I need advice on 401K
- Thread starter Damondogg
- Start date
UpstateNYUPSer(Ret)
Well-Known Member
They don't know individual account balances.
They sure knew it when I got my benefits booklet every year.... Think about it
UpstateNYUPSer(Ret)
Well-Known Member
Was that your balance or contributions you made during the year?
I haven't got one in a few years. But it showed your balance and how much more you could have if you increased it,along with your life insurance and a few other things
T
Turdferguson
Guest
Fiber content of your stool?
Probably
olroadbeech
Happy Verified UPSer
thanks.
You are welcome and good luck
Maybe spend a few bucks and getban opinion from a professional.
olroadbeech
Happy Verified UPSer
ill just call the 401k people. I think there is a time limit like 90 days to roll over to a qualified retirement plan or else it will generate a distribution and you will have to pay taxes and penalties.
that happened to my son when he left his company.
that happened to my son when he left his company.
No time limit the only way they can force you out is if you have a balance under 5k
UpstateNYUPSer(Ret)
Well-Known Member
Absolutely untrue.
You really need to stop giving financial advice as you do not know what you are talking about.
Your son left his company. He did not retire. You did. He did not have to move anything within 90 days. Neither do you.
Orion inc.
I like turtles
Id say at 40 you need to up it to 20% and cut expenses elsewhere. Or work more hours to make up for the increase. Plus you'll have a lower tax obligation with the more you put away. 3-5% or even 10% at that age isn't enough.
When you retire, you'll need more than today as the cost of living will be higher. Sacrifice and do 20%. Look at cutting costs elsewhere like less eating out etc or lower cell bill.
Start that now and you won't be scrambling in your 50s to really catch up.
When you retire, you'll need more than today as the cost of living will be higher. Sacrifice and do 20%. Look at cutting costs elsewhere like less eating out etc or lower cell bill.
Start that now and you won't be scrambling in your 50s to really catch up.
By The Book
Well-Known Member
Change it to before tax. If you put in $100.00 a week your take home pay should only be $70.00 less. That's $30.00 free dollars and at the end of the year will help you on taxes. The more you can put into the 401k the more it helps you at tax time. If you put your money in after tax you may pay 25% on your money, and if you put it in pretax you may pay 15% tax on your money when you withdraw it.
UpstateNYUPSer(Ret)
Well-Known Member
Actually your cost of living should be lower upon retirement. I read somewhere that you should plan on replacing 70-80% of your current income. Your house should be paid off and your daily living expenses should be lower. You will also be taxed at a lower rate when you are retired.
The cost of healthcare goes way up. That can take a huge bite out of your way of living.
UpstateNYUPSer(Ret)
Well-Known Member
I will retire when I turn 58 and will be eligible for Medicare when I turn 65. I only have to worry about those 7 years.
Also the cost of living. Do you remember what you paid for things twenty years ago? Prices sure have went up.
UpstateNYUPSer(Ret)
Well-Known Member
While I certainly don't plan on working another 40 hour job, I do plan on working on a "when I want to" basis.
Don't blame you.
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