Pensions?

[tasky]

Who cares? I'm a part-timer working the midnight shift in Orlando--I just started at UPS last October. I'm already throwing 10% into my 401(k), and plan on keeping that rate until I retire. Do what you want with the pensions, I'm saving for myself for when the **** hits the fan!

 

[Cementups]

You would be better off sticking your money into ROTH IRA's. the Teamsters offer no matching so why would you invest in their 401k so that they can make more money off of your money. You would make out better if you just kept it int he bank on your own in your own plans. get yourself a financial planner and they will set you straight the right way. A good FP will not charge you either since they make commission from the companies they work thru instead of tak ing money from you.

 

[trickpony1]

Who cares? I'm a part-timer working the midnight shift in Orlando--I just started at UPS last October. I'm already throwing 10% into my 401(k), and plan on keeping that rate until I retire. Do what you want with the pensions, I'm saving for myself for when the **** hits the fan!

Good for you!........and when you get all grown up and realize that you were promised something that isn't gonna happen then post back and let us know how you feel.
Let us know what it's like to do this job until you're 62 years old (as if some of us don't already know).
P.S.- you're really gonna set the world on fire with that 10 %

 

[RockyRogue]

Good for you!........and when you get all grown up and realize that you were promised something that isn't gonna happen then post back and let us know how you feel.
Let us know what it's like to do this job until you're 62 years old (as if some of us don't already know).
P.S.- you're really gonna set the world on fire with that 10 %

I feel for ya, Trick, having to work THIS job til you're 62. That's the usual age for an American worker to retire though, right? If you want to talk "normal," that's what it is. Granted, this IS a hard job. Then again, unless someone put a GUN to your head, you really have very little to stand on. JMO. -Rocky.

 

[satellitedriver]

You would be better off sticking your money into ROTH IRA's. the Teamsters offer no matching so why would you invest in their 401k so that they can make more money off of your money. You would make out better if you just kept it int he bank on your own in your own plans. get yourself a financial planner and they will set you straight the right way. A good FP will not charge you either since they make commission from the companies they work thru instead of tak ing money from you.

Tasky you are on the right path. Invest wisely and you will retire well off.
Cementups you are correct about a Rothe IRA, but you are limited in how much one can contribute yearly. The rest should go into a 401k. The 401k Plan has nothing to do with the TEAMSTERS. It is a solely provided service to UPSERS by UPS. It is one of the few places that the Teamsters can not put a finger in the pie.
Beware of FP's. A fee based FP is OK. One who you pay to recommend asset allocation. Many FP's make a commission off of YOU( not the companies they work thru) everytime you buy or sell and most work for insurance companys.
The first bill you pay every month should be to yourself. No matter how small the amount it may seem early on, the dividends it pays after years of saving and investing will make up for the sacrifice.
Good Luck.

 

[HazMatMan]

Who cares? I'm a part-timer working the midnight shift in Orlando--I just started at UPS last October. I'm already throwing 10% into my 401(k), and plan on keeping that rate until I retire. Do what you want with the pensions, I'm saving for myself for when the **** hits the fan! [/quot


Nice attitude, 10% of your weekly gross (which i'm sure can't be more than 25 or 30 dollars) will get you real far. I'm sure you are not going to make UPS a career, so I understand your idiotic comment of "who cares".. You do have a point about socking away as much as possible, but remember you cannot take it out until your 59 1/2. If your 21 now, and do 30 years wouldn't you like to collect a pension? Or will you tell them "who cares" and burn your pension check??

 

[tieguy]

He actually could do very well if he sticks to his 10 percent rule. He's not going to stay at his current wage level his entire career. Wise investing is a necessity.

 

[tasky]

Nice attitude, 10% of your weekly gross (which i'm sure can't be more than 25 or 30 dollars) will get you real far. I'm sure you are not going to make UPS a career, so I understand your idiotic comment of "who cares".. You do have a point about socking away as much as possible, but remember you cannot take it out until your 59 1/2. If your 21 now, and do 30 years wouldn't you like to collect a pension? Or will you tell them "who cares" and burn your pension check??

