401K After Retirement

Discussion in 'UPS Retirement Topics' started by UPSBOT, Jun 20, 2012.

  1. UPSBOT

    UPSBOT When UPS Was Fun

    My retirement day is June 28, 2012. I'll be 52. Now, my question is, how many of you left your 401K with Prudential? I had planned to do a rollover thru my Financial Planner. I would appreciate any thoughts.
     
  2. pretender

    pretender Active Member

    I am in the process of preparing for retirement also, this November. Since you are only 52, do you think that you will need to tap any of the funds in your 401K in the next 7 years? You are allowed to make a one time withdrawal from a 401K, so you will need to do that before you do the rollover to an IRA through your financial planner. Also, if you do make a withdrawal, consider waiting until next year, when you will be in a lower tax bracket.
     
  3. UPSBOT

    UPSBOT When UPS Was Fun

    No I do not plan on touching the money until after age 60.
     
  4. Benben

    Benben Active Member

    Wait untill the new law goes into effect later this year. The Fees Disclosure Statement is going to be a real Come-to-Jesus moment for everyone.
     
  5. pretender

    pretender Active Member

    Details?
     
  6. UPSBOT

    UPSBOT When UPS Was Fun

    I'm listening.
     
  7. Benben

    Benben Active Member

    Regulations 404 and 408. We should get the info by August 30.
     
  8. Jones

    Jones fILE A GRIEVE! Staff Member

  9. oldupsman

    oldupsman Well-Known Member

    Bot, I did exactly what you're asking. My financial planner was with Wells Fargo. I had another IRA with her there. Besides my 401k I also had a good chunk of UPS stock. I had never touched my thrift plan from day 1 so when we were allowed to buy UPS stock (was it 96?) I turned my entire thrift plan into UPS stock. When I retired I had it all transferred to my planner at Wells Fargo. Oldupsman's mind is starting to go but I don't remember it being all that difficult. My planner helped me with the process. Just the usual paperwork B.S.
     
  10. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    And I see you keep on offering advice to those not as experienced.

    Notice I did not say "as old"!
     
  11. Ernesto Romero

    Ernesto Romero New Member

    I think you should take a look at other Ira 's who are doing much better than limited companies at pduderntial...check morningstar.com ...that s a good start...
     
  12. Ernesto Romero

    Ernesto Romero New Member

    Is anybody aware of the fees charge when you transfer from one company to another inside our 401k. ...I think it is 2% of the amount to transfer...is it a fact?
     
  13. packageguy

    packageguy Well-Known Member

    yes still with prudential, so far I made good moves,
     
  14. raceanoncr

    raceanoncr Well-Known Member

    My financial guy wanted to roll over my Prudential. He GUARANTEED he could do better. I showed him the latest statement, with expense ratio cost of, on average, about 0.003. Annual fee of about $25. He said he was wrong. He couldn't touch this.

    After two yrs of retirement, I'm still in Prudential with no plans to touch until I have to, at age 70 1/2.
     
  15. Jones

    Jones fILE A GRIEVE! Staff Member

    Smart man, a lot of folks might just look at returns and think they could do better. Our expense ratios are crazy low, you can't beat them on the open market even in a big index fund.
     
  16. brownmonster

    brownmonster Man of Great Wisdom

    So many people have 401k money they don't touch. I plan on taking income out of mine as soon as I retire. That's why I saved it.
     
  17. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    If you need it, that's fine.
    Most people try to delay the withdrawal of their 401 k so it can continue to increase in value tax free.
     
  18. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I agree with Hoke. If you can afford to leave your 401k alone until you have to start taking withdrawals (70 1/2) it will continue to build value tax-free. My plan is to use my pension to pay my bills and my SS (62) for "fun money".
     
  19. moreluck

    moreluck golden ticket member

    I think "tax-free" is a deceiving term.
    The 401K money is not taxed.......but as soon as you withdraw any, for any reason, it's taxed as ordinary income.
    Not tax free, but maybe tax delayed.
     
  20. raceanoncr

    raceanoncr Well-Known Member


    Agreed, and with, hopefully, a lower tax rate.

    While working, I was in 35%, now in 15%.