I need advice on 401K

olroadbeech

Happy Verified UPSer
ill just call the 401k people. I think there is a time limit like 90 days to roll over to a qualified retirement plan or else it will generate a distribution and you will have to pay taxes and penalties.

that happened to my son when he left his company.
 
ill just call the 401k people. I think there is a time limit like 90 days to roll over to a qualified retirement plan or else it will generate a distribution and you will have to pay taxes and penalties.

that happened to my son when he left his company.
No time limit the only way they can force you out is if you have a balance under 5k
 

UpstateNYUPSer(Ret)

Well-Known Member
ill just call the 401k people. I think there is a time limit like 90 days to roll over to a qualified retirement plan or else it will generate a distribution and you will have to pay taxes and penalties.

that happened to my son when he left his company.

Absolutely untrue.

You really need to stop giving financial advice as you do not know what you are talking about.

Your son left his company. He did not retire. You did. He did not have to move anything within 90 days. Neither do you.
 

Orion inc.

I like turtles
Id say at 40 you need to up it to 20% and cut expenses elsewhere. Or work more hours to make up for the increase. Plus you'll have a lower tax obligation with the more you put away. 3-5% or even 10% at that age isn't enough.

When you retire, you'll need more than today as the cost of living will be higher. Sacrifice and do 20%. Look at cutting costs elsewhere like less eating out etc or lower cell bill.

Start that now and you won't be scrambling in your 50s to really catch up.
 

By The Book

Well-Known Member
Guess I seem like an idiot on here, but I appreciate your help & advice. I'm still young at 40, with 21 years service within the company, I'd go up to 10% man but I don't want much more deducted from my paycheck ya know.
Change it to before tax. If you put in $100.00 a week your take home pay should only be $70.00 less. That's $30.00 free dollars and at the end of the year will help you on taxes. The more you can put into the 401k the more it helps you at tax time. If you put your money in after tax you may pay 25% on your money, and if you put it in pretax you may pay 15% tax on your money when you withdraw it.
 

UpstateNYUPSer(Ret)

Well-Known Member
When you retire, you'll need more than today as the cost of living will be higher.

Actually your cost of living should be lower upon retirement. I read somewhere that you should plan on replacing 70-80% of your current income. Your house should be paid off and your daily living expenses should be lower. You will also be taxed at a lower rate when you are retired.
 
Actually your cost of living should be lower upon retirement. I read somewhere that you should plan on replacing 70-80% of your current income. Your house should be paid off and your daily living expenses should be lower. You will also be taxed at a lower rate when you are retired.
The cost of healthcare goes way up. That can take a huge bite out of your way of living.
 
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