Anyone out there drawing a monthly stipend from their Teamster/UPS 401K?

[Brownslave688]

When you hit your 60's your number could be called at anytime. Why live for tomorrow when you don't know if you'll even be around?

If you don't need it at 62 why would you take it when 60% more money could be huge at 90.

 

[MAKAVELI]

If you don't need it at 62 why would you take it when 60% more money could be huge at 90.

At 90 I'll either be worm food or need to be fed like a baby. I'll take the $ when I can enjoy it.

 

[Brownslave688]

At 90 I'll either be worm food or need to be fed like a baby. I'll take the $ when I can enjoy it.

Depends on the situation.


I'll be lucky to see my 80's.


I'll be shocked if my wife doesn't see her 90's

 

[MAKAVELI]

Depends on the situation.


I'll be lucky to see my 80's.


I'll be shocked if my wife doesn't see her 90's

Once you you hit 60 every day should be a party then.

 

[burrheadd]

Once you you hit 60 every day should be a party then.

55

 

[brownmonster]

Is this in western conference plan??

Local 344 WI

 

[brownmonster]

Roughly 8% per year for every year that you wait.

She is being foolish by drawing it early.

My advisor says take it at 62 which was my plan.

 

[IESucks]

Plan to start taking withdrawals in the near future and wondering how it works. Or how well it works.

Works great and easy to do with a phone call.

 

[IESucks]

Been looking at pulling some cash from 401k, (although I'm retired and older than 59.5)looks like it can all be done online thru prudential website. Been told it usually takes a week to 10 days to get the money deposited in bank, you may have to call the 800 number the first time you pull money out to verify some things.

Must call and they don't deposit into account. They send you a paper check less 20% in taxes

 

[IESucks]

Still looking for someone actually drawing a monthly check for the intended purpose of retirement income.

Here I am. Retired at 57 . The 55 and up rule means no penalty from withdrawals before 59 1/2 if you leave the company at 55 and up. Very helpful and nice to deal with.

 

[MAKAVELI]

Must call and they don't deposit into account. They send you a paper check less 20% in taxes

He's older than 59.5, no penalty.

 

[IESucks]

He's older than 59.5, no penalty.

Lol. The penalty is 10 %....20% is normal tax rate for deductions . The penalty doesn't apply if ur 55 and up when you leave a company sponsored plan.

 

[MAKAVELI]

Lol. The penalty is 10 %....20% is normal tax rate for deductions . The penalty doesn't apply if ur 55 and up when you leave a company sponsored plan.

Deductions are based on your W-4 not a flat 20%.

 

[IESucks]

Deductions are based on your W-4 not a flat 20%.

And how do you know this? Flat 20 % is the rate. I'm gonna assume you are guessing like most do on this site.

 

[MAKAVELI]

And how do you know this? Flat 20 % is the rate. I'm gonna assume you are guessing like most do on this site.

Because withdrawals after 59.5 are not subject to withholding.

 

[IESucks]

Because withdrawals after 59.5 are not subject to withholding.

Sure they are. Taxable income

 

[brownmonster]

Solid info.

 

[UpstateNYUPSer(Ret)]

you can go on the ss website for benefits estimator to find out your difference between 62-65-67-70 etc. it's quite a bit difference as each year you wait is a 8% increase. this has been discussed here many times.

we decided on age 62 since it takes about 18 years before you start losing money.

You are correct in that age 80 is about where you break even.

 

[UpstateNYUPSer(Ret)]

that sounds like a good idea. i applied yesterday for ss at age 62. wonder if i can cancel my app.

You have up until the first check is disbursed to change your mind.

 

[UpstateNYUPSer(Ret)]

When you hit your 60's your number could be called at anytime. Why live for tomorrow when you don't know if you'll even be around?

There are no guarantees in life.

My financial adviser and I have both agreed that we will wait until I am 67 to start drawing. I am actually hoping to be able to delay that until I turn 70.