How much $ do you put in 401k?

[Cementups]

I have 10% total taken out every week. 7% is pre-tax and 3% after tax. I only did that so that if there is ever a time that I am crunched for money I can tke that 3% out without penalty. I don't NEED the money now but it's nice to know that it's there if something were to happen that I do.

I never started my 401k though till I was 30 and already at UPS 12 years. Alittle late but hpooefully not too late. I am acutally going to stop contributing to the 401k and contribute my money elsewhere. Since there is no matching I would be better off with other options that my financial advisor has put in front of me.

 

[Babagounj]

I put in 17% back in the 90's along with buying ups stock but I've cut back.
Seems that all my funds were going into my future & I didn't have enough left to cover my bills.
Today about 7% , it's well above $200,000. I try to keep it within 4-5 funds.
If you're just starting out try to keep it in only 1-2 funds until it really grows, then you can spread it around.
Never....Never....never try to day trade with your 401K. One wrong move & it can all be gone.

 

[FAVREFAN]

25% here. Part-timer but man does it add up over the years. Feel sorry for those still buying the UPS stock and not putting that $ into their 401(k) Peace out.

 

[beentheredonethat]

I've been both good and bad with my 401K. I started pretty much as soon as I could. I'm only contributing 6% but have it scheduled to go up by 2% each year when I get a raise. Fortunately due to starting early, I'm up to 260K in my 401K. I have for the last few years been mainly doing the SMA option in the 401K. I bought a lot of mutual funds and some stocks. Mostly funds that invest in China and Latin America. My return last year was about 35%. I'm usually not that lucky though. My goal is to retire by at least 59 without the need of a pension. If there's still one there for me great, if not I hope to not need it.

 

[raceanoncr]

Started out late due to divorce and having to pay her an exorbitant amount of $ per month til some other doofas married her.

Started at 7% but quickly raised it as I found out I could live with less per check. Last few yrs, have maxed it out. Found out in my case that 18% works well cause last 1,2 maybe 3 months of yr the yrly total was maxed (used to be around $14,000, now $15,000) and my weekly checks were, of course, more cuz of no 401 taken out. Sweet! Like getting bonus every peak.

Weekly $ decuction is about 350-400, depending on how my the weekly gross is.

 

[FAVREFAN]

I've been both good and bad with my 401K. I started pretty much as soon as I could. I'm only contributing 6% but have it scheduled to go up by 2% each year when I get a raise. Fortunately due to starting early, I'm up to 260K in my 401K. I have for the last few years been mainly doing the SMA option in the 401K. I bought a lot of mutual funds and some stocks. Mostly funds that invest in China and Latin America. My return last year was about 35%. I'm usually not that lucky though. My goal is to retire by at least 59 without the need of a pension. If there's still one there for me great, if not I hope to not need it.

Wow, nice return!

 

[rocket man]

6 pct a little over 3 k a year its adding up

 

[rocket man]

6 pct about 3000 a year

 

[scratch]

Scratch, not trying to get too personal but will you have your house payed off by the time or a few years after you retire? This seems to be the big one, because if you do or have a limited amount left, things will be much easier and you might not need as much in retirement funds.

The Scratch Mansion is more than halfway paid off, only 60K to go. I will be 55 in a little over five years, I will work until then at least so I can get the health insurance. I have a good route, if my old carcass holds out, I may work longer. Today the new UPS Pension Plan kicks in, I don't have to worry about Central States going away now.

 

[Wayne262]

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How many of you think that ups will start to deduct the amount we will get from social security from our pensions in a future contract. Wasnt this idea "floated around" during the latest talks? Is this legal? Doesnt seem very fair, we pay into social security and yes, so does ups but we should be able to get both amounts since we work the long hours.

 

[UpstateNYUPSer(Ret)]

upsgrunt, the pension is paid by the union, not UPS, and our pension here in Upstate NY is among the best in the country. We have a driver who will be retiring this spring and he has been told that he can expect to receive just over $5,000/month (before taxes) as his pension. That does not include his 401k, IRAs and Social Security, so my estimate of a pension of approx. $6,000/month (before taxes, in 2019) is realistic, if not on the low side. Of course, 16% of that will go to my ex, but the remainder, along with my 401k and Social Security, should make for a comfortable retirement.

 

[UpstateNYUPSer(Ret)]

coldworld, what you are suggesting is illegal. First of all, as I stated above, UPS contributes to but DOES NOT PAY OUR PENSION. The pension is paid by the Union. Social Security is a supplemental benefit which will probably not be there when most of our younger UPSers are ready to retire but the thought of a pension being reduced by the amount of your Social Security check is simply not kosher. Social Security should not be a major part of any retirement plan but should be thought of as fun money.

 

[cino321]

coldworld, what you are suggesting is illegal. First of all, as I stated above, UPS contributes to but DOES NOT PAY OUR PENSION. The pension is paid by the Union. Social Security is a supplemental benefit which will probably not be there when most of our younger UPSers are ready to retire but the thought of a pension being reduced by the amount of your Social Security check is simply not kosher. Social Security should not be a major part of any retirement plan but should be thought of as fun money.

By the time I retire I might be just lucky enough to call it soda money.

 

[Fnix]

How do other people at companies that dont offer 401k and pension retire? My dad has been in the same profession for 25 years and with only 2-3 companies but has no money in retirement or any pension. I am worried about him. He sometimes tells me that when that time comes he'll even kill himself. It is sad.

 

[SteveOUPS]

I put in 0%. And here is why.....My wife's employer matches 25% so we contribute all of our alotment towards her 403b. Plus, she is 2 years older than me so..........59 1/2 will come 2 years sooner. Anyone care to argue the point that I contribute Zero % to my UPS 401K ?????? I'm looking for a fight.

 

[old brown shoe]

Steveoups what happens if you should split up and she takes it all with her. You are left with nothing. I would hope that this does not happen to anyone, but think outside the box. Better to have two 401K's than one. My wife has one also and a retirement too.

 

[browndude]

i dropped mine to 10% which is around $150 per week and upped my stock to $75 per week my 401k is valued around $160,000 and i have around 225 shares of stock. 37 years old 18 years at ups with 12 to go,plan to be outta here at 49!!!!!!!!!!!!!!!!!!

 

[satellitedriver]

15% into 401k
$50 a week to despp
$100 a week to credit union savings
$50 a week to the piggy bank at the house.
No house or land payment, paid that off 3 yrs ago.
PAX

 

[Cementups]

Steveoups what happens if you should split up and she takes it all with her. You are left with nothing. I would hope that this does not happen to anyone, but think outside the box. Better to have two 401K's than one. My wife has one also and a retirement too.

and you can never have too much.

 

[Anon1]

I put in 0%. And here is why.....My wife's employer matches 25% so we contribute all of our alotment towards her 403b. Plus, she is 2 years older than me so..........59 1/2 will come 2 years sooner. Anyone care to argue the point that I contribute Zero % to my UPS 401K ?????? I'm looking for a fight.

Steve, it is a good plan but ..... if you were ever divorced, it SHOULD be split in half but....... I would contribute something to the Roth 401k so that you do have some retirement savings in your name. As much as we plan for the future, life takes some crazy turns sometimes. (BTW, Admin almost $250,000)