GM early retiree

[glinka]

I retired in 2006 at 56 when my GM plant closed. I receive a basic benefit and a supplemental benefit. When I turn 62 does that supplement go away wether I start soc. security or not? I've searched my union papers and can't figure it. It certainly would change if I take soc. sec. at 62 or not. I'm on the fence as to if I should take it at 62 or wait.

 

[haha]

I retired in 2006 at 56 when my GM plant closed. I receive a basic benefit and a supplemental benefit. When I turn 62 does that supplement go away wether I start soc. security or not? I've searched my union papers and can't figure it. It certainly would change if I take soc. sec. at 62 or not. I'm on the fence as to if I should take it at 62 or wait.

Can your union help you with this question?

ha

 

[frank]

John deere pensions allow so many dollars a month and when the social security kicks in the company pension is reduced to maintain that level of income. I think that they too are united autoworkers.

 

[eytonxav]

glinka,

Have you tried asking your question on this forum:

GM NATIONAL RETIREE ASSOCIATION | OVER THE HILL CAR PEOPLE | HOME

 

[glinka]

I guess I made this harder than it had to be, called the national GM benefit center. The supplement goes away and the basic pension amount goes up figured on years service. Now the question is to figure if I want to take soc. sec. at 62 or wait.

 

[eytonxav]

I guess I made this harder than it had to be, called the national GM benefit center. The supplement goes away and the basic pension amount goes up figured on years service. Now the question is to figure if I want to take soc. sec. at 62 or wait.

This was recently posted over at bogleheads forum, and might be helpful regarding the SS decision:

http://fsp.bc.edu/wp-content/uploads/2011/02/claiming-guide_-rev_0706.pdf

 

[Midpack]

I guess I made this harder than it had to be, called the national GM benefit center. The supplement goes away and the basic pension amount goes up figured on years service. Now the question is to figure if I want to take soc. sec. at 62 or wait.

And there are probably online calculators out there that can model various scenarios for you. FIRECalc: A different kind of retirement calculator can give you probability of success based on past financial history, by entering the various pension, social security and ages on the second tab "Other Income/Spending" (in addition to the first tab). However, the results will depend very heavily on the longevity you assume, something you have to decide for yourself. Of course longevity has everything to do with when to take social security as well, it's the $64,000 question (take SS early if you expect to pass away younger, defer SS if you expect to live longer than average).

You may want to consult a professional if you're not comfortable with online calculators. Best of luck...