ups 401k

[yadadamean116]

No one should do this. This is a terrible idea.

I need a new truck tho? Heavy duty for my groceries

 

[UpstateNYUPSer(Ret)]

20% federal if you call for an occasional withdrawal. If you set up a monthly withdrawal you have the option of filling out a W4 for withholding. You can choose to have state taxes taken out but not required. Per the last time I called them.

I am a little surprised that you chose to leave your money there rather than roll it over to a Traditional IRA with a brokerage firm.

 

[brownmonster]

I am a little surprised that you chose to leave your money there rather than roll it over to a Traditional IRA with a brokerage firm.

My plan was to start drawing on it before 59 1/2 which you can't do from an IRA.

 

[UpstateNYUPSer(Ret)]

My plan was to start drawing on it before 59 1/2 which you can't do from an IRA.

Good point.

 

[IVE GOTTA PACKAGE 4U]

My plan was to start drawing on it before 59 1/2 which you can't do from an IRA.

Rule 72(t)

 

[brownmonster]

Rule 72(t)

That's an option for an IRA but you can't just take money out when you want to like a 401k.

 

[IVE GOTTA PACKAGE 4U]

That's an option for an IRA but you can't just take money out when you want to like a 401k.

I've been saving enough cash so that what I do retire I don't have to take out anything until at least I'm 59 and a half or older

 

[brownmonster]

I've been saving enough cash so that what I do retire I don't have to take out anything until at least I'm 59 and a half or older

I planned on tapping it a few months ago but now that we're shut in and a few upcoming trips have been cancelled I might make it to 59 1/2. Less than 5 months.

 

[oldngray]

I've been saving enough cash so that what I do retire I don't have to take out anything until at least I'm 59 and a half or older

I have about half invested in non retirement accounts. I can tap those any time I need to. Haven't needed to touch that money yet.

 

[IVE GOTTA PACKAGE 4U]

I have about half invested in non retirement accounts. I can tap those any time I need to. Haven't needed to touch that money yet.

The only problem I have now is when my short term treasuries mature their is nowhere safe I can put it in to make any interest

 

[IVE GOTTA PACKAGE 4U]

I planned on tapping it a few months ago but now that we're shut in and a few upcoming trips have been cancelled I might make it to 59 1/2. Less than 5 months.

You can do it!!

 

[oldngray]

The only problem I have now is when my short term treasuries mature their is nowhere safe I can put it in to make any interest

Yeah I am sitting on a lot of cash now. Not making anything but not losing anything either. I always like to have some money easily available if I need some in a hurry too.

 

[IVE GOTTA PACKAGE 4U]

Yeah I am sitting on a lot of cash now. Not making anything but not losing anything either. I always like to have some money easily available if I need some in a hurry too.

Half of my treasuries was one year or less any other half was two to five years. That's 2 to 5 years aren't looking too bad paying 2% right now

 

[Jackburton]

Just got off the phone with Prudential. The plan does not allow a conversion to contribution types, in my case looking to move traditional 401k to Roth401k through the plan itself and pay taxes on the move. @IVE GOTTA PACKAGE 4U

Obviously you can move all your money once you are no longer employed by UPS and could move that to an IRA to get around this.

 

[IVE GOTTA PACKAGE 4U]

Just got off the phone with Prudential. The plan does not allow a conversion to contribution types, in my case looking to move traditional 401k to Roth401k through the plan itself and pay taxes on the move. @IVE GOTTA PACKAGE 4U

Obviously you can move all your money once you are no longer employed by UPS and could move that to an IRA to get around this.

So what options are you going to use?

 

[Jackburton]

So what options are you going to use?

Probably just leave it alone. In order to pull it out and move to an IRA I’d have to claim hardship. Too much trouble

 

[El Correcto]

@Poop Head is going to finance another boat with his.

 

[brownmonster]

Yeah I am sitting on a lot of cash now. Not making anything but not losing anything either. I always like to have some money easily available if I need some in a hurry too.

I'm not sitting on cash. As soon as the casinos open I should be able to greatly increase my cash position.

 

[William Thorne]

How the coronavirus stimulus package makes it easier to tap your retirement savings

Is ups going to update their guidelines for taking money out of the teamsters 401k any time soon. Just call Prudential and ups has not changed their rules yet

I really wish they would I am part time with just a few thousand in there anyway. I called and got the same story. I don't understand what the problem is, I thought I was part of the cares act. How are they getting around it?

 

[rocket man]

People swear in church. People pray to their god in church. People swear and pray in casino i think they both should be open