401K

[brownmonster]

Saving the money is the easy part. Finding somewhere to put it so it grows is the hard part.

 

[JonFrum]

I called my local and they said 15.

Check with the Pension Fund itself or its website.

Usually five years vesting is required for a very small pension payable at Normal Retirement Age (65); and fifteen years or so is required for Early Retirement at age 55 or so for a slightly larger pension amount.

 

[UPSGUY72]

$300 a week for 30 years covers my $3000 a month pension for 13 years and that's with ZERO growth realistically it should prob cover me for 30 years. If they are handling our money right why are all the pensions broke. I'm with barnyard let me opt out I'll make that money grow into much more than the $3000 a month pension.

Some Teamster pension plans are in trouble not because of UPS but because they are joint pension plans meaning that not just UPS employees are in them other union employees from other companies are in them and the other companies haven't been paying there fare share...

You'll grow the money.... You could also lose it all next time the market tanks or your broker could just take you money and send you a fake statement... You don't have to worry about that with a pension...

 

[brett636]

Some Teamster pension plans are in trouble not because of UPS but because they are joint pension plans meaning that not just UPS employees are in them other union employees from other companies are in them and the other companies haven't been paying there fare share...

You'll grow the money.... You could also lose it all next time the market tanks or your broker could just take you money and send you a fake statement... You don't have to worry about that with a pension...

Pensions are invested in the market too so if it tanks it goes down along with your 401k. I maintain that your 401k is safer than a teamster pension plan because if the pension plan goes belly up you get 25% of what you were promised if its a multi employer plan, and most are. Some of those companies you mention that aren't paying their "fair share" are probably not doing so because they aren't in business anymore despite the fact that former employees of theirs are drawing on the pension. Couple that with a baby boomer generation retiring in droves leaving fewer people paying into the pension and you have a recipe for a pension disaster over the next decade. If you aren't setting yourself up to survive solely off your 401k come retirement you are setting yourself up for a major disappointment if these other retirement options don't come through or are severely reduced.

 

[UPSGUY72]

There are rules set on what pension funds can invest in. There is little risk.

 

[UpstateNYUPSer(Ret)]

There are rules set on what pension funds can invest in. There is little risk.

Please explain why the NYS Teamsters Pension Plan lost 30% of its value in late 2008-2009.

 

[barnyard]

There is little risk.

California Public employees pension fund would likely disagree.

 

[brett636]

There are rules set on what pension funds can invest in. There is little risk.

If you believe that I've got some ocean front property to sell you in Nebraska. There is always risk, and just because there are "rules" doesn't mean the risk magically goes away in whole or in part. I believe local 705 is having some problems with their pension making risky investments and now they are looking at future pension cuts because of it. My pension is in good shape, but if Yellow freight goes bankrupt that could change in a heartbeat. An Indiana state employee's pension lost their shirt when Obama ignored the standard bankruptcy laws and allowed GM and Chrysler's unsecured creditors get paid first rather than last as it should have been. The bottom line here is the only person you can rely on is you. If you are relying on other people to save for your retirement you are setting yourself up for a major disappointment later on in life.