Correct me if I am wrong here but I believe that the 59 1/2 rule is if you are still an active UPS employee. If you actually retire from UPS you can start receiving distributions at 55 1/2. So that is even earlier for you. There was a good point too about if anything happened to your marriage. 2 401's are better than 1.
How much $ do you put in 401k?
- Thread starter Fnix
- Start date
brownmonster
Man of Great Wisdom
INTERCEPTIONFAN, I ask myself why I continue to buy UPS stock. I guess because it's easy thru payroll deduction. You probably will never have to pay capital gains either!
LMAO!
tieguy
Banned
This option is one that was heavily overstated by those afraid that ups would take over the teamster pensions. Under this option those who had not vested enough years to collect a full pension could boost up their pension payout until social security kicked in.
Why would you look for a fight??? With all the money your wife got, seems like you don't need to work at all.
satellitedriver
Moderator
No fight here.
If your wife is cool with it, so am I.
A word of unbidden advice, watch the age thing when talking around your wife.
PAX
UPS Lifer
Well-Known Member
You may want to re-think your goal. Right now (not counting a pension), you will need 1.5 to 2 million just to live at the same level you are accustomed to!
When I started UPS - a nice motor home was about $17K. Now you have to spend $100 to $200K!
Best recommendation I can give you is to max out your 401 K and invest in a diversified portfolio NOW! Don't wait - retirement comes quicker than you think!
Invest as if you can't count on a pension or Soc Sec ...this way you control your future.
IDoLessWorkThanMost
Well-Known Member
Thanks for the advice. Hopefully, I'll invest $100,00 by 2018. We'll see where the dollar is at then, and how much return over the next 10 years....
Honestly, 15/hr is not livable in the Boston area. $1,000/mo for a 1 bed/bath here! Progression ends this summer, then I'll really bump up the investing.
$2,700 first year is O.K. goal was $2,500.
Thanks again!
BigBrownSanta
Well-Known Member
That's how I look at investing, and hopefully, if I do it right, and the pension or soc sec is still there when I retire, then they'll just be used to pay my taxes.
brownmonster
Man of Great Wisdom
Lifer, I drive a wobbly box for a living. I don't think I'll drop 200K on a vehicle to drive around in when I retire. That could buy alot of plane tickets and weeks in condos in sunny places. BM
Man, you guys hit it right on the head. Count on no one but yourself.That's how I look at investing, and hopefully, if I do it right, and the pension or soc sec is still there when I retire, then they'll just be used to pay my taxes.
raceanoncr
Well-Known Member
No fight here. You can do whatever you want. But think of this also:
Why not have TWO (2) tax-free deductions instead of ONE (1)? Wouldn't that help your tax burdon each year? I don't know about your 403b so maybe there are certain advantages but it would just seem to me, even if you think you're set, to have more tax breaks RIGHT NOW, and one of those is to have everyone in your house snatch as much $ as you can away from IRS.
I make much more $ than my wife but she is still in her own 401 at her place of employment. Sure, she doesn't contribute much or will ever get much out of it but, you know what, it helps my tax every year.
We also have our own Roth IRAs also. It will help on our taxes and retirement later on.
UPS Lifer
Well-Known Member
LOL! You got the right idea... My wife used to tell me, sell your investments if you want a motor home! I never did... THANK GOD! I hate it ...she is always right!!!
I agree, why retire with one 401k when you could retire with 2. Doesn't make sense. But he lives in a free country he can do what he wants.
Coldworld
60 months and counting
What kind of job does your wife do, because a 25% match into a 401K is pretty unheard of in any industry. I have heard of employers matching up to 10% which is on the high end.
