1st Time on board..... 401k ?

[fups]

I have been with UPS for about 5 years now and haven't started a 401k plan... i know. i have money in the stocks, but just not too sure what to go with the 401 plan... didn't know at first that i was gonna be STUCK at ups but now i know thats what i wanna do. I'm almost 26 yr old now...... any advice for a fellow UPSer??}

 

[traveler]

It's never too late to start! I would suggest you invest as much as possible each year. The 401k was only available for a few years before I retired (at age 46. yes, no matter what UPS calls it, I retired). The few bucks I put in there (about $11,000) is now (13 years later) $75,000+. I couldn't afford the full percentage at first but with every pay increase I increased the percentage deducted from my pay. A good move for sure.

 

[upscorpis]

If you're non-union, I suggest contributing a minimum of 3% since UPS will match that with UPS stock in your 401k account. It's really a no brainer.

 

[dannyboy]

And dont forget the UPS stock purchase plan. You get 10% off on the price of the purchase.

And either way, look long term. Just do it.

d

 

[ted_m]

And if you're interested in the non-union 401(k) results. I have this spreadsheet that I send out to a mail list every month.

 

[fups]

so there is union and no-union plans for the 401k??? well i didn't know all of this... i'm in the union so that leaves me where????i'm in the despp ,but need the 401

 

[bigshot]

ted_m, great job! that spreadsheet is fantastic!

 

[wkmac]

The 401k plan is something every employee, union, non-union, management, or whatever, should be in. When I got in it took me about a year to work up to having the max % withheld and at first it was tough but years later now I don't even think about it. Don't waste another moment if your not in. Get the paperwork right now and get going even if you only can withhold 1%. That's better than nothing at all.

For you union members, our 401k plan has a self-managed portion where you can buy individual stocks and also select from hundreds of mutual funds. I love this part especially right now because with the market down you have the opportunity to buy good companies for the longhaul. Don't get greedy but set your portfolio foundation up with good solid companies that are there for the longhaul and then once you've built up a little "house money" then gamble on some high risk stocks. JMO.

 

[tieguy]

The 2003 charts not filled in....

 

[over70lbpkg]

When I first started out in the 401 K Plan years ago, I started out at 1% and brought home MORE money than I did without the 401K. I then moved to 2% and brought home just about the same money, give or take a buck or two.

Moral of the story....it doesn't cost you anything to put 2% of your pay in a 401K!!!!