UpstateNYUPSer(Ret)
Well-Known Member
...or how many of those years are spent wearing Depends...
UPS 401k match?
- Thread starter Derek Lemaster
- Start date
...or how many of those years are spent wearing Depends...
DriveInDriѵeOut
Inordinately Right
Cool story bro.
Been In Brown Too Long
Ex-Package Donkey
Nice follow up to your agreeing with "pensions are garbage" and "probably not as much as you think" words of genius. Waste of bandwidth bro.
DriveInDriѵeOut
Inordinately Right
Buddy, you don't need 1.5 million dollars in order to generate a return of 4300 a month. If you do, it's probably a good thing you have a pension because you're terrible at investing.
Been In Brown Too Long
Ex-Package Donkey
Well duh. Expecting me to lay it all out on an online forum? But, cool story bro...
DriveInDriѵeOut
Inordinately Right
yadadamean116
Well-Known Member
I would rather take a lump sum. I’ll invest it my way and carry it over to family after I pass. There’s a reason companies are moving away from pensions. Most go bankrupt. I’ll take a 15% 401k match any day
brownmonster
Man of Great Wisdom
If you get a 15% 401K match more power to you.
yadadamean116
Well-Known Member
I hopefully get a pension. Not saying I’ll decline it when it comes time but at 25 years of service that’s about $450,000 total pension worth. At 15% match over 25 years turns into $1,100,000.
DriveInDriѵeOut
Inordinately Right
Probably about as good a chance of being offered that as there is of being offered a pension nowadays. Unless you're a government employee.
UpstateNYUPSer(Ret)
Well-Known Member
Company matches of 6-8% are considered generous. 15%? Unheard of.
yadadamean116
Well-Known Member
I’ve mentioned 15% here before and guys said “I would need more than that to replace pension”.
PT Car Washer
Well-Known Member
Most retirees idea of investing is a new pick up truck and a trip to the casino.
What'dyabringmetoday???
Well-Known Member
Hang on there- don't forget about a boat and a Harley. Lol.
beatupbrown
Well-Known Member
I gave up on the full-time pension long ago. When I was still busting ba…at UPS I was saving 22% in my 401k.
Then I left the big brown on a med discharge, I was scared shi… less.
After few years I invested everything I had wiped out my 401k, all monies to be had, I invested real-estate in a big booming city after the 2008 crash great timing.
My personality I grab on like a pit bull never let go to its done, that can be good and bad mostly good.
My advice do not believe on the pension to be there no matter they say, take your money slam into 401k index funds very simple live below your means.
I would say the pension at UPS is on the chopping blocks not if just when?
I am wondering about taking the part time lump sum buy another rental?
If I get 1500 to 2k a month from the pension I will be surprised doubt it will happen.
My current income per month is good that can change but not much.
Then I left the big brown on a med discharge, I was scared shi… less.
After few years I invested everything I had wiped out my 401k, all monies to be had, I invested real-estate in a big booming city after the 2008 crash great timing.
My personality I grab on like a pit bull never let go to its done, that can be good and bad mostly good.
My advice do not believe on the pension to be there no matter they say, take your money slam into 401k index funds very simple live below your means.
I would say the pension at UPS is on the chopping blocks not if just when?
I am wondering about taking the part time lump sum buy another rental?
If I get 1500 to 2k a month from the pension I will be surprised doubt it will happen.
My current income per month is good that can change but not much.
UpstateNYUPSer(Ret)
Well-Known Member
The Company plan is fully funded and not going anywhere.
The multi-employer Teamster plans are the ones that are in trouble.
The multi-employer Teamster plans are the ones that are in trouble.
Teamster/UPS 401K has no matching. Other UPS 401Ks match. Management, pilots and others (I think there are 4 non-Teamster) all have matching. You get a pension. I get $60,542 a year, my wife will get 2/3 of that when I die. Have over $900,000 in 401K, UPS stock and Vanguard Roth's. Have taken $390,000 out of the 401K. Paid off house on lake worth $600,000. I did inherit $25,000 when my mother died, other than that just me. Advice: Save at least 10%, more when you can. Also, just get married once.
UpstateNYUPSer(Ret)
Well-Known Member
Sounds like you have your financial house in order. The only thing I may have done differently would have been to drop the survivor benefit from the pension and used the extra money to purchase a term life policy; however, with your assets, you probably would not have needed to do that.
The Driver
I drive.
Absolutely. Or not at all if you're not completely comfortable with possibly losing a huge portion of your income and wealth.
Also, if you insist on buying a brand new car... do that only once and keep the damn thing maintained for 15 years. Freaking depreciation...
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