What'dyabringmetoday???
Well-Known Member
Have you been networking with oldroady?
Is the 401K worth it?
- Thread starter Ravens_Nation52
- Start date
Hell no. I've been saying for a long time I want to get out of this place
Gabba
It's a vicious cycle
yes the 401k is worth it. anyone who tells you otherwise is a fool. as 401k plans go ours is fantastically good. we don't get a match and many people get hung up on that but there is more to a 401k than a match. our contribution options are great. we can make full roth contributions and 5% aftertax401k contributions. the admin fees are tiny and flat. and our fund selection is great with no dumb or actively managed funds. all the expense ratios are very small and the index fund fee rates are smaller than what even vanguard offers. even without all that if your into FIRE 401k is still advantageous. the tax free growth aspect to 401k plans justify using them all by itself. and if we couldn't make roth contributions you'd still be able to convert it to roth after leaving UPS.
as it is over the past 6 years with ups, i've contributed $104,821 to mine, it's up 43% as of today, 57% of my balance is roth, and 68k can be withdrawn anytime without penalty.
as it is over the past 6 years with ups, i've contributed $104,821 to mine, it's up 43% as of today, 57% of my balance is roth, and 68k can be withdrawn anytime without penalty.
Good job but one thing you're incorrect about is you cannot withdraw the Roth money at any time without penalty
Gabba
It's a vicious cycle
seems i was mistaken. thank you sir
No problem but congratulations on saving so hard
get that lump sum money in while you're younger and you won't have to worry about what you put in it when you get over
You got the power of time compounding
and it definitely adds up huge over the decades
locutus473
Member
For me the 401K plan has worked very well! My advise to you is yes invest in the 401k you are at the perfect age to stat. All the money you put in will come back to you 20x to 100x or more just depends how the market does usually is about 8 percent a year. Here is a good compound interest calculator
www.calculatestuff.com/financial/compound-interest-calculator
BrownFlush
Woke Racist Reigning Ban King
Depends on how you define worth.
All the money talk, stock, advise , the market jargon on the BC sounds really cool.
A different path...
My first reaction to the 401K announcement in the AM meeting was no.
My Dad's company did the 401K about the same time and said they would match dollar for dollar what he would put in. No more pension. They matched for 2 years.
401K is great for companies.
Where ever you go, you can take your pension with you and nothing is guaranteed. This is what every company wants.
UPS put about 180K in my pension over the 30 years I worked. I never felt a thing. I have drawn almost 500K so far.
I spent the money I worked for. When I got it, I spent it. Raised 3 kids. Nice cars, trucks, homes, bikes, travel , schools, pools, eating out, etc. I enjoyed giving to folks who were not fortunate a lot also. Pretty much, what ever I wanted or wanted to buy for somebody, I did and still do.
When UPS let all employees buy stock, it was no secret it was going public.
I bought all I could and even borrowed money to buy stock.
I never bought another share of stock or invested in any market after UPS went public.
I worked hard and long so I could spend, not save , I spent it.
My wife and I spend the pension and our social security every month. If we have any left, it's not because we planned it.
We have 9 grandkids.
We have a beach house whose current market value is 1.1 million.
When we breath our last, I hope there is not a nickel left in the bank.
The kids can sell the house or do what they want is the inheritance.
I did what I wanted . It's been worth it.
All the money talk, stock, advise , the market jargon on the BC sounds really cool.
A different path...
My first reaction to the 401K announcement in the AM meeting was no.
My Dad's company did the 401K about the same time and said they would match dollar for dollar what he would put in. No more pension. They matched for 2 years.
401K is great for companies.
Where ever you go, you can take your pension with you and nothing is guaranteed. This is what every company wants.
UPS put about 180K in my pension over the 30 years I worked. I never felt a thing. I have drawn almost 500K so far.
I spent the money I worked for. When I got it, I spent it. Raised 3 kids. Nice cars, trucks, homes, bikes, travel , schools, pools, eating out, etc. I enjoyed giving to folks who were not fortunate a lot also. Pretty much, what ever I wanted or wanted to buy for somebody, I did and still do.
When UPS let all employees buy stock, it was no secret it was going public.
I bought all I could and even borrowed money to buy stock.
I never bought another share of stock or invested in any market after UPS went public.
I worked hard and long so I could spend, not save , I spent it.
My wife and I spend the pension and our social security every month. If we have any left, it's not because we planned it.
We have 9 grandkids.
We have a beach house whose current market value is 1.1 million.
When we breath our last, I hope there is not a nickel left in the bank.
The kids can sell the house or do what they want is the inheritance.
I did what I wanted . It's been worth it.
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