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Local 2409 Microsite News  Retirees' Report8/9/2007Brothers - I'm sorry that I have not sent out a message in awhile. As you probably know our contract has been settled, I don't think it is as great as the news accounts have said but it is an OK contract. Highlights - 4 year contract, raises- 3%, 2.5%, 2.5%, and 3%. Skilled trades adjustment - I don't have the numbers in front of me but it was about $.30 per hour. Extra Holiday - Veterans day. We still have the COLA in the contract. Some higher medical and co-pays. We appear to have lost on the pension formula, but I will wait and see how it effects myself and others before I am sure. GE in its compassion for retirees agreed to a small increase in pension for those already retired. That's about all for now, I am also including a copy of the retirees' report Fraternally - Ed Retirees' Committee Report 9 Aug 07 A free financial-planning course is available through the University of California at Irvine OpenCourseWare consortium. "The fundamentals of Personal Financial Planning" provides on-line financial planning Information for consumers who do their own planning or need information before meeting with a professional. www.ocw.uci.edu/courses (click on "Fundamentals of Personal Financial Planning"). Retiring before your child finishes high school? Boost your Social Security Benefits. When you qualify for retirement benefits, your unmarried children under age 18 -or up to 19 if in high school or any age if disabled before age 22 - can raise your family's total benefit by 50%. The maximum family benefit can't exceed 180% of what you alone would receive based on your "full" (not early or late) retirement age, which ranges from 65 to 67. Vision saver: Self-tests, problem prevention and more. From the Foundation of the American Academy of Ophthalmology. www.eyecareamerica.org. Considering moving after you retire? To find the best places to live in the US based on 50 criteria in 10 categories, with the most weight given to cost of living, climate and overall quality of life. www.bestplaces.net. Make your money last through retirement. Taxable income such as Pension distributions, earned income from retirement jobs and income from dividends and interest accounts other than IRA's and 401 (k) s should be spent first. If you have already begun to receive Social Security payments, that money should be used as well. Next use money from traditional 401 (k) and/or IRA distributions if your tax bracket is low (10% to 15%). Followed by taxable investments and savings such as stocks, bonds and mutual funds outside of retirement accounts. Traditional IRA's, 401 (k) s and other tax-deferred retirement accounts: equity in your home: and finally Roth IRA's finish out the sequence. Respectfully submitted, Brad Cecil, Chairman |
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