Teamsters 401k ?
- Thread starter vmgr152
- Start date
Wally
BrownCafe Innovator & King of Puns
It's an easy way to put away money that you might not otherwise put away.
Trust me you do it for many years you'll be grateful that you did it
Hey where did that half million dollars come from?
It builds up over the years
Ask the old timers that are on here?
DriveInDriveOut
Inordinately Right
It's a tax advantaged account.
The limit for a tax advantaged IRA is 7,000 as opposed to 23,000 for a 401k.
No.
Thebrownblob
Well-Known Member
The best saving and investing plan is the one people actually do. there’s a multitude of ways you could do things, but most people won’t do any of them.
Money that comes directly out of someone’s check and goes into a 401(k) is guaranteed investment money. It’s convenient and simple and works.
DriveInDriveOut
Inordinately Right
Unfortunately that philosophy is more and more common anymore
Yolo
Don't get married, don't buy a house, don't save a retirement don't have children....
Thebrownblob
Well-Known Member
The only thing I Yolo is another piece of pie or cake!!!
But it is a good way to put some extra money away because honestly most people don't know anything about investing or if they had an extra 30 or 40 dollars a week in their wallet they would just spend it anyways.
Thebrownblob
Well-Known Member
Life happens and if you have the extra money in your pocket or your bank account, you’re much more likely to spend it before you invest it because mama needs a new pair of shoes or the baby formula.
We didn't have a 401k plan where I started we had the thrift plan.
When I started the 401K plan actually threw my paperwork out
Why?
Because I didn't know any better
I have a pension I'll be okay
Thankfully I wised up a little bit later on
oldngray
nowhere special
The thrift plan was good but it took forever to build up much balance. Most people would have liked to be able to put more into it.
Thebrownblob
Well-Known Member
I started at the tail end of the thrift plan. I really didn’t understand 401(k) but I started putting a very small amount in it and really didn’t pay attention to it. Maybe six or seven years later I paid attention and realized it was pretty easy to save and make money. Especially when you’re younger and don’t even think you’re gonna make it to retirement.
Thebrownblob
Well-Known Member
The returns were amazing but you were limited by a very small amount you can put in. I can’t remember wasn’t it like less than $10 a week?
Johney
Pineapple King
I remember it paying like 25%, but you're right the $6 max a week was dumb.
Johney
Pineapple King
Johney
Pineapple King
If I remember they got rid of the thrift plan right when they allowed hourly employees to buy stock, I just rolled my thrift plan money into stock.
Yes but at six bucks a week added up
I was finally starting to have a halfway decent balance before they got rid of it
