UpstateNYUPSer(Ret)
Well-Known Member
Withdrawals can also be made without penalty under the Rule of 72.
How big is your 401k?
- Thread starter joesmith
- Start date
Withdrawals can also be made without penalty under the Rule of 72.
UpstateNYUPSer(Ret)
Well-Known Member
This is excellent advice-----time is the key to any retirement savings vehicle.
beatupbrown
Well-Known Member
The fact you have so much money in any one company stock is dangerous to me .I like an index funds not sure what the 401-k has now a days. I would think they have some type of index funds that covers small cap, medium etc…good luck.
My first post. I'm 58, started peak '78, in Western Conference Pension which will pay about $62,000 when I retire in two years. My 401K is $620,000 with $22,000 in Roth401K (the after tax option is a mistake for anyone). I still contribute, but only to the Roth401K. Go with equities and the REIT, you have a pension, there's your safety net. In 12 years my RMD on my 401K will be over $50,000. I'll convert my Roth401K to my regular Roth, my wife and I have $65,000 in our Roth's outside the 401K (she doesn't work). I have $40,000 in UPS stock. We have a $300,000 3.99% mortgage on a $500,000 house on a lake. The Roth money is insurance against living too long, or money for the kids or grandkids if we don't. Real quick on Social Security, I plan to wait till full retirement age to collect, my wife will collect a spousal benefit at her full retirement age of half of mine. Together we'll get about $3,700/month.
UPS4Life
Well-Known Member
Thanks for this small info I just got sick :$ 24 single no dependents. I'll be uncle sams best friend this year
Thanks to all those who contributed info! It's easier to see someone's results than my slow progress but I have a 401k I started 2 years ago and I've been contributing stock for 3. It's slowly adding up
Sent using BrownCafe App
brownmonster
Man of Great Wisdom
While your savings is impressive, that debt would scare the crap out of me. I'm 53 and my mortgage is 24,000.
UpstateNYUPSer(Ret)
Well-Known Member
I may be wrong but I don't think you can deduct the interest on the mortgage for a second home. That debt also scares me. My mortgage is at 58K and will be paid off in early 2019 (accelerated repayment plan).
Ms.PacMan
Well-Known Member
I wanted to highlight this to make sure everyone sees this social security option. It's called file and suspend. Both spouses will collect their maximum benefits at age 70 and still get 1/2 of his benefit.
you can search the SSA site for more info. I just pulled the first link Google gave me.
http://www.socialsecuritychoices.com/info/fileandsuspend.php
barnyard
KTM rider
I do not come to this area that often, to those that have posted in this thread: Thank You. Particularly Ms PacMan.
Reading through this thread motivated me to login to my accounts and update my withdrawal percentages. I upped my 401k and my weekly stock purchase. According to my budget, I was just peeing away that extra dough anyway. After the 1st of the year, if the plan keeps working, I will be able to do a 1/2 house payment every week.
My sister and her husband burned their mortgage papers Labor Day weekend. I was thinking about that quite a bit. Amongst the people that I know, in my age range, they are the 1st to have paid off their house. They were able to do that even though my sister was laid off in May.
I need to put my compulsive, alcoholic tendencies to work paying off my house.
And to answer the questions: I have $190k in my 401k, $25k in a rollover IRA; $20k in UPS stock.
Reading through this thread motivated me to login to my accounts and update my withdrawal percentages. I upped my 401k and my weekly stock purchase. According to my budget, I was just peeing away that extra dough anyway. After the 1st of the year, if the plan keeps working, I will be able to do a 1/2 house payment every week.
My sister and her husband burned their mortgage papers Labor Day weekend. I was thinking about that quite a bit. Amongst the people that I know, in my age range, they are the 1st to have paid off their house. They were able to do that even though my sister was laid off in May.
I need to put my compulsive, alcoholic tendencies to work paying off my house.
And to answer the questions: I have $190k in my 401k, $25k in a rollover IRA; $20k in UPS stock.
What'dyabringmetoday???
Well-Known Member
That is a lot of money. Better be careful sharing that info or you could risk getting robbed.
brownmonster
Man of Great Wisdom
Give me your wallet and your 401k login?
