Investing

[instantK]

I'm new to being a driver, how do you go abouts investing in a 401k at ups? do they match ? should i just talk to other drivers about it?
i already been at ups for 5 years , so i'll get a part time pension plus my full time driving pension?

i want to try to retire as early as possible.. i started at age 22

 

[UpstateNYUPSer(Ret)]

I hear Kodak is a good buy.

 

[Jackburton]

I'm new to being a driver, how do you go abouts investing in a 401k at ups? do they match ? should i just talk to other drivers about it?
i already been at ups for 5 years , so i'll get a part time pension plus my full time driving pension?

i want to try to retire as early as possible.. i started at age 22

Go to UPSers.com and look under retirement options and find the teamsters prudential retirement link for 401k. Go and look around there and start setting up your contributions. Believe it or not, most drivers aren't doing 401k due to the fact they are relying soley on their pension. Ask around and you might find one that will help you sign up and hold you hand through the process.

As far as pensions are concerned they are different for each areas local supplemental. Being as you're a new driver you don't need to worry about pension for a long time, you don't control how it's managed directly. Judging by your post you're now 27 years old. One thing I can tell you if you want to retire early and can take the tax hit, go Roth 401k and max it out. You may not know what I'm talking about, just ask someone who's been doing a 401k that you can spend some time with to explain your options

 

[Benben]

Start on upsers.com. Follow the links. Set up a % of your gross pay (I promise you,you will NOT miss 6%!!), then choose from the funds where to put the monies. I, myself, absolutely love the REIT fund even with the .1% expense.
You are young so be aggressive! Set it and forget it! Once you start, it'll give you something to do online instead of surfing the .xxx sites

Hear is a statistic for you. When investing its all about time value of money. If you invest $2,000 each year when you are 18, 19,20 and 21 (read only 4 years!!) when you retire you will have well over a million dollars (assuming only an 8% return).

Start early and really, really enjoy retirement!!

 

[brownmonster]

If he retires at 65. Only an 8 percent return? Pretty tough to get any return lately.

 

[UpstateNYUPSer(Ret)]

That is the beauty of a 401k---time and money---compounding.

The market is cyclical and while an 8% return may seem far-fetched now over the course of 40 to 50 years it is indeed possible.

 

[Benben]

If he retires at 65. Only an 8 percent return? Pretty tough to get any return lately.

Yeah, I hear you. BUT on the Prudential site I had an 11.98% return Q1 this year. Last year's was dismal to the tune of -1.29%. But of the 4 funds I allocate to the lowest 3yr return was 14.97% and the highest was 29.25%.

For the period from 1/1/2010 to 6/23/2012 my return is 11.89.

Upstate is 100% correct. Its all about time. I wish I had started when I was 27. I'd kill to be able to go back and do it right!

And lastly..............."when he retires at 65." I bettcha "retirement age" will be well over 70 by the time he gets that old. Hell it went up to 67 just this year.

 

[brown bomber]

you can retire at any age..........if you have ability......to manage your present debts, don't go overboard..on your house (wish I was house hunting now)...cars, credit cards, college education for your kids, and impulsive purchases............weigh the value of these purchases..and how they impact you in the future....just remember, that your kids have a lifetime to repay debt..........fortunately for me, my daughters have incurred, almost ZERO....older daughter has less than $1000.00 left from a loan which we took out......she'll pay it off by the end of this year

 

[preload1]

instantK. So you want to retire as early as possible do you? Get a grip. After Obama finishes with the baby boomers money he's coming for your generation's money next. You will be working for a LLLLOOOONNNNGGGG time there buddy. You'll have to pay for my social security too. That's how the system is set up. Remember that when you are in the voting booth on November 6th 2012.

 

[brownmonster]

instantK. So you want to retire as early as possible do you? Get a grip. After Obama finishes with the baby boomers money he's coming for your generation's money next. You will be working for a LLLLOOOONNNNGGGG time there buddy. You'll have to pay for my social security too. That's how the system is set up. Remember that when you are in the voting booth on November 6th 2012.

Whatever.

 

[Benben]

instantK Just a quick question, Did you setup your 401K?

Preload1...WTF? Do you really think this way? The only reason "we'll have to pay for your SS" is because SS was not put into a "lockbox" and its been raped by congress in the past decades. Where do you think SS would be right now if it had been left alone and only used for what it was intended to be used for?