you know much like indio is now).

[ironmaster15213]

Whatever you do don't buy a winter home down in Phoenix, Your wife will never see you year round

[jmr73]

Sounds like a pretty decent package.... I envy you. Are you able to start collecting your pension now or do you have to wait to 55?

I also want to continue paying into CPP for a few more years due to restrictions on that at age 65. ( I guess paying into CPP for 34 years is not enough for our Feds! )[/FONT]

Can you give me the coles notes version of what the restrictions are? Is the CPP not so small in comparison to your pension that any restrictions would be minimal... or is it significant.

[Golfbum]

Ok here is the deal on this retirement offer that Ford has put forth to anyone working at my plant with 28 years or more seniority.

For those with 30 years pension credits they will receive full pension. Plus $70,000 buyout, plus $30,000 towards a new Ford Vehicle.

For those of us, like myself we are offered the same cash incentives, but we have our pensions reduced according to our seniority.

In the case of those with 28.1 years of credits we are being offered a reduced pension. In my case with 28.1 my monthly pension is reduced by $217 gross per month.

The idea is the $70,000, if invested correctly will more than offset that loss in our pensions. Yes for the 30+ year guys the cash is a bonus. For guys like me it is an incentive to get us to retire.

Before Christmas 900 Union members were handed lay off notices effective April 9.07. The Union then went to work on retirement packages for members with 28 years of seniority. If enough of us retire the majority of those given lay off notices will retain their jobs at the plant. Some will still lose their jobs but there is nothing else the Union can do as far as saving those jobs.

Ford announced early in 2006 that St Thomas Assembly Plant would be operating on one shift sometime in 2007. The Union did all it could to stop this from happening. But the reality is sales of the cars we build has dropped and there is not enough work for two shifts. We have been working 4 day weeks since last July to help cut down on the layoff weeks. Yet we have still had layoffs, in fact the plant is down this week.

As for CPP. If I continue to pay into it until age 55 then my monthly amount at age 65 will not be reduced as much as it would be if I stopped paying into it at age 51. It gets complicated, you really have to have the figures sitting in front of you to understand how the CPP system works. The Government makes it sound all nice and cozy but in reality it is not! Our pensions involve different aspects as far as topping up CPP etc until we are age 60. So it is hard to give you facts and figures on this amount.

I will work part time anyways. I am still young at age 51, I would not want to sit around 365 days a year and not be able to do something other than golf (I know, you will shake your heads at that statement. But trust me, if you golf 7 days a week for the entire season you will get burnt out!)

If I work part time I continue to pay into CPP. Our pension allows us to make $43,000 without having our pension reduced. Good deal, for those who are young enough and want to start a different career in life.

I have lined up one part time job now. Not the highest pay, but enough hours to easily offset the monthly loss in my pension.

You have to understand, for those who have not worked in a car plant. The job is stressful., and totally boring. I have been there 28 years, working shift work, overtime etc. For 12 years straight I worked on a job alone, no one to talk to for 10 hour shifts. I have had enough, I no longer enjoy going to work there. Am I lazy? No, far from it, if I was I would not be looking for part time work! I am just at the point in my life I no longer want to work in an auto plant.

As my doctor told me “You are 51, and you have a big scar down the centre of your chest. Think about that when making your decision” True words right there folks.

My wife is behind me 100% on this decision, it was not mine alone. This effects us both. We will be married 25 years this coming May, we have alwways made decisions together
(HELLO Retirement and Anniversary Party )

So there you have it. Kind of poring my guts out here, but this day has been coming and I have been thinking about this matter since the rumours came out that the buyouts would be offered. I had a figure set in my mind that would make me retire, and I am damn close to that amount.

I AM OUTA THERE !

[Kilroy]

Done. No brainer. Have a party! You have certainly earned it!

[spackler]

Congrats Rick! I worked three summers in a paper mill on 12 hour shifts and I learned pretty quickly why those jobs are so highly paid. Shift work, and the stress of working on modern production lines is unbelievably unhealthy. I still have sleep related problems from those summers of shiftwork almost 15 years later. They're minor, but still.

Enjoy the freedom, you more than earned it.

