401(k) Option Week.....

Discussion in 'UPS Discussions' started by FAVREFAN, Aug 29, 2013.

  1. FAVREFAN

    FAVREFAN Member

    Anyone ever try to put 100% of their Option Week check into their 401(k)? I have been maxing my contribution every week and had the option week set at 100% but it took the normal weekly max contribution out of my option week check too. I emailed account services and they gave me some b.s. 1-800 number to call. Chime in, thanks.
     
  2. brownmonster

    brownmonster Man of Great Wisdom

  3. rowan

    rowan Member

    Man im only doing 1percent. Always wondered what take home pay would be if you max it out.
     
  4. onestoptogo

    onestoptogo Member

    With 25% going to regular 401k and 10% going to 401k catch up I take home about $800 a week with 45-50 hours. I will max out in October and will
    ​get to enjoy a nice raise until January.
     
  5. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    That's what I did for the last 8 years but I had to be careful to get the full 401k match from UPS.
    I would calculate around August what to reduce my 401k % so it would last through December.
    I did not have to worry about it for a couple of years after UPS cut our 401k match.
     
  6. bumped

    bumped Well-Known Member

    Isn't the minimum 3%
     
  7. onestoptogo

    onestoptogo Member

    Since I don't receive a match I just try to max it out as soon as possible. I have been doing this the last 5 years and would have
    started earlier, but my oldest was accepted and attended a 40K plus a year college. It was worth it as he just jumped me in pay
    ​this year.
     
  8. air_dr

    air_dr Member

    I have only done the Roth 401k which was established like only two years ago and I max out. I recall having the same thing happen to me in 2011, but last year they took out 100% for the option week as I requested. I did not bother pursuing the matter in 2011 because I didn't feel it was important enough and I figured I would just get myself aggravated with the bureaucracy.
     
  9. Jackburton

    Jackburton Gone Fish'n

    Whoever did your vacations screwed it up, there's a specific option to use it soley for your 401k.
     
  10. HEFFERNAN

    HEFFERNAN Huge Member

    I know the Roth IRA is better but I like the tax advantage now just putting 10% a week in the 401k
     
  11. Overpaid Union Thug

    Overpaid Union Thug Well-Known Member

    I was curious about the option week going into the 401k too. I switched to the Roth recently because it's highly recommended by plenty of financial gurus. Most say if your 401k isn't matched then the Roth is the better option. I'm currently contributing 10% but will be adding my raises to that until I reach 15%.
     
  12. FilingBluesFL

    FilingBluesFL Well-Known Member

    Sadly I haven't contributed jack crap to anything.

    This year time to start saving for a new house, and try to put down as much of a down payment as possible, and get that paid off.

    Not having a mortgage should be a pretty sweet pay increase I'm hoping... lol
     
  13. didyousheetit

    didyousheetit Active Member

    It means right now your 401k would be about 600,000.00.
     
  14. FAVREFAN

    FAVREFAN Member

    Same here. I'll just let it be.
     
  15. air_dr

    air_dr Member

    As far as what's best, my (perhaps completely useless) input is that it all depends on one's particular situation...

    For example, if you are in a higher tax bracket, the traditional 401K can help lower your tax liability, and of course that's good. But, if you are in a low marginal tax bracket and there is no match, I believe having some regular investment account is far better because your dividends and capital gains get taxed at the lower dividends and capital gains rate. This does NOT happen for money invested in a traditional 401K.

    Needless to say, I have barely scratched the surface of what there is to know. I am a saver by nature and am grateful that I have tried to educate myself on how to best save and plan for the future financially, and how I can lawfully "use the system" to my advantage. I would encourage others to really educate themselves as well. One useful thing to do among many is if you have your taxes done by a professional, take all of those tax forms and try to understand exactly what this person did and why and from there consider what you could do in terms of your money management to lower your taxes in the future.