I am a 13 year former employee of United Parcel Service. I reach the age of 55 in November and I would like to know what the repercussions are for taking out early retirement?

As a former employee, I assume that you are interested in the effect of starting your pension payments at age 55 versus waiting until 65, is that right? That should be able to be answered by the HR department at UPS. They can probably tell you what your options are (i.e. single annuity pension, survivor's annuity if you're married, etc). You won't be able to start social security payments until at least age 62, or coolect from any IRA or 401(k) without penalt yuntil age 59-1/2.