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UPS Retirement Topics
New Driver questions 401k/pension
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<blockquote data-quote="LeddySS98" data-source="post: 161852" data-attributes="member: 8574"><p>I lowered the 25% down to 16 for a couple reasons. I spoke with a tax preparer, AND i went in and talked to my professor in college while I was taking the tax class for my business degree and both of them informed me that the 25% is'nt completly tax free that only the state tax gets less, and you owe the same to federal regardles... I MAY have that backwarks but it was something along those lines... </p><p> </p><p>Next reason was my pay checks each week were'nt all THAT big taking a quarter of them out... my biggest paycheck I got for the year was 410 and that was with 50 going into stock...269.47 went into my 401k I just THOUGHT I was maybe going OVERBOARD on the saving for the future part, and not leaving room for living now. I'm 28 btw. </p><p> </p><p>I"m Not running out blowing my money I made 27k this year, 6 went into my 401... 2400 went to ups stock, and I applied 14k into my house payments overpaying them each month by $900.</p></blockquote><p></p>
[QUOTE="LeddySS98, post: 161852, member: 8574"] I lowered the 25% down to 16 for a couple reasons. I spoke with a tax preparer, AND i went in and talked to my professor in college while I was taking the tax class for my business degree and both of them informed me that the 25% is'nt completly tax free that only the state tax gets less, and you owe the same to federal regardles... I MAY have that backwarks but it was something along those lines... Next reason was my pay checks each week were'nt all THAT big taking a quarter of them out... my biggest paycheck I got for the year was 410 and that was with 50 going into stock...269.47 went into my 401k I just THOUGHT I was maybe going OVERBOARD on the saving for the future part, and not leaving room for living now. I'm 28 btw. I"m Not running out blowing my money I made 27k this year, 6 went into my 401... 2400 went to ups stock, and I applied 14k into my house payments overpaying them each month by $900. [/QUOTE]
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