I was a rehire but at the time they were giving us 2% raises while spending a lot on Ground infrastructure. They ended up with such high turnover they came up with a much better pay plan that would top out a newhire in 9 years. Guys who had already put in 10-15 years were still looking at 7-8 years to top out unlike the newhires. I decided after just shy of 15 years as a rehire, making $18.17hr(11 years the first time)to leave at 51. Came back at 52, took pension at 55.
retirement
- Thread starter NC man
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falcon back
Well-Known Member
I believe it was a 6% match on the 401k and no Portable deposits. Or you can keep the 3.5% 401k match and keep the Portable. Was supposed to go into affect later this year but has been put off.
I guess it depends on the market but I know a driver in my neck of the woods that still isn't at $20 after close to 20 years
Most people have their homes paid off by the time they retire along with other debt. $4500 a month take home is $54,000 a year. Should be plenty to pay for the basics with some left over. And that's just one spouse if married. But you do illustrate it takes a lot to retire in the U.S. comfortably and if your company is holding down your pay you aren't going to get anywhere near $54000 a year in total retirement income from FedEx. They'll be fortunate if they get half that much.
And don't forget about health insurance
falcon back
Well-Known Member
You still have to pay income taxes, pay for health ins. I don't want to retire on the 80k you mentioned earlier, I sure don't want to on 54k. People better be loading up their 401k if they want financial security. Your 6% and the company's 3.5% over 25 or 30 yrs will go a long way.
Unless you retired in March 2020 or March 2009...
I would've been up to $27hr or so if I had never quit but most of those 29 years would've been at less than that. When I quit in '97 I was at $13.50hr, had just gotten the first raise given in four years of 39 cents, and my mgr told me I better enjoy it as it'll be the last I'll see for a long time. I was up in the Colorado mountains by myself, didn't know that the company had more adjustments coming, got pissed and quit after 11 years. If I had held on for another year I would've been at almost $18hr. Came back after 17 months, started over at $10.85, was told I would top out in 7-8 years. That was what they were telling new hires for more than the next 15 years. Total lie. And ass lickers like Oldfart still defend them.
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It will. But if you think most FedEx couriers made enough to properly fund their 401k you're kidding yourself. Most people have mortgages and kids. Or if they get divorced don't have the benefit of a two income household. Life happens and most people won't save any excess income they may have for decades just to get by in their old age.
Have a home in Overland Park, KS.
falcon back
Well-Known Member
Tell those couriers that don't fund the 401k to stay away from Starbucks and quit driving a new car every 4 yrs. The newest 1k iphone isn't a priority either. Sacrifices and discipline.
$6-$8hr less than top out, getting much smaller raises than top out and falling further behind, makes it difficult to have luxuries like new cars and Starbucks, let alone fund your $401k. It doesn't matter for me, I have what I have. But FedEx needs to keep their word on topping people out, not freezing pay so that they can pump up profit to get a higher stock price.
McFeely
Huge Member
I have no idea what he has with the traditional or the PPA, but my guess is he’ll work himself until he’s dead in his 60s. He’s not a portrait of healthiness for sure. He’s even embarrassed at how little he’s saved over the years.
My last Social Security statement projected my monthly from them at $2200/month but I’m not holding my breath. It would be nice to have that with my 401k and IRAs though.
CatMan
Well-Known Member
Sometimes you are right!
MAKAVELI
Well-Known Member
You only live once. Enjoy life while you can. Anyone with a UPS pension shouldn't have to worry about eating cat food when they retire.
Fred's Myth
Nonhyphenated American
Aesop wrote a fable entitled "The Ant and the Grasshopper". You should read it.
Wally
BrownCafe Innovator & King of Puns
I would think you go into retirement debt free, house paid off, so all income is almost all spending money?
Apparently not for Oldfart Falconetti. He needs more in retirement than he ever made as a courier.
falcon back
Well-Known Member
I want to enjoy retirement and not live in my car and shower at a public gym. Smoke dope, travel and do as I please are my plans.
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I see you're well on your way. You've mastered the dope part.
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