I need advice on 401K

Discussion in 'UPS Retirement Topics' started by Damondogg, Mar 24, 2015.

  1. Damondogg

    Damondogg Member

    Well I have been enrolled in the 401K since 1999, since then I'm under $40,000. Would boost my contributions, but I need more take home pay than having so much deducted. Anyways, I understand that the company won't match. So what does that mean exactly? Does that mean that when I retire with whatever amount is in my account, I won't get half of that or what?

    As far as an option to rollover to an IRA, I have like close to $5000. Is it wise to move that over? I could just use some honest advice please.
     
  2. burrheadd

    burrheadd Superstar

    Huh!!
     
  3. upschuck

    upschuck Avatar bet gone wrong

    How much do you have in it 5000 or 40000? Matching is what the company pays up to when you pay into it, e.g. if company matches 3%, then the first 3% each pay period you put in they will match it. All the money in the account is yours.
     
  4. You can't roll Your 401k into an IRA until you leave the employer.
     
  5. tominky

    tominky New Member

    My advice to you is keep contributing till it hurts!!!I have been retired for 6 years and have $330,000.00 in my IRA after rolling over my UPS 401k and $200,000.00 in an annuity I have from UPS stock.Keep your eye on the prize and keep the faith!!
     
  6. Damondogg

    Damondogg Member

    About $40000, UPS won't match, so what percentage would I get back?
     
  7. upschuck

    upschuck Avatar bet gone wrong

    You get back everything you put in plus the earnings once you hit retirement age. If you take it out early, there will be a tax penalty, don't know the amount, but big enough for you not to want to withdrawal any. 401(k) is meant to be a retirement account, not an investment account, which is why you get dinged with the penalty.
     
  8. upschuck

    upschuck Avatar bet gone wrong

  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    10% penalty plus 20% withheld for taxes.
     
  10. Damondogg

    Damondogg Member

  11. Damondogg

    Damondogg Member

    I was concerned as to what I will actually be entitled to once I retire, as far as my 401K amount is. Wasn't sure if it's all mine or will they take a big percentage or chunk for tax purposes.
     
  12. upschuck

    upschuck Avatar bet gone wrong

    If you have the roth, you keep everything, regular gets taxed, because it wasn't taxed before
     
  13. Jkloc420

    Jkloc420 Well-Known Member

    You can always do after tax deduction. That is up to 5 percent of your check. Since it is already taxed you are able to take that out at any time without the 20 percent to the fed or the 10 percent penalty for taking it out early.
     
  14. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    You obviously don't have clue how this works.

    I'm not being an ass I'm just being honest. Seek professional help immediately.
     
  15. Damondogg

    Damondogg Member

    It's cool, if I fully understood I wouldn't have posted this topic as it is. I've got some help already by the way.
     
  16. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Our 401k has a "401k for Dummies" on their website.
     
  17. Damondogg

    Damondogg Member

    That'll work for this dummy. LOL
     
  18. upschuck

    upschuck Avatar bet gone wrong

    Most the things in the UPS/IBT 401k are fine, except for the bond funds. Low fees, and do relatively good. As long as you can ride out the dips, you'll be fine putting it in any of the other funds listed. I'm in about 5 of them or so, and they all do fine.
     
  19. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    The problem is the op has no plan at all. Not only no investment plan but If they are close to retirement they have no withdrawl plan.

    And if full time to be enrolled 15 years and have under 40k he's not putting enough away.
     
  20. upschuck

    upschuck Avatar bet gone wrong

    He's not close to retirement, if he needs more money to live now.