New Video! UPS Teamsters 401k Most Common Questions

Another good video thank you for sharing with us.
What a lot of these guys do not understand is they think just because they got a pension they do not have to say for retirement.

And we all know how some of these pension plans have failed over the years so everyone needs to take all personal responsibility for themselves say they are not stuck at this place forever.
 

nWo

Well-Known Member
We have some drivers with 20 years in with over 1Million in their 401ks and others who still live paycheck to paycheck.
 

RoswellHub

Well-Known Member
Another good video thank you for sharing with us.
What a lot of these guys do not understand is they think just because they got a pension they do not have to say for retirement.

And we all know how some of these pension plans have failed over the years so everyone needs to take all personal responsibility for themselves say they are not stuck at this place forever.
Thank you Brother!
 
Thank you Brother!
Too bad Greg is on Facebook because I cannot stand down on that site.
But I will mention one thing he did not say is that you can automatically sit your 401k to bump up every year.
Basically we're getting about a 2% pay raise every year you could set up every August to up your 401k by 1%, and you'd still bring more money home and would be putting more money into your 401k

I would love to sit down and have a few beers with you guys
 

Thebrownblob

Well-Known Member
Too bad Greg is on Facebook because I cannot stand down on that site.
But I will mention one thing he did not say is that you can automatically sit your 401k to bump up every year.
Basically we're getting about a 2% pay raise every year you could set up every August to up your 401k by 1%, and you'd still bring more money home and would be putting more money into your 401k

I would love to sit down and have a few beers with you guys
Somehow I put too much money in my 401(k) last year. I didn’t know it was possible I thought they would stop it automatically. 🤷‍♂️
 

728ups

offending people on the internet since 1995
That's because they were saving till it hurts

Guess what? They'll be able to walk away from this place on her own terms and not worry about money
I never understood those drivers in their 30'sand 40's and who had ZERO investments. They had big houses,boats ,motrcycles,big Ford and Dodge trucks but couldnt 'afford" to invest.
I put every raise from 2000 -2020 in UPS stock and 401K. My wife's company matched her 401K contributions so she contributed the absolute max.
From 2008-2011 or so the market was in the toilet and I invested so much it almost caused marital problems ,but it turned out to be a great move. The Market is down now but the cycle will swing upwards in time.

I made a plan to get out as soon as I could and between the Pension,401K and Stock I am sitting pretty good. I HIGHLY encourage everyone to save until it hurts
 

Thebrownblob

Well-Known Member
I never understood those drivers in their 30'sand 40's and who had ZERO investments. They had big houses,boats ,motrcycles,big Ford and Dodge trucks but couldnt 'afford" to invest.
I put every raise from 2000 -2020 in UPS stock and 401K. My wife's company matched her 401K contributions so she contributed the absolute max.
From 2008-2011 or so the market was in the toilet and I invested so much it almost caused marital problems ,but it turned out to be a great move. The Market is down now but the cycle will swing upwards in time.

I made a plan to get out as soon as I could and between the Pension,401K and Stock I am sitting pretty good. I HIGHLY encourage everyone to save until it hurts
Those are the same guys that say they want to go on strike but they have $1000 dollar a month truck payments and $500 a month boat payments. most of them don’t save a dime, and if their paycheck is messed up they say they can’t pay their mortgage.
Every contract I have a separate savings account I put $25 a weekend bare minimum. The end of this contract I will have close to $7000 in case of a strike. If there’s no strike we go on a nice vacation or buy something nice and start a new one for the next contract.
 
I never understood those drivers in their 30'sand 40's and who had ZERO investments. They had big houses,boats ,motrcycles,big Ford and Dodge trucks but couldnt 'afford" to invest.
I put every raise from 2000 -2020 in UPS stock and 401K. My wife's company matched her 401K contributions so she contributed the absolute max.
From 2008-2011 or so the market was in the toilet and I invested so much it almost caused marital problems ,but it turned out to be a great move. The Market is down now but the cycle will swing upwards in time.

I made a plan to get out as soon as I could and between the Pension,401K and Stock I am sitting pretty good. I HIGHLY encourage everyone to save until it hurts
You should have spent a little bit of that money on plastic surgery.....
 
Those are the same guys that say they want to go on strike but they have $1000 dollar a month truck payments and $500 a month boat payments. most of them don’t save a dime, and if their paycheck is messed up they say they can’t pay their mortgage.
Every contract I have a separate savings account I put $25 a weekend bare minimum. The end of this contract I will have close to $7000 in case of a strike. If there’s no strike we go on a nice vacation or buy something nice and start a new one for the next contract.
I put at least $100 a week until my retirement is left on but if I have to that'll be my strike fun
I don't want to do it but I can afford to sit if I have to.
 

Gabba

It's a vicious cycle
But I will mention one thing he did not say is that you can automatically sit your 401k to bump up every year.
Basically we're getting about a 2% pay raise every year you could set up every August to up your 401k by 1%, and you'd still bring more money home and would be putting more money into your 401k
You know, you'd retire with much more money and it'd get easier and easier every year if instead of increasing your contribution every year, you decreased it every year.

you see in order to decrease it every year you'd have to start high because you can't decrease your contribution from zero. so if you worked 35 years you have to start out contributing at least 34%. so the 34% contribution would have 35 years of appreciation and the 33% contribution 34 years of appreciation and so on instead of the 1% contribution getting 35 years of appreciation and the 35% contribution getting zero years of appreciation.

of course this isn't an argument to actually decrease your contributions, it's an argument to max it every year you can.
 
You know, you'd retire with much more money and it'd get easier and easier every year if instead of increasing your contribution every year, you decreased it every year.

you see in order to decrease it every year you'd have to start high because you can't decrease your contribution from zero. so if you worked 35 years you have to start out contributing at least 34%. so the 34% contribution would have 35 years of appreciation and the 33% contribution 34 years of appreciation and so on instead of the 1% contribution getting 35 years of appreciation and the 35% contribution getting zero years of appreciation.

of course this isn't an argument to actually decrease your contributions, it's an argument to max it every year you can.
Get that money while you are doing a career choose turn it up to turn down later in your career
 

542thruNthru

Well-Known Member
Every contract I have a separate savings account I put $25 a weekend bare minimum. The end of this contract I will have close to $7000 in case of a strike. If there’s no strike we go on a nice vacation or buy something nice and start a new one for the next contract.
Same here. I'm over 9k right now from saving last contract as well.
 

Thebrownblob

Well-Known Member
How much did you put in? Mine quit contributing as soon as as I hit the limit. Remember that if you are over 50 you have a higher contribution limit.
I can’t remember the exact amounts I believe it was close to 17,000 in my 401(k) and close to 4000 in my Roth 401k. I got a separate form from Prudential saying I put too much in got some sort of refund an owed taxes on money I made when it was in the 401k and I’m assuming they add both regular and Roth 401(k) those together for the limit? Seems like it would’ve been their fault but I just took care of it as it wasn’t a huge amount. I’m not over 50 yet LOL
 
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