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Your Pension Thoughts
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<blockquote data-quote="edd_tv" data-source="post: 816672" data-attributes="member: 8098"><p>im 30 with 3 years full time and a retirement age in our local of 58 and hope that a pension will be there by the time I retire. However, I do not plan on it being there. I started with the company at age 20 and contributed a modest amount(for a part timer) of my pay to the upsIBT 401k. I was fortunate in that i had a second job to supplement my income and had around 15% going to the plan. Since going full time and topping out I dropped my contribution rate to 10%, paid off all my student loans, and are debt free other than my mortgage. I have a sizable chunk in my 401k now and plan on upping my contribution rate back up. I learned from my old man to plan for yourself. He was in a United Steelworker pension fund that went belly up. He now receives 60% of what he would have through PBGC. </p><p></p><p>I am seriously considering moving it out of the IBT UPS plan and into something I have even more control over.</p><p></p><p>Nothing is certain anymore and I surely do not count on a pension being there by the time I retire. I hope and pray the UPS as a company is still around by the time I reach that age. If the pension is there, my wife and I will have even more to spend. If not we should still be fine.</p></blockquote><p></p>
[QUOTE="edd_tv, post: 816672, member: 8098"] im 30 with 3 years full time and a retirement age in our local of 58 and hope that a pension will be there by the time I retire. However, I do not plan on it being there. I started with the company at age 20 and contributed a modest amount(for a part timer) of my pay to the upsIBT 401k. I was fortunate in that i had a second job to supplement my income and had around 15% going to the plan. Since going full time and topping out I dropped my contribution rate to 10%, paid off all my student loans, and are debt free other than my mortgage. I have a sizable chunk in my 401k now and plan on upping my contribution rate back up. I learned from my old man to plan for yourself. He was in a United Steelworker pension fund that went belly up. He now receives 60% of what he would have through PBGC. I am seriously considering moving it out of the IBT UPS plan and into something I have even more control over. Nothing is certain anymore and I surely do not count on a pension being there by the time I retire. I hope and pray the UPS as a company is still around by the time I reach that age. If the pension is there, my wife and I will have even more to spend. If not we should still be fine. [/QUOTE]
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