Is The PPP Going Away?

[vantexan]

This sounds totally plausible. Why would the company that cares so much take the time to "remind" us about the importance of our 401k's if they weren't up to something? I fully expect the PPP to disappear, but right now that's just speculation. Again, whenever they are planning a takeaway, it is usually set-up and presented as a "benefit". I would expect the FedEx 401k contrbution to rise, but just enough to convince the Purple People that they are being given another gift from Fred.

In other words, get ready to add another takeaway to the stack.

I'm really counting on the PPP contributions to leave FedEx early. If they surprise us with canceling the PPP this summer may have to work until 55. Not much point quitting at 54 if I can get the airline discount a year later as a retiree. Was hoping to quit at 53.5 as soon as the next PPP payout came through. Hopefully we're way off base.

 

[55+]

you do know there is a 10% penalty for taking the ppp before age 59.5 correct?...in addition to income tax depending on the state you live in .

 

[vantexan]

you do know there is a 10% penalty for taking the ppp before age 59.5 correct?...in addition to income tax depending on the state you live in .

Going to have 20% taken off the top for taxes when I leave, plus will have to pay the penalty. Which is why I hope to get several more payments on the PPP but now wonder if that will happen. Tell me, if you have diabetes, high blood pressure, a stent in an artery, take 10 pills a day, have been cheated to the point of criminal fraud by crooked mgrs, worked 14 years(after working 11 the first go round)with no hope of ever being paid enough to have a decent life, and lied to repeatedly by management to keep you at it, do you really care that you have to pay a penalty if you have enough to live on until your pension starts? What's the point of working until 59.5 to avoid a penalty if they are only going to pay enough to just get by? Even if they keep the PPP are the contributions they make enough to trade years of your life for? I can see working up to 55 if necessary, but the closer I get to my demise the more I want those years for myself. And I doubt I'll make it to 80, and maybe not to 70. I wish I had stayed in the Air Force and if I were that 24 year old just starting out at FedEx with the kind of future they are offering now I would go into the military.

 

[55+]

just sayin...been spending a good portion of today trying to figure out how I can take the ppp without having to pay the penalty..

 

[vantexan]

just sayin...been spending a good portion of today trying to figure out how I can take the ppp without having to pay the penalty..

Should be able to roll it over into an IRA. Since nothing pays 4% these days you can just leave it in the PPP. You don't have to take a distribution until you're 70.5. That's assuming they don't terminate the plan.

 

[55+]

Was hoping to use it as a bridge between 56 and 62 ..Pay myself a 5 year annuity to pad my two little traditional pensions from ups and fedex..if I take it with my fedex traditional I wont hav to pay the penalty but I also wouldnt hav any emergency cash on hand ...I consider this a small issue compared to some. I am lucky to be able to leave on my own terms and in good health ...I wish you all good health . And I do believe you will be healthier after you get this giant corp off your back