Son of a Driver, Previous Loader, Retirement Question For The Seasoned Driver

[Drivers_Son]

Hello All,

I am the son of a UPS driver who will be retiring this fall after 30 years of the back breaking work you guys endure every day. I am proud to say my dad is a UPS driver because he has taught me everything I needed to know about hard work and how hard you guys work every day. I was privileged to have a job at UPS after I graduated high school and while going to a CC college unloading trailers in the mornings and then unloading package trucks in the afternoons at the hub. I am reaching out to you guys on this forum for some advice. I am a Financial Advisor and will be helping my dad with his rollover and financial planning once he is done and now some of his friends and guys that I have known my entire life, have been contacting me and asking me questions about retiring and financial planning. My question to you guys is, would you benefit from having a Financial Advisor give a seminar on retirement or financial planning? I am thinking about putting one together for this group of drivers, low key and outside of work, but I wanted some outside opinions. I am not with Prudential, but a large well-known firm and by no means am I trying to sell myself or any products here, I am just looking for some honest opinions. I know this is getting to be a long post, but I want you guys to understand that I’m just looking for opinions and thoughts, not business. I know firsthand how hard my dad, his friends and all of you work for your paychecks, so I want to do right by them and work just as hard by being a great advisor to them. I feel I have a great connection with UPS drivers and hopefully I can make a niche out of helping them plan for their financial future.


Thanks for reading and thanks in advance for any input!

 

[rod]

When UPS dropped their Thrift Plan program and everyone had to decide what to do with their savings we (not UPS) got a financial advisor to put a program on for us. As it turned out getting hooked up with a good financial planner was probably one of the smartest things I have ever done in my life.

 

[oldupsman]

I think you could make a bigger impact helping young guys get started making the right decisions early. I'm sure
you would be amazed how young people still aren't in the 401 plan that is available. Personally, I had a financial
adviser long before I retired to help me make good decisions with my 401. If you could get yourself known in just
1 major UPS building, you could have a solid client base. The answer to your question if guys would benefit is a big fat yes.
Not just retired folks but folks who are planning on making UPS a career, driving, part time, or even management.

 

[brownmonster]

Having a professional look over my savings is on my bucket list. I'm just not a fan of paying people to do what I think I can do. Home remodeling, landscaping, painting, plumbing, electrical, minor car repair, financial planning. I do it all.

 

[UpstateNYUPSer(Ret)]

Having a professional look over my savings is on my bucket list. I'm just not a fan of paying people to do what I think I can do. Home remodeling, landscaping, painting, plumbing, electrical, minor car repair, financial planning. I do it all.

Jack of all trades, master of none? (j/k)

To the OP----I would actually prefer that a family member of a fellow employee who is qualified to speak on such matters volunteer to give a presentation on financial preparation rather than have the Union bring in someone who is only interested in selling his/her products.

 

[brownmonster]

Jack of all trades, master of none? (j/k)

To the OP----I would actually prefer that a family member of a fellow employee who is qualified to speak on such matters volunteer to give a presentation on financial preparation rather than have the Union bring in someone who is only interested in selling his/her products.

Agree with both statements.

 

[Drivers_Son]

Everyone,


Thank you for the replies and opinions! I do appreciate them and will take them into consideration when talking to these guys about their retirement. You guys work so hard to save that nest egg, I would hate to see it not get you through retirement. It sounds like most of these guys and probably some of you on here won’t even use your 401K savings, rather being able to live off of your pensions! If that is the case, then it will be more of a legacy conversation and passing the wealth onto their children and grandchildren. My only possible road block now is the HR department. Hopefully the HR reps at the hubs are fine with me talking about this with their drivers. I think it will be a good thing once I get my “UPS Driver” system figured out! Any other opinions would be appreciated!


Thanks guys!

 

[PT Car Washer]

You could also talk to the Union Local and have the meeting at the hall.

 

[UpstateNYUPSer(Ret)]

You could also talk to the Union Local and have the meeting at the hall.

That was my thought as well, although doing so may imply Union endorsement. It may be best to find a neutral site, such as a local VFW or K of C hall.

Why would you even need to touch base with HR?

 

[Drivers_Son]

I never thought about talking to the union local. Thanks for that advice.

Touching base with the HR department would be a benefit if was going to advertise it around the locker room or break area for people that would be interested in coming, but I did not think of. I don’t have to, but it can help when trying to maximize exposure. The location that I know most of the drivers is in my home town, but I do not live there anymore. So, a little advertisement for some guys that I may not know would be nice.

What I really need to do is just put a plan in place and go talk to these guys. I have the vision in my head that I could be the UPS “guy” when it comes to retirement planning, but it just takes some time to get these plans in motion.

Thanks again for all of the advice!

 

[hardcharger]

I think it's a very good idea and I'm sure a lot of young drivers could really use some direction. I wish someone would have advised me when I first started. I'm 20 yrs in and way behind on saving for my retirement.

 

[Brownslave688]

You could also talk to the Union Local and have the meeting at the hall.

Yep I've long said we should have an annual seminar for new hires through the union.

The problem is our 401k fees are so low that almost no advisor is going to be able to sell us their products.

 

[Brownslave688]

That was my thought as well, although doing so may imply Union endorsement. It may be best to find a neutral site, such as a local VFW or K of C hall.

Why would you even need to touch base with HR?

What's touchy is this all needs to be done off of company time. He can't have dad passing out fliers around the center about it.

 

[Drivers_Son]

I agree that the next generation of workers are the ones who need help saving for retirement. My client base includes many of these young workers trying to jumpstart their savings with a Roth to supplement their 401k contributions. I reached out to the Local Union Rep so we will see what they have to say about it. Otherwise I am just going to start walking up to drivers and see what they think!

The fees in the Teamsters 401k are very low, possibly the lowest I have worked with, but that is because the plan is so large and Prudential loves having all of those assets, so they can afford to make it that cheap. Cheap fees do not bother me and are fairly easy to overcome when talking to clients about rolling over their assets because of the value that an advisor brings to the table. Professional management, service and the thought of having someone local servicing a retirement account gets people over the cost of fees.

Thanks again for all your opinions and thoughts!