The Concept of a Pension Should be Offensive to People

[ThePackageDeli]

We need a massive mentality shift in this company regarding the pension. The pension is the biggest bait-and-switch you can imagine. We should have been pushing for a strong 401(k) match YEARS ago. Instead, the ignorant working majority in this company for generations have decided they would rather work until they're 65 in order to collect some measly corporate welfare check, rather than take proactive charge of their financial life and invest heavily in their 30's. Thanks to our culture of financial irresponsibility at UPS, workers are left having to contribute the full amount of $23,000 to their 401k's in 2024.

 

[IVE GOTTA PACKAGE 4U]

We need a massive mentality shift in this company regarding the pension. The pension is the biggest bait-and-switch you can imagine. We should have been pushing for a strong 401(k) match YEARS ago. Instead, the ignorant working majority in this company for generations have decided they would rather work until they're 65 in order to collect some measly corporate welfare check, rather than take proactive charge of their financial life and invest heavily in their 30's. Thanks to our culture of financial irresponsibility at UPS, workers are left having to contribute the full amount of $23,000 to their 401k's in 2024.

At least we have a pension most other people can't say that

 

[oldngray]

You can always start your own 401k. In fact you really should anyway.

 

[IVE GOTTA PACKAGE 4U]

You can always start your own 401k. In fact you really should anyway.

Roth IRA is even better

 

[robbie137t]

Roth IRA is even better

25 year pension is 60k per year plus medical in Ca.

 

[BigUnionGuy]

We need a massive mentality shift in this company regarding the pension. The pension is the biggest bait-and-switch you can imagine.

Fortunately....

That's not your decision to make.

 

[IVE GOTTA PACKAGE 4U]

25 year pension is 60k per year plus medical in Ca.

That's not a lot of money on California

 

[ThePackageDeli]

25 year pension is 60k per year plus medical in Ca.

If someone starts UPS later in life, and doesn't have the time for an investment to grow significantly, then a pension might be more beneficial to them. But anyone who begins with UPS earlier in life is being screwed out of untold millions of dollars.

 

[MECH-II]

proactive charge of their financial life and invest heavily in their 30's.

 

[MECH-II]

Is critical and declining status good?

 

[Thebrownblob]

Is critical and declining status good?

Is that your bank account?

 

[Thebrownblob]

If someone starts UPS later in life, and doesn't have the time for an investment to grow significantly, then a pension might be more beneficial to them. But anyone who begins with UPS earlier in life is being screwed out of untold millions of dollars.

Well, you’re making a lot of assumptions. I can tell you from personal experience I don’t know very many people who have the retirement security of a 30+ year UPS union employee.

17.5 million Americans leave 'free' retirement plan money on the table, survey finds

If you have a 401(k) plan at work, experts always recommend contributing at least enough to get the company match.

www.cnbc.com

https://www.cnbc.com/2023/09/07/4-in-10-workers-with-a-401k-dont-contribute-to-plan-cnbc-survey.html

The Employee Benefits You Should Use—but Probably Don’t

Many workers don’t take advantage of such perks as 401(k) matches, medical spending accounts and tuition assistance. It’s time they start.

www.wsj.com

 

[Next Day Err]

Roth IRA is even better

Both the Roth IRA and the 401k and a high yield savings account are doable by many, even those that claim they just can't save.

I've built up to $400,000 in under 10 years by focusing on it. It can be done.

 

[IVE GOTTA PACKAGE 4U]

Both the Roth IRA and the 401k and a high yield savings account are doable by many, even those that claim they just can't save.

I've built up to $400,000 in under 10 years by focusing on it. It can be done.

Good job

 

[Over70irregs]

We need a massive mentality shift in this company regarding the pension. The pension is the biggest bait-and-switch you can imagine. We should have been pushing for a strong 401(k) match YEARS ago. Instead, the ignorant working majority in this company for generations have decided they would rather work until they're 65 in order to collect some measly corporate welfare check, rather than take proactive charge of their financial life and invest heavily in their 30's. Thanks to our culture of financial irresponsibility at UPS, workers are left having to contribute the full amount of $23,000 to their 401k's in 2024.

This is the reason you have to drop 23k in 401k.

 

[Over70irregs]

Fortunately....

That's not your decision to make.

He is partly correct with the mentality shift. By the time your 60 your worn out and given all your energy to a system that drains you. He wants to be able to store his energy/time better.

 

[Thebrownblob]

He is partly correct with the mentality shift. By the time your 60 your worn out and given all your energy to a system that drains you. He wants to be able to store his energy/time better.

Work smart, follow the methods, don’t spend frivolously and it will be fine.

This argument always makes me chuckle at 50+ I’m probably healthier than 90% of the office workers and sedentary style jobs of the other people I know. I take no prescriptions don’t have high blood pressure and I’m generally healthy. Already have 31 years in here.

 

[Over70irregs]

Work smart, follow the methods, don’t spend frivolously and it will be fine.

I believe he wants to be more than fair/middling. I could be wrong though.

 

[Thebrownblob]

I believe he wants to be more than fair/middling. I could be wrong though.

Well show me who those people are? Once you get past 50 and don’t either go to work out all the time or have a job like ours you start to have health problems. I have exactly none. If you’re talking about money, most people have a spending problem not an income problem. We make far better than average wages and benefits.

 

[BrownFlush]

We need a massive mentality shift in this company regarding the pension. The pension is the biggest bait-and-switch you can imagine. We should have been pushing for a strong 401(k) match YEARS ago. Instead, the ignorant working majority in this company for generations

To go with the company "matching" 401K is the biggest bait and switch.
The next generation will "remember "when the company ""used" to match.
Your retirement will be all on you. Be careful. Sometimes you get what you ask for.