Not sure if you're being sarcastic or not. I'm only 18, and I live in Florida (right-to-work) and I'm not part of IBT. My comment of "who cares" has nothing to do with UPS, since UPS does not manage the pensions--whatever IBT does to the pensions is none of my business because I theoretically (and hopefully) won't have to rely on them. If the pension is still around in 40 years when I retire--GREAT. The point of my post was simply that I don't care what IBT does to the pensions as I'm planning on taking care of myself. And yes, I'm going to stick with 10%. $25-30? HA! I bring home 180 on a good week.

And to correct you, I plan on sticking with UPS until they fire me. I fail to see anything idiotic in my post.

Edit: You really think the pension will be around in another 30 years?

 

[dragracer66]

Not sure if you're being sarcastic or not. I'm only 18, and I live in Florida (right-to-work) and I'm not part of IBT. My comment of "who cares" has nothing to do with UPS, since UPS does not manage the pensions--whatever IBT does to the pensions is none of my business because I theoretically (and hopefully) won't have to rely on them. If the pension is still around in 40 years when I retire--GREAT. The point of my post was simply that I don't care what IBT does to the pensions as I'm planning on taking care of myself. And yes, I'm going to stick with 10%. $25-30? HA! I bring home 180 on a good week.

And to correct you, I plan on sticking with UPS until they fire me. I fail to see anything idiotic in my post.

Edit: You really think the pension will be around in another 30 years?

You are incorrect as a partimer UPS does control your pension. Partimers don't get a union pension!!

 

[tasky]

You are incorrect as a partimer UPS does control your pension. Partimers don't get a union pension!!

Yeah, and I'm going to retire as a part-timer, right?

 

[trickpony1]

Yeah, and I'm going to retire as a part-timer, right?

Probably not. With your innocent, impressionable and wide-eyed attitude you'll probably zoom right up the ladder of success and be in management in no time.
You're not even old enough to shave let alone understand the world and big business.
You don't care about the pension because you don't have 20-30 years invested in it.
Post back in 25-30 years and let us know how you're doing.

 

[HazMatMan]

Not sure if you're being sarcastic or not. I'm only 18, and I live in Florida (right-to-work) and I'm not part of IBT. My comment of "who cares" has nothing to do with UPS, since UPS does not manage the pensions--whatever IBT does to the pensions is none of my business because I theoretically (and hopefully) won't have to rely on them. If the pension is still around in 40 years when I retire--GREAT. The point of my post was simply that I don't care what IBT does to the pensions as I'm planning on taking care of myself. And yes, I'm going to stick with 10%. $25-30? HA! I bring home 180 on a good week.

And to correct you, I plan on sticking with UPS until they fire me. I fail to see anything idiotic in my post.

Edit: You really think the pension will be around in another 30 years?

If you read my post carefully, you would have seen my comment on your 10% 401k deduction. 10% of your gross is probably 25 to 30 dollars in your 401k, but now that you are telling me you bring home 180 on a good week (with the HA thrown in) then 20 to 25 dollars would be more like it. That could mean thousands and thousands of dollars when you retire or when they "fire you" whichever comes first.
As for you being part-time forever, no, you probably won't be.
You do sound like management material as someone posted, then your chances of "getting fired" will be greater when you don't meet your numbers and leave airs behind etc etc, 30 years ago there was someone like you saying "Do you think there will be a pension in 30 years?" well here we are 30 years later and yes there still is a pension... Good luck in your career endeavors at UPS wherever they may lead you..

 

[tasky]

Probably not. With your innocent, impressionable and wide-eyed attitude you'll probably zoom right up the ladder of success and be in management in no time.
You're not even old enough to shave let alone understand the world and big business.
You don't care about the pension because you don't have 20-30 years invested in it.
Post back in 25-30 years and let us know how you're doing.

