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Brown Cafe UPS Forum
UPS Retirement Topics
How big is your 401k?
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<blockquote data-quote="Serf" data-source="post: 1761671" data-attributes="member: 50254"><p>I have finally got around to reading every post in this thread. And I can truthfully say I have found it interesting, as well as informative. As it relates to a conversation I had with coworker of mine at FedEx Express about retirement. Which had me befuddled. He has been with the company for 8 years. And fully intends to stay for the longhaul. And boasts he already has 11,000 dollars saved in his company sponsored 401k plan.</p><p> The plan dictates that if you contribute 6% of your earnings, Express will match 3%. Dollar for dollar on the first 1%, and .50% on the next 2 %. Now take in mind the median average earnings for an hourly employee at Express is about 34,000 a year. He is slightly above this. He is single. And has 1 child. I can't help but come to the conclusion that "you don't make enough money to be using a 401k platform for retirement!"</p><p> Take into account most don't have the discipline to save much at all. But in lieu of this I think I would much rather have 11k sitting in a savings account or even CD, than a 401k plan.</p></blockquote><p></p>
[QUOTE="Serf, post: 1761671, member: 50254"] I have finally got around to reading every post in this thread. And I can truthfully say I have found it interesting, as well as informative. As it relates to a conversation I had with coworker of mine at FedEx Express about retirement. Which had me befuddled. He has been with the company for 8 years. And fully intends to stay for the longhaul. And boasts he already has 11,000 dollars saved in his company sponsored 401k plan. The plan dictates that if you contribute 6% of your earnings, Express will match 3%. Dollar for dollar on the first 1%, and .50% on the next 2 %. Now take in mind the median average earnings for an hourly employee at Express is about 34,000 a year. He is slightly above this. He is single. And has 1 child. I can't help but come to the conclusion that "you don't make enough money to be using a 401k platform for retirement!" Take into account most don't have the discipline to save much at all. But in lieu of this I think I would much rather have 11k sitting in a savings account or even CD, than a 401k plan. [/QUOTE]
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