Teamsters/UPS 401k

[Catatonic]

How much is the penalty if you withdraw before 59 1/2???

The penalty is 10% but there are many exemptions to the penalty.
I did not investigate it very far because I did not need to withdraw any.
401k deductions are taxed at the tax rate for standard wages and at your marginal tax rate ... probably over 20% for most friend/T UPSers.
I don't plan to access my 401k until I have to.

 

[Brownslave688]

I remember having something called Bright horizon if that helps at all.

.

 

[Brownslave688]

How are BH funds in the long run though? I wanted to choose the most reliable set up for the next 30 years and was told the S&P500 was the safest bet.

Retirement is not a Ronco rotisserie oven.

 

[BakerMayfield2018]

Retirement is not a Ronco rotisserie oven.

What the hell are you babbling about.

 

[Brownslave688]

I wonder why all these pcms every morning and no one talks about 401k , glad I put money in there since I first started.

Actually I wish the locals would have planners come talk to us once or twice a year. But they want us depending on their pensions.

 

[Brownslave688]

What the hell are you babbling about.

You don't remember the old informercial?


SET IT AND FORGET IT!!!!

 

[BakerMayfield2018]

You don't remember the old informercial?


SET IT AND FORGET IT!!!!

Why are you up? Don't u have to work tomorrow?

 

[Brownslave688]

Why are you up? Don't u have to work tomorrow?

I'm working right now

 

[BakerMayfield2018]

I'm working right now

 

[Brownslave688]

View attachment 136643

I'm
Serious just got done pumping gas. Getting ready to shave with a $1.50 razor because I forgot FML

 

[IVE GOTTA PACKAGE 4U]

The penalty is 10% but there are many exemptions to the penalty.
I did not investigate it very far because I did not need to withdraw any.
401k deductions are taxed at the tax rate for standard wages and at your marginal tax rate ... probably over 20% for most friend/T UPSers.
I don't plan to access my 401k until I have to.

72-t will get you out of the penalty

Rule 72(t)

 

[UpstateNYUPSer(Ret)]

How much is the penalty if you withdraw before 59 1/2???

10% penalty and they withhold 20% for Federal taxes.

 

[UpstateNYUPSer(Ret)]

What the hell are you babbling about.

"Set it and forget it" works for rotisserie chicken, not your retirement.

 

[brownelf]

Actually I wish the locals would have planners come talk to us once or twice a year. But they want us depending on their pensions.

Our local has brought in a financial planner once a year for as long as I remember. Perhaps you could ask at your next Union meeting if your local could do the same.

 

[Coldworld]

"Set it and forget it" works for rotisserie chicken, not your retirement.

I thought you were all about the bright horizons plans...

 

[UpstateNYUPSer(Ret)]

I thought you were all about the bright horizons plans...

I used to be.

 

[Nothing by 1030 anymore]

59 1/2 is when one can start withdrawing without penalty.
70 1/2 is when you have to start withdrawing.

Incorrect...no penalty if ur 55 and up when you retire if its a company plan. Google the 55 rule

 

[Nothing by 1030 anymore]

Off topic a little, but I will ask anyway. I turned 59 a couple of weeks ago and do I have to do anything with my Prudential account in six months? I need to talk to my investment guy. I am wondering if I can keep my balance where it is or do I need to figure out something better to do with it. I increased my withholding to 20% to pad it just a little more while I still can.

Keep it there.. Very low cost, although you are unable to add to it ... I would suggest putting in a low risk plan they have for soon to be or retired people.

 

[Nothing by 1030 anymore]

Off topic a little, but I will ask anyway. I turned 59 a couple of weeks ago and do I have to do anything with my Prudential account in six months? I need to talk to my investment guy. I am wondering if I can keep my balance where it is or do I need to figure out something better to do with it. I increased my withholding to 20% to pad it just a little more while I still can.

Keep it there.. Very low cost, although you are unable to add to it ... I would suggest putting in a low risk plan they have for soon to be or retired people.

 

[Nothing by 1030 anymore]

Off topic a little, but I will ask anyway. I turned 59 a couple of weeks ago and do I have to do anything with my Prudential account in six months? I need to talk to my investment guy. I am wondering if I can keep amy balance where it is or do I need to figure out something better to do with it. I increased my withholding to 20% to pad it just a little more while I still can.

Keep it there.. Very low cost, although you are unable to add to it ... I would suggest putting in a low risk plan they have for soon to be or retired people.