First off, friend* management. Enough said.

Secondly, I'm not calling for the destruction of the pension. I'm merely saying that I plan on being able to support myself, with OR without the UPS pension. I don't want to have to rely on that crutch in case Teamsters kicks it out from underneath me. Because then you're left broke with your face on the floor, pockets out.

 

[HazMatMan]

First off, friend* management. Enough said.

Wow, I heard that once from a part-time preloader who almost choked a supervisor (Yes, he got his job back..) Then he went into part-time management, and now he is a FULL-TIME supervisor on the preload shift. Simply amazing, I guess he did not put down on his resume that he once almost choked a supervisor...

 

[wildgoose]

First off, friend* management. Enough said.

Wow, I heard that once from a part-time preloader who almost choked a supervisor (Yes, he got his job back..) Then he went into part-time management, and now he is a FULL-TIME supervisor on the preload shift. Simply amazing, I guess he did not put down on his resume that he once almost choked a supervisor...

That was one of the qualities the hr guy was looking for in a management person ?

 

[brownmonster]

Just the fact that you are even thinking about saving for retirement puts you ahead of most people your age and many people in their 40's and 50's. Can't rely on companies, unions or the government anymore. It adds up slow at first but when you start making more and the pot builds it really starts to climb. And you won't miss the money. I was putting 17% in for a couple of years and I have 3 kids. Good work. BM

 

[tasky]

Just the fact that you are even thinking about saving for retirement puts you ahead of most people your age and many people in their 40's and 50's. Can't rely on companies, unions or the government anymore. It adds up slow at first but when you start making more and the pot builds it really starts to climb. And you won't miss the money. I was putting 17% in for a couple of years and I have 3 kids. Good work. BM

I'm glad you see it the same way I do, and aren't taking this thread off track. I've drawn some inspiration from you--just uppped my contribution to 17%

 

[HazMatMan]

Tasky, I think we all agree that investing in the 401K is a good idea, it's just the fact that YOU started this all by saying who cares about the pension? that may be why there is some anger towards you, myself included....

 

[tasky]

Tasky, I think we all agree that investing in the 401K is a good idea, it's just the fact that YOU started this all by saying who cares about the pension? that may be why there is some anger towards you, myself included....

Okay, so maybe I didn't word my first post as I meant it to be. I'm not saying the pension is a bad idea, I'm not saying we should be done with it. I'm just saying that it might/probably won't be around by the time I retire and people shouldn't rely on it for retirement, and if they would invest properly they wouldn't have to. I agree, if you work hard for a company for 25-30 years, you should be rewarded, but that just isn't the case nowadays.

 

[trickpony1]

tasky-
I will rescind any perceived anger in my initial post.
I agree with Brownmonster. If it comes out of your check then you never see it and learn to live on what your check actually provides. BM is right.......the savings appears small at first but once it gets "rolling" it will snowball.

You are in a very enviable position right now.
I know you don't need a "father" but here are some suggestions from a person that wishes he had it to do over again:
-if you can get tuition reimbursement without going into PT management then go to school for a marketable skill. A "marketable skill" may be defined as one that won't get "outsourced" to India in the near future and will probably be "service" oriented instead of "product" oriented.
-considering PT management? Look around and see if all the PT supes aren't working harder than you are right now and ask yourself. "is it worth it?"
-you can go into PT or FT management anytime. Don't let the company stroke your ego and lure you into it. Stay the course and get your degree....it stacks the deck in your favor.
-when you reach the legal drinking age be careful. Party less and study more. It's easy to get caught up in the social scene (chasing the girls) with your buddies.
-don't succumb to the glitter, gloss and dollar signs of going into package cars like alot of us did. Where are we now?........just hanging on, hoping to reach "retirement" .......whatever that might be.
You seem like you've got your head on straight. Make wise decisions.
GOOD LUCK!
-