I need advice on 401K
- Thread starter Damondogg
- Start date
Brownslave688
You want a toe? I can get you a toe.
And end up paying? Lol
I think we all can agree the op needs to get serious about cutting some costs and saving for retirement.
UpstateNYUPSer(Ret)
Well-Known Member
The 401k tax deduction negates the W-4 adjustment.
Sounds like you may be over extending yourself financially. Vehicle payments, hobby expenses, etc. Once I went full time (at 52) last year, it was apparent I need to get out of debt and get some money saved. I drive older cars that don't require payments or expensive repair costs, and paid everything off, except mortage, and I'm working on that now. I'm up to 17% on my 401K, and after I get my next raise, I'll boost it again. YOUR MONEY IS THE ONLY MONEY YOU CAN RELY ON WHEN YOU LEAVE! MAKE THE MOST OF IT. That big fancy truck will have no value in ten years. SAVE brother, you will not regret it when you're out, but you WILL if you don't!
olroadbeech
Happy Verified UPSer
do you have to close out/ roll over your 401k when you leave the company? that's something I did not look into.
olroadbeech
Happy Verified UPSer
you are not an idiot. you can go on the website and look around the 401k site. it will show you past performances of funds and has a lot of good info. also you can call with some questions and they may be able to help. take a couple hours .
remember, for every dollar you put in, you save on your taxes in that year. you pay tax when you retire and start to take money out but at a lower tax rate.
I started with 10 % and raised it to the max within a couple years and im glad I did. I saved over 3500 a year just in taxes. what I have in my 401k account will give me income equal to my pension every month so we are very happy about that.
do some more homework. it will pay you big money in the longrun.
rod
Retired 23 years
I don't see anything on here about him having a hard time paying his bills---just that he wants more take home pay. As usual you are trying to come off as "the expert" on something you aren't.
olroadbeech
Happy Verified UPSer
double post.
UpstateNYUPSer(Ret)
Well-Known Member
Nope.
No you don't. But if you have money in the ROTH,you probably should.
Brownslave688
You want a toe? I can get you a toe.
Because when you reach age 70 1/2 you will be forced to take a distribution from your 401k. Including your ROTH portion.
Brownslave688
You want a toe? I can get you a toe.
Brownslave688
You want a toe? I can get you a toe.
My wife works hard for her money and I plan on spending it. Lol
Alot of people don't know that rule. I plan on taking any ROTH money last, unless I need some to to save me on paying taxes on my S.S.Ahh ok.
I ain't planning on leavingbehind anyway. Lol
upschuck
Well-Known Member
Couldn't you roll it over into a Roth IRA, no distributions required there.
Brownslave688
You want a toe? I can get you a toe.
I was thinking fees. Which I know our 401k is very low.
I'm not even halfway to 70 so don't think about that much.
Yes you can. I was just answering her question, do I need to roll my 401k over
upschuck
Well-Known Member
Carry on then.
upschuck
Well-Known Member
It will be here before you know it.
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