[gbower]

Congratulations bum. You won't regret your decision even if you are getting a part time job. My last day of work was my 55th birthday and it couldn't have been a better present. Four years later and I'm still enjoying it. Spend most days at the golf course when it's open and even now work on my swing indoors. Oh ya I'm heading south to golf in a couple of weeks and will return close to the time we'll be able to golf around here. I didn't want to get a part time job but I'm sure if I needed it financially it would only take a few days to find one.

Good luck and enjoy!!!!!!

[Hacker]

“You are 51, and you have a big scar down the centre of your chest. Think about that when making your decision”

Truer, more appropriate words do not exist!!!

Enjoy your retirement and more importantly your life my friend. If the past year or so has taught you anything I'm sure it was that life is too short to sweat the small stuff - get out there and live it mon ami

[BC MIST]

The most important consideration is your health and with the "scare" that you had, get away from the stress ASAP, assuming you can afford to live on a reduced income. I never really realized how much job related stress there was until I stopped working and that kind of stress takes its toll on you. So take the fabulous opportunity that you have and retire, and work only at things that you enjoy to supplement your income.

When I retired 8 years ago at age 53, my monthly take home went from about 58% of gross to about 80%, and with the reduction of expenses associated with working, my retired disposable income was almost the same as my working disposable. By taking my CPP at 60, I am comfortable with what I now "earn."

Retirement: Getting paid for doing nothing.

[jonf]

Go for it man. Sounds like a deal, and you've earned it.. Lemme guess...part time job lined up at the golf store? The one where you go in and make sales just for the fun of it?

[jmr73]

Thanks for the information and congratulations again. You are definitely making the right decision. Go out there and find ways to enjoy your time (part time work, volunteer, hobbies, and golf golf golf...) I can't wait to be in your shoes.

[Golfbum]

Go for it man. Sounds like a deal, and you've earned it.. Lemme guess...part time job lined up at the golf store? The one where you go in and make sales just for the fun of it?

Could be there! I talk to him tomorrow. The other is at a private club, details later on in the spring! Let's just say the other offer involves free golf once in awhile at a Top 75 Course!

Thanks everyone for the encouraging words. You do not know how much this has weighed on me since early December when this was announced. Last night I woke up at 4 AM and could not get back to sleep because I was thinking about this life changing decision I would have to make between now and January 26.
Suddenly taking a pay cut the amount I will take is a big step. As I told my wife, "I take that cut now, or I take that cut two years from now and there will not be $100,000 on the table top then"
2 of my fellow workmates are also going. Last summer we had what we called the LAYOFF TOUR. A bunch of us from the Paint Shop got together when we were laid off and golfed.
No more LAYOFF TOUR, we are not starting up the PENSION TOUR Afterall Ford is giving us $70,000 towards Caddie Fees Might as well use it!

Again THANKS FOR THE SUPPORT. Your thoughts just make my decision that more reassuring. Hell even "RICHARD" told me to take the money and run!

[Chambokl]

Hey GB,

Take the package. This is a hard but easy decision. The hardest part of retiring seems to be to find something to do. You will golf, part-time job, involvement with hockey team, etc... sounds like a lot of fun.

With you r pension you must have a COLA so your pension will be higher and higher every year. You will be surprise how nice this is.

Time for a big retirement party. If you are ever short of money I am sure your friend Joe T. will take care of you. He could give you his Stanley Cup bonus this year (or next) ... lol.

My retirement date is 2011 and believe I can't wait.... golf all the time....

Congrats.

Jean-Guy

[Indio]

Rick, everyone of us in here is envious I become eligible on January 17, 2008 and believe me, I am starting to count the days I had a chance at a sweet heart deal (golden handshake) in 1998 when we outsourced much of our IT Dept. I left the money sitting on the table and took another job they offered me.... I have regretted it ever since...... Do what you think is best for you buddy..... and good luck with the decision

["Richard"]

All ways take the money and get another job. You can contribute from your new job as well.

[Golfbum]

All ways take the money and get another job. You can contribute from your new job as well.

Does "PIMPING OUT RICHARD TO DAN" count as a job, can I contribute to CPP from that position? Do I have to pay my own taxes, are the taxes taken off every week? All important questions that need to be answered before I sign the ...................