Need advice from future retirees or retired.

Themanthatdid

Well-Known Member
Good Morning,

I’m a 27 year old out of Dallas, Been a FT feeder driver for a little over a year in a half now and just recently went sleepers. I been researching a lot about 401k and Roth IRA’s but just needed some general advice cause no one tells us about these things.

Nothing is guaranteed BUT, My question is what would you do if you were in feeders or sleepers until retirement ?

How would you go about investing into the 401k or getting a ROTH IRA ordinary brokerage account ?

What would you contribute?

Would you wait until top pay to start contributing?

Just curious.
 

badpal

Well-Known Member
Put in as much as you can. Being in feeders at 27 your holding the golden ticket son. Forget the expensive toys now and at 50 you will be thankfull. And marry very very wisely too. Invest till it hurts. Both the 401k and roth are good. Time and youth are on your side.
 
Good Morning,

I’m a 27 year old out of Dallas, Been a FT feeder driver for a little over a year in a half now and just recently went sleepers. I been researching a lot about 401k and Roth IRA’s but just needed some general advice cause no one tells us about these things.

Nothing is guaranteed BUT, My question is what would you do if you were in feeders or sleepers until retirement ?

How would you go about investing into the 401k or getting a ROTH IRA ordinary brokerage account ?

What would you contribute?

Would you wait until top pay to start contributing?

Just curious.
Read this
"Believe in the power of compound interest | MoneyUnder30" Believe in the power of compound interest | MoneyUnder30
 

Shiftless

Well-Known Member
I'm a retired driver who virtually spent his whole UPS career as a Feeder Driver.

By the time I was 23, I was already in feeder.

By the time I turned 49, I was retired!!!!!!!!!!! Been retired 17 plus years!

Already you have your head in the right spot!

Here is my take: There is no one on this site can answer your question's with absolute precision or with the ultimate correct answer on how to invest, contribute or how you diversify your portfolio for YOUR FUTURE! NO TIME like now to plan and pay attention to the end game.

TRUST ME ON THIS: Tomorrow is coming at you like a freight train!

I say: Live with in your means. As an example, I cant tell you how many young guys I knew who bought all the new cars, trucks, motorcycles, motorhomes and boats. They bought homes really above their means. They then became slaves to overtime, marriages on the rocks or just flat out failed all with crazy financial stress. They never saw that mental & physical gorilla in the room next door till they were in his grips! DON'T be that guy!

Enjoy your life and treat your financial needs as a pie chart in life, be diversified, never lose sight of the retirement end game.

As an example when all my buddies were buying new Boats, I bought boats that were within my means and I upgraded along the way. BUT! We all still water skied together, we all still camped together, we ate the same food, and there were no differences in the memories and fun we shared. So their boat was 5 years newer? Big WHOOP! The thing was when that alligator sat in the garage I wasn't making a payment, YET we had all the same experiences other than the smell of a new boat interior! Its this mentality that has served me well. Sure later on I bought big expensive items. It was the mindset of living with in my means that allowed me to invest and speculate where my monies made there best return for me!

Bottom line:
Congrats on having your head in the game! Your financial endgame is right up there with Family & Health!!!!
Pay attention to it, nurture it, as there is no "one size fits all" when it comes to your retirement plan!

Good Luck
 

Babagounj

Strength through joy
401K are long term investments.
All funds put in are deducted from your check, so the temptation to spend is removed.
Thus your yearly income is reduced.
Taxes aren't due until the funds are removed. ( after age 59.5 ) { anything before that age and you get extra penalties }

Funds maybe taken out of 401K ( after 59.5 ) and converted in Roths minus taxes paid.
Best to do this before Medicare kicks in.
Since yearly incomes set the prices for what extra you'll have to pay for Parts B & D.

Roths are after taxing funds.
But they will not be taxed again later in life.

The Teamster/UPS 401K does not include a company match, but the fees are really low.

