How big is your 401k?

[Ms.PacMan]

not trying to be an jerk but anyone not making the maximum allowable contribution to their 401k is just plain doing it wrong. now if there is some reason you can't like you absolutely can't squeak by on anything less, ok, but if you can afford to make the maximum contribution of 35% that is your best move.

The IRS maximum this year for a 401k is $18,000. Most drivers will max out around 24 or 25%. Mine is set at 24% and I hit the maximum before the end of the year by 2 or 3 weeks.

I'm not sure 30 or 35% is even high enough for lower wage ft/part timers to max out their 401k (if they wanted to).

 

[UpstateNYUPSer(Ret)]

How come everyone else in your center gets OT?

There are 6-10 of us who get little to no OT. Our center as a whole averages an hour or so of OT per day. It is rare that we have someone go over 9.5

 

[UpstateNYUPSer(Ret)]

The IRS maximum this year for a 401k is $18,000. Most drivers will max out around 24 or 25%. Mine is set at 24% and I hit the maximum before the end of the year by 2 or 3 weeks.

I'm not sure 30 or 35% is even high enough for lower wage ft/part timers to max out their 401k (if they wanted to).

Keep in mind that us older folks (50 and older) have a "catch up" contribution of up to $5,500/year in addition to the $18K. That puts us at $23.5K. One would need to make at least $67K to be able to max out their 401k each year.

 

[Cardboard carrier]

Keep in mind that us older folks (50 and older) have a "catch up" contribution of up to $5,500/year in addition to the $18K. That puts us at $23.5K

In 2015 the catch up amount is 6k for those over 50 plus the 18k that all can contribute.

 

[IVE GOTTA PACKAGE 4U]

Keep in mind that us older folks (50 and older) have a "catch up" contribution of up to $5,500/year in addition to the $18K. That puts us at $23.5K. One would need to make at least $67K to be able to max out their 401k each year.

I think you can contribute up to 40% until you max out.

 

[Mr.Golden]

There are 6-10 of us who get little to no OT. Our center as a whole averages an hour or so of OT per day. It is rare that we have someone go over 9.5

If the opportunity to get more OT present itself would you take it? At my center there's maybe 6-8 drivers(drivers close to retirement) try average about 55-59 hrs by coming in to do earlys and also have their route tweaked a lil bit to where they be back to the building between 8-9ish

I also wonder why some of the older drivers cash in their vacation weeks ride on opt days through out the year. I want to say so they can max out the 401k contribution faster....i could be wrong

 

[UpstateNYUPSer(Ret)]

If the opportunity to get more OT present itself would you take it? At my center there's maybe 6-8 drivers(drivers close to retirement) try average about 55-59 hrs by coming in to do earlys and also have their route tweaked a lil bit to where they be back to the building between 8-9ish

I also wonder why some of the older drivers cash in their vacation weeks ride on opt days through out the year. I want to say so they can max out the 401k contribution faster....i could be wrong

I work enough hours and do not need or want to work OT if I can avoid it.

As for the older drivers wanting more hours, it sounds like their pension may be based on their best 5 years rather than a defined amount, which is what I have.

It also sounds as though some of these drivers may be having financial issues.

 

[Gabba]

Do you contribute 35% pretax or Roth?

pretax

 

[Gabba]

Let me guess-----you are single with no kids. Am I right?

We would all love to max out our 401k's but those of use with kids know that they expect to eat 3 times a day and wear out clothes long before they go out of style.

I am at 10% now. I have been as high as 25% and as low as 0%. I am also in an accelerated mortgage repayment program as I would like my mortgage to be paid off shortly before I retire. It would be nearly impossible for me to both max out my 401k and pay off my mortgage early, especially considering I get little to no OT.

yes that is correct unmarried no kids. but your situation clearly falls into my second sentence where if it simply isn't an option to max out your contribution.

 

[Mr Shifter]

When was part time back in 2005-6 I put in about 250 dollars pre tax. I just recently got my last statement where the fees where more than my balance and I no longer have any money.

Since we don't get a employer match there is no reason to be in a 401k in my opinion unless you have no idea or have no time to invest otherwise.

 

[UpstateNYUPSer(Ret)]

Since we don't get a employer match there is no reason to be in a 401k in my opinion unless you have no idea or have no time to invest otherwise.

Are you kidding? 401k's are one of the best investment options for retirement savings.

 

[Mr Shifter]

Financial collapse of 2008. Good thing a lot of Americans invested wisely in a 401k

 

[realbrown1]

Financial collapse of 2008. Good thing a lot of Americans invested wisely in a 401k

I've more than doubled my balance since 2008.

My investments took a hit, but I usually keep 10% in cash, just to invest when the market tanks.

It's like buying stock when it's on sale.

 

[UpstateNYUPSer(Ret)]

Financial collapse of 2008. Good thing a lot of Americans invested wisely in a 401k

If left untouched they would have more than recovered by now.

 

[Jackburton]

Let me guess-----you are single with no kids. Am I right?

We would all love to max out our 401k's but those of use with kids know that they expect to eat 3 times a day and wear out clothes long before they go out of style.

I am at 10% now. I have been as high as 25% and as low as 0%. I am also in an accelerated mortgage repayment program as I would like my mortgage to be paid off shortly before I retire. It would be nearly impossible for me to both max out my 401k and pay off my mortgage early, especially considering I get little to no OT.

Speak for yourself, I make saving a priority with two kids and wife. I get as much OT as I want and sock it away. Blaming the fact you can't save on kids or you get no OT at UPS is bunk.

 

[UpstateNYUPSer(Ret)]

Speak for yourself, I make saving a priority with two kids and wife. I get as much OT as I want and sock it away. Blaming the fact you can't save on kids or you get no OT at UPS is bunk.

I never said that you can't save----what I said was it is not easy to save when you have a family.

 

[The Driver]

I've more than doubled my balance since 2008.

My investments took a hit, but I usually keep 10% in cash, just to invest when the market tanks.

It's like buying stock when it's on sale.

When you say you keep 10% in cash, do you mean 10% in cash allocations in your 401k? Or 10% saved outside of that account to do your own investing for times when the market crashes?

 

[UpstateNYUPSer(Ret)]

When you say you keep 10% in cash, do you mean 10% in cash allocations in your 401k? Or 10% saved outside of that account to do your own investing for times when the market crashes?

She is talking about cash in her SMA.

 

[realbrown1]

When you say you keep 10% in cash, do you mean 10% in cash allocations in your 401k? Or 10% saved outside of that account to do your own investing for times when the market crashes?

I mean in my self-managed account, 90% of my assets are in stocks and reits.

10% is just sitting there un-invested.

Waiting.

 

[The Driver]

Waiting.

In the shadows.