I need advice on 401K

[Erectionist]

I'm currently 19 and I've been working as a PT loader for about 4 weeks now. I've also received something from UPS about my 401k, I'm not quite sure on how to set it up. May any of you guys help a fellow UPSer out?

 

[Turdferguson]

I'm currently 19 and I've been working as a PT loader for about 4 weeks now. I've also received something from UPS about my 401k, I'm not quite sure on how to set it up. May any of you guys help a fellow UPSer out?

Contribute as much as you can. It is taken out pre-tax so it does not make a huge difference in check. Contact your local HR on how to do it. That is what they are there for.

 

[upschuck]

UPSer.com should have links to set up you 401(k). Post Tax would be best for you, since you are so young, but would be able to contribute less, and have the same impact.

Whichever way you choose, start now.

 

[Erectionist]

So am I able to contribute 80%-90% of my paycheck?

 

[Turdferguson]

So am I able to contribute 80%-90% of my paycheck?

Why would you want to contribute that much?

 

[Erectionist]

Why would you want to contribute that much?

Because I'm planning on searching for another job. I've heard it's like investing, more I give in, more I get out. Is this correct?

 

[upschuck]

So am I able to contribute 80%-90% of my paycheck?

I think 35% is top, but I could be wrong. If you want to contribute that much, definitely go after tax.

 

[Turdferguson]

Because I'm planning on searching for another job. I've heard it's like investing, more I give in, more I get out. Is this correct?

It is investing. Can go up , can go down. Over the long haul hopefully goes up.

 

[upschuck]

Because I'm planning on searching for another job. I've heard it's like investing, more I give in, more I get out. Is this correct?

Unless you do something dumb, and invest it all in Enron. Go S&P to start and you'll be gold.

 

[Erectionist]

Unless you do something dumb, and invest it all in Enron. Go S&P to start and you'll be gold.

Quite new to this, what's S&P?

 

[upschuck]

Quite new to this, what's S&P?

It is a fund(collection of stocks) of the 500 largest companies in America. Usually called the S&P 500.

Chart from 1925 to present

 

[Erectionist]

It is a fund(collection of stocks) of the 500 largest companies in America. Usually called the S&P 500.

Chart from 1925 to present
View attachment 56217

Should I contribute whatever I can towards S&P?

 

[upschuck]

Should I contribute whatever I can towards S&P?

To start, yes, then diversify into other the midcap 400 and Russell 2000. Mid cap is mid sized companies, and Russell is the small sized companies.

 

[upschuck]

Of course, this is advice from only a frog, but I believe it to be good.

 

[Erectionist]

Of course, this is advice from only a frog, but I believe it to be good.

I don't quite understand what roth, option week, and roth option week.

 

[UpstateNYUPSer(Ret)]

I don't quite understand what roth, option week, and roth option week.

It's called Google.

 

[sailfish]

I'm currently 19 and I've been working as a PT loader for about 4 weeks now. I've also received something from UPS about my 401k, I'm not quite sure on how to set it up. May any of you guys help a fellow UPSer out?

Are you new here? I like your name. You, me, @8" chub , and @SaladTosser should plan a get-together.

 

[Erectionist]

It's called Google.

You're right, I totally forgot about that.

 

[upschuck]

I don't quite understand what roth, option week, and roth option week.

Roth is after tax now, tax free later
Regular is Before tax now, taxes later.

Not exactly sure about option week, but I think it is where you can put your option week check totally into your 401k/roth

 

[Erectionist]

Are you new here? I like your name. You, me, @8" chub , and @SaladTosser should plan a get-together.

Yes, I'm new here.