Fees are what you compare when choosing which funds to invest in and that also goes for which Roth you choose.

For now invest in both 401K plans and see which one you like best.
And always use electronic transfers when moving funds, never use a check.
Any funds by check show up as income, which one is trying to avoid.

Withdrawals from my Teamster/UPS 401K ( after 59.5 ) are broken down like this ...$$$$$ minus $10 ( fee) times .746 equal what cash I get.
The $$$$$ is considered income, not the amount I received.
 

Jkloc420

Do you need an air compressor or tire gauge
Good Morning,

I’m a 27 year old out of Dallas, Been a FT feeder driver for a little over a year in a half now and just recently went sleepers. I been researching a lot about 401k and Roth IRA’s but just needed some general advice cause no one tells us about these things.

Nothing is guaranteed BUT, My question is what would you do if you were in feeders or sleepers until retirement ?

How would you go about investing into the 401k or getting a ROTH IRA ordinary brokerage account ?

What would you contribute?

Would you wait until top pay to start contributing?

Just curious.
If you voted for Biden you screwed yourself
 

Up In Smoke

Well-Known Member
I would suggest also opening a brokerage account and educate yourself about investing strategies while riding shotgun. Far more money can be made when markets go down because the vast majority of investors are on the other side of the market. Using options as a hedge against a down market pays nearly 50-1. Few people panic buy, but many panic sell and that's when the informed cash in. While the masses are upside down in 2022, the complete trader is ringing the register. If you're only buying and holding (DCA), you're only using 10% of the market. The more you know, the more you know.
 
I would suggest also opening a brokerage account and educate yourself about investing strategies while riding shotgun. Far more money can be made when markets go down because the vast majority of investors are on the other side of the market. Using options as a hedge against a down market pays nearly 50-1. Few people panic buy, but many panic sell and that's when the informed cash in. While the masses are upside down in 2022, the complete trader is ringing the register. If you're only buying and holding (DCA), you're only using 10% of the market. The more you know, the more you know.
He's new to investing.
He needs to get some other things set up first.
Such as emergency fund and his 401k
That stuff can happen later on down the line
 

Wally

BrownCafe Innovator & King of Puns
Good Morning,

I’m a 27 year old out of Dallas, Been a FT feeder driver for a little over a year in a half now and just recently went sleepers. I been researching a lot about 401k and Roth IRA’s but just needed some general advice cause no one tells us about these things.

Nothing is guaranteed BUT, My question is what would you do if you were in feeders or sleepers until retirement ?

How would you go about investing into the 401k or getting a ROTH IRA ordinary brokerage account ?

What would you contribute?

Would you wait until top pay to start contributing?

Just curious.
You own a home?
 
Very few people are taking out 30yr fixed. The majority of the loans we see are 3-5yr ARMs or 10 Ballons. Both can be had, with good credit, in the 4s.
I wouldn't count on interest rates coming down anytime soon
I'm glad my youngest bought a house 2 years ago and is locked into a 2.75% 30 year mortgage

Can't get money any cheaper than that
At the current interest rate there is no way my child could afford the monthly payment at 7%
I did the math it's over $400 a month difference
 

UnionStrong

Doesn’t play well with others…
I wouldn't count on interest rates coming down anytime soon
I'm glad my youngest bought a house 2 years ago and is locked into a 2.75% 30 year mortgage

Can't get money any cheaper than that
At the current interest rate there is no way my child could afford the monthly payment at 7%
I did the math it's over $400 a month difference
I would never get an ARM
 
I’ve seen people lose their homes because interest rates went up rapidly.
They took the 5 -1 hoping the housing prices will keep going up and up and up and they could sell it and still make a profit when they moved.
Screenshot_20220923-184509-037.png
 

retiredTxfeeder

cap'n crunch
I went into feeders when I was 29, after 8 yrs in PC and stayed 30 more in Feeders. My only regret was that I didn't max out my 401k every pay period from jump. I saw the light eventually, tho.
 
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