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<blockquote data-quote="Bagels" data-source="post: 1090948" data-attributes="member: 43436"><p>I completely agree that people should save as if pensions / social security will be nonexistent when they retire. However, I disagree that the savings should wind up in the 401K. There's plenty of investment opportunities especially for younger UPSers, and the 401K program may not be the best option; traditional 401K typically stand out when employers match contributions, which isn't the case at UPS. Nor does it make sense to contribute to a 401K when you're drowning in accumulating high-cost debt, or making minimum mortgage payments. Unless you want to be one those people with $500,000 in your 401K but $500,000 in debt... with plans to keep the 401K but extinguish the debt in bankruptcy. It's always best to entrust the services of a professional financial consultant. And by that I do not mean your personal banker, who tags himself as a financial consultant, but encourages you to keep $20,000 in your liquid accounts while maintaining a $15,000 balance on your credit cards at 20% interest...</p></blockquote><p></p>
[QUOTE="Bagels, post: 1090948, member: 43436"] I completely agree that people should save as if pensions / social security will be nonexistent when they retire. However, I disagree that the savings should wind up in the 401K. There's plenty of investment opportunities especially for younger UPSers, and the 401K program may not be the best option; traditional 401K typically stand out when employers match contributions, which isn't the case at UPS. Nor does it make sense to contribute to a 401K when you're drowning in accumulating high-cost debt, or making minimum mortgage payments. Unless you want to be one those people with $500,000 in your 401K but $500,000 in debt... with plans to keep the 401K but extinguish the debt in bankruptcy. It's always best to entrust the services of a professional financial consultant. And by that I do not mean your personal banker, who tags himself as a financial consultant, but encourages you to keep $20,000 in your liquid accounts while maintaining a $15,000 balance on your credit cards at 20% interest... [/QUOTE]
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