Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
How much does UPS contribute to 401K for full time and part time employees?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="BigBrownSanta" data-source="post: 264702" data-attributes="member: 11097"><p>Selling your option week and putting it into your 401(k) and then taking the 1 weeks pay for when you would have been on vacation and then putting just 2% weekly into your 401(k) can leave you a hefty amount at retirement.</p><p> </p><p>58 hrs. x 28.19 = $1,635.02</p><p>40 hrs. x 28.19 = $1,127.60</p><p>7.5 hrs. OT x 42.28 = $317.10</p><p>$70,000 x .02% = $1,400.00</p><p> </p><p>Total yearly = $4,479.72</p><p> </p><p>The average historical return for the stock market is somewhere between 10% and 13%. Just making a "measley" 9% for 20 years would gross you $229,182.46.</p><p> </p><p>Extend that out for another 5 years and you would have $379,436.76.</p><p> </p><p>If you're afraid 9% is too much to expect, then 5% would get you:</p><p> </p><p>20 yrs. = $148,126.42</p><p>25 yrs. = $213,803.60</p><p> </p><p>This is, in my opinion, a "minimal effort" savings plan. You work 1 extra week a year for your retirement and invest 2% of your annual income. The company "matches" $1,635.02 and you don't have to make any real big efforts to budget for savings. (And this doesn't even include future pay raises.)</p><p> </p><p>That's my advice. If you want to knock me for it, feel free.</p></blockquote><p></p>
[QUOTE="BigBrownSanta, post: 264702, member: 11097"] Selling your option week and putting it into your 401(k) and then taking the 1 weeks pay for when you would have been on vacation and then putting just 2% weekly into your 401(k) can leave you a hefty amount at retirement. 58 hrs. x 28.19 = $1,635.02 40 hrs. x 28.19 = $1,127.60 7.5 hrs. OT x 42.28 = $317.10 $70,000 x .02% = $1,400.00 Total yearly = $4,479.72 The average historical return for the stock market is somewhere between 10% and 13%. Just making a "measley" 9% for 20 years would gross you $229,182.46. Extend that out for another 5 years and you would have $379,436.76. If you're afraid 9% is too much to expect, then 5% would get you: 20 yrs. = $148,126.42 25 yrs. = $213,803.60 This is, in my opinion, a "minimal effort" savings plan. You work 1 extra week a year for your retirement and invest 2% of your annual income. The company "matches" $1,635.02 and you don't have to make any real big efforts to budget for savings. (And this doesn't even include future pay raises.) That's my advice. If you want to knock me for it, feel free. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
How much does UPS contribute to 401K for full time and part time employees?
Top