The Concept of a Pension Should be Offensive to People

[Coldworld]

I believe life expectancy for a male to be around 84.

It’s like 73-74. Us guys got ed after covid

 

[I have NOT been lurking]

And we’re all moving into Arizona…lock, stock, and barrel buddy!! @542thruNthru cant afford to live in Southern California with the reduced pension so we have to go cheaper and move east to the Grand Caynon State. Can’t wait!!

No

 

[Up In Smoke]

The heart of the message is this:
If you want to be average, and stay in debt, and live above your means, and not invest in your future, then the pension will be your consolation prize.
But if you prioritize your 401k, and your Roth IRA, and you brokerage account, you are going to have 10x more money in retirement.
DON'T wait passively for a pension and social security to be your safety blanket in retirement.
Be intentional. Be disciplined. Change your family tree. Leave multiple millions of dollars to your children and grandchildren!

I would still consider your plan as passive. What if instead of putting 23K into a 401K, you took those dollars and invested in yourself. Start or invest in a small business and take the tax incentives to shelter your investment while building capital wealth. By investing in yourself, you have a direct impact on where the money goes. There is nothing better than building something that sustains itself and has the potential of providing generations of transferable success.

 

[UPSER1987]

Lol you don’t have squat.

I have more that the pseudo millionaires posting here like they get paid by the post lol

 

[IVE GOTTA PACKAGE 4U]

Why not do both????? Have a pension AND 401K.

Thanks Dave

 

[JustDeliverIt]

Invisalign?……

Pretty sure those are even more expensive.

Our older kids all did traditional braces, youngest just started Invisalign this week. It was all about the same price, insurance covered most of it and each kid was a little over $1k out of pocket.

 

[DOK]

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.

Most contribute the minimum to 401k because we have a pension

 

[ThePackageDeli]

I would still consider your plan as passive. What if instead of putting 23K into a 401K, you took those dollars and invested in yourself. Start or invest in a small business and take the tax incentives to shelter your investment while building capital wealth. By investing in yourself, you have a direct impact on where the money goes. There is nothing better than building something that sustains itself and has the potential of providing generations of transferable success.

I like the sentiment. And I think feeding the entrepreneurial spirit is a truer form of the American dream. The issue is risk. Something like 75% of businesses fail within 15 years. For the same reason, mutual funds are a preferred investment vehicle over single stocks. When it comes to average directionless hourly workers who don't have an entrepreneurial vision for their lives, the retirement accounts are their best bet for growing themselves and their families beyond the middle class and creating wealth for future generations if done properly.
If people would only realize that you can take your family from dirt poor, to a $50 million net worth in 2 generations. 2 generations! father - son. That's incredible and should inspire many people to live not just for today, but live for tomorrow!

 

[BrownFlush]

Have you looked at all the age options??? My financial dude is hell bent on Mrs cold and myself taking SS out at 70.5….i don’t get that mentality since SS isn’t the only thing I will be living on so I don’t have to maximize it.

Take it at 70.
Tell all your friends to take it at 70.

 

[Coldworld]

Take it at 70.
Tell all your friends to take it at 70.

What’s the reasoning??

 

[oldngray]

Take it at 70.
Tell all your friends to take it at 70.

The math says it is usually better for most people to start taking it at 62 but it is different for everyone.

 

[Wally]

Plenty of time for a side business when you are 35 with a wife and kids, job with hours like UPS, house that always need maintenance, and some needy pets that everyone said they would take care of before they wore you down into saying yes.

 

[BrownFlush]

What’s the reasoning??

Sarcasm friend.
The reasoning is if you wait, you will die with less draw years and take less from the kitty.
Ask your financial dude what is the break even age for you
I think it's around 78 or 80. That does not include the money you could make by actually having the money at 62.

\

 

[ThePackageDeli]

Plenty of time for a side business when you are 35 with a wife and kids, job with hours like UPS, house that always need maintenance, and some needy pets that everyone said they would take care of before they wore you down into saying yes.

 

[BrownFlush]

Plenty of time for a side business when you are 35 with a wife and kids, job with hours like UPS, house that always need maintenance, and some needy pets that everyone said they would take care of before they wore you down into saying yes.

Been there.
It's like you're in a bubble for 30 years.
Then you look up, the house is empty, you count losses and wins, reload and move on.

 

[oldupsman]

I've been a blood doner for the last 23 years. Usually 2 or 3 times a year.

I go every 2 months. I'm up to having donated 11 gallons.
I figure when I stand in front of the Lord I can at least say I did something good.

I had one of those nightmares last night and I’ve been retired for two years and out of packages for 10.

I've been out 16 and I still have one occasionally.

 

[Up In Smoke]

Plenty of time for a side business when you are 35 with a wife and kids, job with hours like UPS, house that always need maintenance, and some needy pets that everyone said they would take care of before they wore you down into saying yes.

Where's the can do spirit?

 

[oldupsman]

The heart of the message is this:
If you want to be average, and stay in debt, and live above your means, and not invest in your future, then the pension will be your consolation prize.
But if you prioritize your 401k, and your Roth IRA, and you brokerage account, you are going to have 10x more money in retirement.
DON'T wait passively for a pension and social security to be your safety blanket in retirement.
Be intentional. Be disciplined. Change your family tree. Leave multiple millions of dollars to your children and grandchildren!

I expect my children and grandchildren to do the same thing I did. Work their tail off.
I already told them I'm spending it all before I go.

 

[BrownFlush]

If people would only realize that you can take your family from dirt poor, to a $50 million net worth in 2 generations. 2 generations! father - son. That's incredible and should inspire many people to live not just for today, but live for tomorrow!

Exhausting.

"Hey honey. Pour me another cup of coffee and then we'll take a walk on the beach.
You talk to the kids this morning? All doing ok? Good!''

50 million can't buy it.

 

[oldupsman]

How would I be cashing in $15,000 a month? First off I would have to work till I was 59 and a half before I could collect. I have money in my 401k that I saved and money coming from a pension where all I had to do was show up which I was going to do anyway. Let’s just say they did a match yet I didn’t or couldn’t put money into a 401k? Where would I be now? At the age I retired I’ll have collected over $115,000 dollars by the time I’m 59 from my pension alone.
Not to mention when the market tanks how much we all lose from our 401k money.

I've collected a little over $700,000 so far in pension benefits.
I gotta tell ya, I'm pretty bleeping happy.