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<blockquote data-quote="wkmac" data-source="post: 54395"><p>"The problem I have with personal direct accounts is they are worthless for those of us who have already put in the time."</p><p></p><p>Very understandable and I can appreciate that point but IMO we're coming down to a basic problem of do I trust 2 parties who are willing to promise me the moon but under the right circumstances would leave me high and dry and not bat an eye? Or would I rather go forward and rely on myself and get my money away from both of them? Do I trust myself more than I can trust them?</p><p></p><p>It is not an easy choice grant you and I'll admit having a 401k plus other investments makes it real easy for me to have the position I have. Honestly, I'm glad I can because on the one hand you have a union with a pretty bad track record when it comes to shady dealing and then you have a company who is willing to even cut it's own partners compensation (MIP recalculation) just to chase a number to make it look good for Wall Street. Lord what would they do to us? </p><p></p><p>For me there is also another reality and I don't know your specific age but I'm betting we're not far apart. I'm 48 nearing 49 and at present if I want full benefits I'll have to work until I'm 62. At 55 I would have had my 30 years and I could have skipped out the door but that's gone. On top of that I'd like to retire from UPS but I absolutely do not want to stop working at all. I'd like to continue to take some skills I have and apply them elsewhere after I leave so in reality I've got many years to go, probably another 25 or more God willing. Of that I figure since I've got to go to 62 at UPS, another 13 plus years, I could handle the chunk I have placed now in the retirement fund and then couple that with the 20% I put into the 401k every week and come 62 when I walk away from UPS even with very conservative investing I'll look pretty good. Now you couple that with the fact you no longer have a union telling you that you can or can not work and instead of touching that money you could go work elsewhere or stay if you wish and continue adding to that pool. At 70 1/2 by law you must start drawing but by then you should be doing pretty well. </p><p></p><p>It's just one way of looking at the whole scenario and from one point of view it's not impossible. Like anything else it's not without risk and it doesn't come without effort but at the very least you eliminate some risks from outside parties coming in late in the game and taking your hard earned efforts and slamming you and your family's plans into a 1000 shattered pieces. The sad part is there is no one solution that fits all but the even sadder part IMO is we are not allowed to have multiple solutions. For those of us willing to take on the responsibility and the risk for ourselves we are not given that option. We are dictated to as to how we must save our money for retirement. Remember, I believe that weekly contribution is as much my hard earned money as the money in my paycheck including the money that goes to federal taxes or social security. </p><p></p><p>The really sad part in all this is our system with CS for example could have really been a top notch plan and it's still possible it could be but the demographics make that a real hard reality to achieve IMO. I hope we can but I'm just not confident of that at this time.</p></blockquote><p></p>
[QUOTE="wkmac, post: 54395"] "The problem I have with personal direct accounts is they are worthless for those of us who have already put in the time." Very understandable and I can appreciate that point but IMO we're coming down to a basic problem of do I trust 2 parties who are willing to promise me the moon but under the right circumstances would leave me high and dry and not bat an eye? Or would I rather go forward and rely on myself and get my money away from both of them? Do I trust myself more than I can trust them? It is not an easy choice grant you and I'll admit having a 401k plus other investments makes it real easy for me to have the position I have. Honestly, I'm glad I can because on the one hand you have a union with a pretty bad track record when it comes to shady dealing and then you have a company who is willing to even cut it's own partners compensation (MIP recalculation) just to chase a number to make it look good for Wall Street. Lord what would they do to us? For me there is also another reality and I don't know your specific age but I'm betting we're not far apart. I'm 48 nearing 49 and at present if I want full benefits I'll have to work until I'm 62. At 55 I would have had my 30 years and I could have skipped out the door but that's gone. On top of that I'd like to retire from UPS but I absolutely do not want to stop working at all. I'd like to continue to take some skills I have and apply them elsewhere after I leave so in reality I've got many years to go, probably another 25 or more God willing. Of that I figure since I've got to go to 62 at UPS, another 13 plus years, I could handle the chunk I have placed now in the retirement fund and then couple that with the 20% I put into the 401k every week and come 62 when I walk away from UPS even with very conservative investing I'll look pretty good. Now you couple that with the fact you no longer have a union telling you that you can or can not work and instead of touching that money you could go work elsewhere or stay if you wish and continue adding to that pool. At 70 1/2 by law you must start drawing but by then you should be doing pretty well. It's just one way of looking at the whole scenario and from one point of view it's not impossible. Like anything else it's not without risk and it doesn't come without effort but at the very least you eliminate some risks from outside parties coming in late in the game and taking your hard earned efforts and slamming you and your family's plans into a 1000 shattered pieces. The sad part is there is no one solution that fits all but the even sadder part IMO is we are not allowed to have multiple solutions. For those of us willing to take on the responsibility and the risk for ourselves we are not given that option. We are dictated to as to how we must save our money for retirement. Remember, I believe that weekly contribution is as much my hard earned money as the money in my paycheck including the money that goes to federal taxes or social security. The really sad part in all this is our system with CS for example could have really been a top notch plan and it's still possible it could be but the demographics make that a real hard reality to achieve IMO. I hope we can but I'm just not confident of that at this time. [/QUOTE]
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