Sorry, I was trying to be brief and failed. We sold our house that we bought in 1990 and had paid off, and bought this, our only house last year. It cost more, but will appreciate faster than the old one, plus I commute 17 instead of 24 miles one way. Not all the money from the sale of the old house went into this one. That's how I'm able to max the 401K, our Roths, and buy $10,000 UPS stock.
Our first house that we bought in 1981, mortgage rates were 18%. We had a 12% contract with the seller. So, I feel pretty good about the 3.99%. Even though I too hate debt.
Can't remember who said it or the exact words but it goes something like:
They'll loan you money for education, a car, even a house, but nobody is going to loan you money to retire.
beatupbrown
Well-Known Member
I do like topics such as this one, when I was in package car I maxed out my 401-k to 22% some pre other post tax. I did not buy the big house that the realtor pressured me so she can make more money. I was blessed with a good paying job so I saved aggressively when I could .I saved for retirement first, college savings second. College is a great topic I have studied on that topic a lot and have real life experience; I have one in and one coming. I will look for a thread college or start one.
Like I said before I am a big fan of Index funds i.e. passive investing low fees , maintenance cost, well diversified small cap .Mid cap, large cap .International, in several index funds or one fund. I prepared for A cataclysmic loss of A job, wife lose job, living well below my earnings ….I have to admit I like some Dave Ramsey basically common sense spending. I disagree on his investment advisor advice he likes Fee based advisor that can have A dark side to it as in kick backs from different companies, Insurance etc for landing a account plus higher fees .I like Fee only fiduciary advisor big difference. Dave is a great salesman that man tries to make money on everything he can yoyos, shoelaces, paying to join a web site amazing all they crap he tries to squeeze a penny out of..I paid everything I could off no expensive vacation, eating out a lot etc…the house was a big one to pay off, any one can do it! This paragraph really has no bearing to current UPS folks, concerning the investing part unless you are retired or have no access to 401-K, use every tax advantage you can before buying into a post tax fund.
Just wonder what the current UPS 401-k has for an index passive investment stratgery? Over the long haul it beats most if not all managed funds mainly because of the heavy fees compounding over many years.
Like I said before I am a big fan of Index funds i.e. passive investing low fees , maintenance cost, well diversified small cap .Mid cap, large cap .International, in several index funds or one fund. I prepared for A cataclysmic loss of A job, wife lose job, living well below my earnings ….I have to admit I like some Dave Ramsey basically common sense spending. I disagree on his investment advisor advice he likes Fee based advisor that can have A dark side to it as in kick backs from different companies, Insurance etc for landing a account plus higher fees .I like Fee only fiduciary advisor big difference. Dave is a great salesman that man tries to make money on everything he can yoyos, shoelaces, paying to join a web site amazing all they crap he tries to squeeze a penny out of..I paid everything I could off no expensive vacation, eating out a lot etc…the house was a big one to pay off, any one can do it! This paragraph really has no bearing to current UPS folks, concerning the investing part unless you are retired or have no access to 401-K, use every tax advantage you can before buying into a post tax fund.
Just wonder what the current UPS 401-k has for an index passive investment stratgery? Over the long haul it beats most if not all managed funds mainly because of the heavy fees compounding over many years.
The index funds that are currently available:
BOND MARKET INDEX FUND
S&P 500 EQUITY INDEX FUND
S&P 400 MIDCAP INDEX FUND
RUSSELL 2000 INDEX FUND
INTERNATIONAL INDEX FUND
U.S. REIT INDEX FUND
Brownslave688
You want a toe? I can get you a toe.
Do you mean what a massive waste of time money and rescources it is for most degrees?
oldngray
nowhere special
WaPo Advice For Indebted College Grads: 1. Move To Your Parents’ Basement, 2. ???, 3. Have A Career
http://dailycaller.com/2014/07/21/w...r-indebted-college-grads-michelle-singletary/
Brownslave688
You want a toe? I can get you a toe.
One of the largest scams this country runs. 90% of jobs could have a 2-3 year apprenticeship and be just fine.
Not that many choices,for a company of our size. Yes the fee are low. Thats why I put my ROTH money,elsewhere.
No sector funds,no managed funds,no equal weighted funds.
Dont get me wrong,its a good and easy way to save.
Just not all of the best options.
Also the trading fees on the self managed account,are a bit high.
Dont get me wrong,its a good and easy way to save.
Just not all of the best options.
Also the trading fees on the self managed account,are a bit high.
Similar threads
