Hi everyone, new to the forum and need advice

dove1414 · 09-06-2008, 10:33 PM

Hi, I left the powertrain plant in Moraine Ohio in 99 ( a few months before they closed the plant) due to health issues. I only worked there 6 years. I get a yearly statement on what my retirement will be, only 200.00 a month, when I reach that age (Im only 49). My question: Is it possible to take a buy-out on my retirement? I know it wouldn't be much but even a little would help right now. If so, who would I contact? Thanks for any help you can offer.

**CuppaJoe** · 09-07-2008, 01:46 AM

Welcome, Dove 1414.

You could contact whoever administers the plan. That information should be on your yearly statement. If not, there is a federal pension guarantee agency that could help you.

Yours may (or may not) be like a plan I have. Years ago there was a one time buyout offer which had a very short window. The lump sum offer was about equivalent to one year's payout at age 62. I didn't take the buyout, left the plan as an annuity to start paying at age 62.

BTW, are you collecting social security disability? I've heard it works like any other insurance; they turn you down once or twice before approving it.

dove1414 · 09-07-2008, 11:07 AM

I,m not on SSI or SDI but my husband is totaly disabled. Its hard for me to work because he needs me at home. This damn economy.....the cost of living keeps rising but his income cant keep up. Thanks for the info, I'll look over my statement and call a few numbers.

Donzo · 09-07-2008, 11:21 AM

Also check the statement for a website that you can log into. The web site will have all the info you want

09-06-2008, 10:33 PM	#1
dove1414 Confused about dryer sheets Join Date: Sep 2008 Posts: 2	Hi everyone, new to the forum and need advice Hi, I left the powertrain plant in Moraine Ohio in 99 ( a few months before they closed the plant) due to health issues. I only worked there 6 years. I get a yearly statement on what my retirement will be, only 200.00 a month, when I reach that age (Im only 49). My question: Is it possible to take a buy-out on my retirement? I know it wouldn't be much but even a little would help right now. If so, who would I contact? Thanks for any help you can offer.

09-07-2008, 01:46 AM	#2
CuppaJoe Moderator Join Date: Jun 2007 Location: Northern California Posts: 2,399	Welcome, Dove 1414. You could contact whoever administers the plan. That information should be on your yearly statement. If not, there is a federal pension guarantee agency that could help you. Yours may (or may not) be like a plan I have. Years ago there was a one time buyout offer which had a very short window. The lump sum offer was about equivalent to one year's payout at age 62. I didn't take the buyout, left the plan as an annuity to start paying at age 62. BTW, are you collecting social security disability? I've heard it works like any other insurance; they turn you down once or twice before approving it. __________________ “Say the secret word, win $100.”--the one, the only, Groucho Marx

09-07-2008, 11:21 AM	#4
Donzo Full time employment: Posting here. Join Date: Apr 2006 Posts: 531	Also check the statement for a website that you can log into. The web site will have all the info you want __________________ Freed at 49. You only live once - live it

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09-07-2008, 11:07 AM	#3
dove1414 Confused about dryer sheets Join Date: Sep 2008 Posts: 2	I,m not on SSI or SDI but my husband is totaly disabled. Its hard for me to work because he needs me at home. This damn economy.....the cost of living keeps rising but his income cant keep up. Thanks for the info, I'll look over my statement and call a few numbers.

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