I need advice on 401K

[IVE GOTTA PACKAGE 4U]

Don't you hate when you do that?

Guilty
More than once

 

[Turdferguson]

Do you see where I am coming from?

Oh he sees where your coming from. A one way bus ride from wrongsville.

 

[upschuck]

Do you see where I am coming from?

Yes, but you changed the scenario without telling anyone.

I plainly stated same take home a while ago.

 

[IVE GOTTA PACKAGE 4U]

Yes, but you changed the scenario without telling anyone.

I plainly stated same take home a while ago.

Don't hit me with that fine print crap!

 

[upschuck]

Don't hit me with that fine print crap!

If only my arm was long enough

 

[By The Book]

Do you see where I am coming from?

Yes I can

Yes, but you changed the scenario without telling anyone.

I plainly stated same take home a while ago.

yes you did

NERD FIGHT!!!!

It's a turd fight with you in it

 

[IVE GOTTA PACKAGE 4U]

Yes I can

yes you did

It's a turd fight with you in it

Good one.

 

[olroadbeech]

Let's try this example. If you contributed 100k during the course of your career at the 20% tax bracket you saved 20k in taxes. Now let's say your ending balance is 300k and you are still in the 20 bracket you would pay 60k in taxes.

Take 60k minus the 20k you originally saved. That means you paid 40% on the original 100k

Take the same example with the ROTH.
You paid 20k in taxes on the same 100k
But now its worth 300k no taxes due.

Now take 300k ÷ 20k. Less than 7%

that makes sense. if I were starting today I would go roth to the max.

 

[IVE GOTTA PACKAGE 4U]

that makes sense. if I were starting today I would go roth to the max.

We didn't have that option nway back when.

 

[Damondogg]

We didn't have that option nway back when.

I just wanna say that I'm here, so I won't get fined. LOL

 

[Damondogg]

I just wanna say that I'm here, so I won't get fined. LOL

Seriously though, I appreciate all the feedback & it's interesting to see the bickering going on & on.

 

[Grey]

Would anyone recommend going to a financial advisor to learn more about the benefits or is there someone specifically in the company to seek about this?

 

[UpstateNYUPSer(Ret)]

Would anyone recommend going to a financial advisor to learn more about the benefits or is there someone specifically in the company to seek about this?

upsers.com lists all of your company-provided benefits.

Teamcare.org lists your health related benefits.

retirement.prudential.com details your 401k related benefits.

Teamster.org lists your union provided benefits.

 

[olroadbeech]

interesting fact about 401k. if you retired before 59.5 and you are at least 55 , you can take withdrawals without penalty. you cant do that if you roll it over to a IRA.

source. MSN article on 7-16-15

 

[UpstateNYUPSer(Ret)]

interesting fact about 401k. if you retired before 59.5 and you are at least 55 , you can take withdrawals without penalty. you cant do that if you roll it over to a IRA.

source. MSN article on 7-16-15

interesting fact about 401k. if you retired before 59.5 and you are at least 55 , you can take withdrawals without penalty. you cant do that if you roll it over to a IRA.

source. MSN article on 7-16-15

It's called the Rule of 72.

TTKU

 

[sox]

Is that a new rule of 72? Back In the old days you divided your rate of interest into 72 to determine how long it would take to double your money. If you had a cd at 9% it would double in 8 years it was a convenient shortcut before computers

 

[UpstateNYUPSer(Ret)]

Is that a new rule of 72? Back In the old days you divided your rate of interest into 72 to determine how long it would take to double your money. If you had a cd at 9% it would double in 8 years it was a convenient shortcut before computers

The substantially equal periodic payment exception is available to anyone with a 401k plan, regardless of age, which makes it an attractive escape hatch. It is called a Section 72(t) distribution. In a 72(t) withdrawal, the distributions must be "substantially equal" payments based upon your life expectancy. Once the distributions begin, they must continue for a period of five years or until you reach age 59½, which ever is longest. The full rules and life expectancy tables can be found in IRS Publication 590. This option generally give you the least retirement pay out available.

 

[By The Book]

It's called the Rule of 72.

TTKU

If I've been paying attention you will not be able to fully utilize this option.

 

[Grey]

upsers.com lists all of your company-provided benefits.

Teamcare.org lists your health related benefits.

retirement.prudential.com details your 401k related benefits.

Teamster.org lists your union provided benefits.

I'm one of those people who needs face to face help lol. Advisor it is!

 

[UpstateNYUPSer(Ret)]

I'm one of those people who needs face to face help lol. Advisor it is!

I use Edward Jones. Your first visit is free.