silenze
Lunch is the best part of the day
Its all the same job. Depends on your scheduled work. I do pickups in the afternoon then do linehaul in the evening. Thats the job i bid. Everyone is on the same list. You pick by seniority.
RTD Guy's let's hear how life is
- Thread starter Csdsm18
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That's great. Now stop giving people false hope that they will have a sizeable nest egg in the portable pension. And for Pete's sake even if they end up with $300k it won't be worth in 30 years what it is today, even worse in 40 years. Even with modest inflation.
OK, how much did you say you have in there? $150k? Don't remember but let's use that as an example. You're withdrawing $2000 a month to live on and getting 4% interest. That's $24k withdrawal and $6k interest first year. Over next 10 years you're steadily drawing $24k but interest each year is less because of less principle. You'll eventually run out of money and won't have anything to leave kids. Of course you won't because you have full traditional pension too, don't need to touch portable unless emergency. However regular employees today won't have the traditional to fall back on. They'll need that money. Hopefully they were earnest in saving in their 401k. However at 70.5 years old you will be required by law to start withdrawing. Can't leave it untouched forever. And your kids won't be able to leave it in there. They aren't the employee. They'll take a substantial tax hit because the money hasn't been taxed. And as your traditional pension has no COLA it will be worth less over time. So you'll need that extra income eventually if you're healthy and live well into your 80's or longer. So don't count your chickens. The government and the medical community are very good at separating people from their wealth.
Oldfart
Well-Known Member
Your math is correct but your logic isn't. However you DID point out the major flaw about the Traditional that gives you nightmares on a daily basis. NO COLA. The 2k a month I am due will never go up. I intend on combating that by loading up my 401k. That will be the major basis of my retirement. I have been preparing for retirement from the day I started working and will soon reap the reward of my sacrifices. Just because you didn't prepare for retirement doesn't mean others haven't. The part time courier across the belt from me recently told me that he is on plan to retire by 55 and will be able to replace about 90% of his working income in retirement. He has enough military time to keep his military medical insurance along with a small pension. This guy is not topped out and is a ways from it. He did it by doing all he could to make large 401K deposits and making the needed sacrifices to max out Roth accounts. He works as many days off as he can and gets full time hours while making step 5 or 6 pay. You don't have to make a large income to get involved in the 401k. You just have to live on less than you make. You didn't properly prepare for retirement and now you are suffering the consequences. You can't blame Fedex for your money issues. The person responsible is staring at you in the mirror.
As far as my Portable and not living long enough to spend it all. I haven't checked on it but it might fall on my kids as an inheritance and might not be taxable unless the estate is over the million or whatever it is. I know I got a very small cash amount when my mom passed away and I didn't have to pay taxes. As far the medical community separating me from my money. Proper retirement planning involves Long Term Care Insurance. I jumped on it years ago when Fedex offered it. It was so cheap I couldn't pass it up and that will take care of me when those services are needed as I get older. You must have a plan and stick to it. You didn't. Myself and plenty of others did.
If I had the income you had all those years I would be in a much better position now. You can lie and spin all you want but I did volunteer all those years for extra hours. But there's a big difference between $14hr and $22hr. When I left after almost 15 years I was at $18.17. I don't have a pension from the military, and if he has one he did twenty years and he gets a COLA. And he has lifetime VA like my wife does. If he's able to get by on part-time hours it's because he has a military pension. I've known quite a few doing the same. But you're deflecting. No matter what you say you have a full traditional pension, I don't. You were able to contribute more to your 401k than I was simply because you made considerably more. And that doesn't change the fact that new hires are only going to have the portable pension, not both pensions like you do. If you think the traditional is no big deal and you'll be fine without it then send it to me. I'll be happy to have it. And you're always talking about how people talk about what they know nothing about. Same goes for you. I'm younger than you and am still working on my retirement. My going overseas allowed me to pay some bills which I couldn't get paid off on my FedEx pay. Right now I'm living on $400 a month in a comfortable situation. I'm back next month and going to work. Will be putting all $1840 a month of my pension into savings and getting the house paid off. Will use the house for rental income. You see Mr. Know it All you don't know everything. Tens of thousands of us got screwed by FedEx and I for one am trying to make the best of it. One thing's for certain, if you live a long time with inflation and U.S. prices you'll be in trouble eventually. I'll be dead before the cost of living is too high where I'll be living. If you were smart you would work until you're 70 to maximize your SS and continue to contribute to your 401k.
P.S. Any inheritance you leave will have to be taxed at some point. Your kids don't get a free ride on that.
Fred's Myth
Nonhyphenated American
Any UNTAXED inheritance will be taxed before it is disbursed. Cash, insurance, and property has no inheritance tax until it exceeds the current limit.
My dad's inheritance was $160k. Came in under the limit tax free. But like you said a cash sum that has never been taxed will definitely be before disbursement. And if he's drawing $2000 a month he'll go through it all anyways.
Oldfart
Well-Known Member
Like I said, your logic is all wrong. 2k is Traditional. Portable is not included in that. Won't touch it for years if it's drawing a risk free 4%. If I leave anything, it was be Portable plus whatever is left in 401k.
Oldfart
Well-Known Member
Wasn't sure how that worked. I am not a CPA. I hope my kids pay inheritance tax. That meant I hit the lottery and left them a bundle.
Oldfart
Well-Known Member
Once again. My pension is chump change. Not gonna retire on that. 401k all the way. You admitted you quit the company once or twice. If you hadn't quit, I am sure your hourly salary would have been higher. Blame others all you want. Your financial problems are all on you. You are looking to blame the company for your financial failures.
You'll have to start drawing at 70.5 years. Not sure if there's a minimum you have to draw or not.
It's based on your age. At 70 1/2 it's close to 4% and it goes up a little bit each year. That's why I also have a ROTH IRA. you are not required to take an RMD.
So basically he'll be drawing his 4% interest and then some as years go by.
Exactly. Uncle Sam what's his cut. Lots of strategies involved withdrawing from your 401k so you don't get killed on taxes with your social security.
Oldfart
Well-Known Member
Work till I am 70? That is funny I don't care who you are. WHY? I am only working now to lesson my insurance liability for when I retire. Come November and the yearly pension requirement, I will either retire or take my managers offer of working 15-20 hrs a week so I can keep my current insurance premium. Big difference between the $225 a month I pay now and the $2000 a retiree pays. The lump sum insurance payment the company gives now helps but not long term. I will never outlive the money I have set aside. Sitting in very conservative investments and drawing a meager 3 or 4% but that is all I need. Some of my CD's are up to 2.6%. I must be smarter than you. I am not living in a tent thousands of miles from my family.
And I have said it was my fault I quit in '98. Tried to run my own business. Doesn't change the fact that they not only strung me along but 10's of thousands of others. You try being at $18.17hr after 15 years and getting 2% raises. I came back in good faith, was told I'd top out in 7-8 years. That was in '98. In 2012 heard a kid say he was told he'd top out in 7-8 years. I heard that in numerous stations around the country. The company was telling mgrs to lie to us. Was told repeatedly the company was looking at midrange pay. Year after year. They were looking at it alright.
This is his portable pension plan. Same rules apply as 401k?
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