Discussion in 'UPS Discussions' started by 10233201, Dec 2, 2019.
Does prudential just save our 401k money that we invest with no growth ?
If you have not seen growth, you are doing it wrong.
UPS does not provide a match for bargaining unit employees.
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If you're young and don't know what you're doing I'd suggest just putting all of your contributions in your Prudential 401(k) into the S&P 500 index fund until you learn more. But the more and earlier you invest, the faster you'll be on the road to financial security.
What funds do you have it invested in?
I’ve been driving for 3 years and ups automatically start taking money out for 401k from the first check , But I listen to Dave Ramsey who suggest getting a Roth IRA that will grow so I don’t know if I should drop ups 401k plan . Im 24 so I’m trying to make the best decision for my future
Kudos for listening to Dave Ramsey as his advice is spot on.
Do some research on your own as to the differences between the Traditional and Roth 401k.
If it were me I would put my money in to the Bright Horizon Fund closest to my projected retirement year. This is a "set it and forget it" fund which doesn't require a lot of time to manage.
Every time you get a raise put it in to your 401k.
24 and investing, you're in a good spot. Congratulations. Put as much as you can into the markets and don't throw up and panic when there's a big dip. Remember, you're buying little pieces of some of the strongest companies in the world. In the end the stock market is a scale. You want that scale to be heavy, own a lot of shares of the world's best companies.
Go get it.
Just choose the Roth 401k
The IRA (Roth or traditional) contribution limit is much smaller than your 401k. Max out your 401k...it'll get more tax free growth. Or do both.
He is not eligible to contribute to a Traditional IRA because of our pension plan.
The best decision for your future would be to leave UPS before your back / knees give out and you retire from UPS with a power scooter.
When did they start giving our power scooters as parting gifts?
I didn't know that. Wish we'd get a match instead of the pension.
Actually, I was mistaken------we are allowed to contribute to a Traditional IRA even if we have a retirement plan through our employer; however, the deduction for our contributions may be limited based upon our income.
Retirement Plans FAQs regarding IRAs Contributions | Internal Revenue Service
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