UPS Special Pension Payment Offer

[silverbullet2893]

Already made my election. Got the lump sum rolling into an IRA.

. Should’ve took the money and ran.

 

[sailfish]

. Should’ve took the money and ran.

Essentially I did. It's out of UPS' hands now. They can tank or do whatever and it's still mine to grow.

 

[sailfish]

My 401k is still in the Prudential account though. Has grown probably two or three thousand since I left. I wonder if I should leave it there or roll that over too.

 

[silverbullet2893]

Essentially I did. It's out of UPS' hands now. They can tank or do whatever and it's still mine to grow.

Should’ve bought liquor

 

[burrheadd]

Should’ve bought liquor

or more action figure dolls

 

[El Correcto]

I am 35 and worked 3 part time years and 12 full time years. This is the amount that they offered me... 6,760 dollars. I'm confused why this is so low?!? Any ideas?

Scarface started with less.

 

[Justaloader]

My 401k is still in the Prudential account though. Has grown probably two or three thousand since I left. I wonder if I should leave it there or roll that over too.

If you can roll it into an account that you are actively contributing to (and can therefore have more principle for the interest to be compounded on), why not?

 

[UpstateNYUPSer(Ret)]

My 401k is still in the Prudential account though. Has grown probably two or three thousand since I left. I wonder if I should leave it there or roll that over too.

Did you retire or does your new employer offer a 401k? If it is the latter, you should roll it over. If it is the former, you should roll it over to a Traditional IRA.

 

[sailfish]

Did you retire or does your new employer offer a 401k? If it is the latter, you should roll it over. If it is the former, you should roll it over to a Traditional IRA.

Got a long way to go before retirement. Can get a 401k from the new employer here soon but unless there's some nice company contributions I might just stick with my private Roth.

 

[IVE GOTTA PACKAGE 4U]

Got a long way to go before retirement. Can get a 401k from the new employer here soon but unless there's some nice company contributions I might just stick with my private Roth.

You will be grateful for that ROTH money down the road.

 

[UpstateNYUPSer(Ret)]

Got a long way to go before retirement. Can get a 401k from the new employer here soon but unless there's some nice company contributions I might just stick with my private Roth.

Let's see---in 2019 you can contribute up to $6,000 in to a Roth and $19,000 in to a 401k. You do the math.

 

[sailfish]

Let's see---in 2019 you can contribute up to $6,000 in to a Roth and $19,000 in to a 401k. You do the math.

And just where will this $19k for one year's contribution come from?

 

[UpstateNYUPSer(Ret)]

And just where will this $19k for one year's contribution come from?

Up to $19K. Does not include any employer contribution and/or match.

 

[Justaloader]

Let's see---in 2019 you can contribute up to $6,000 in to a Roth and $19,000 in to a 401k. You do the math.

This is true - but, who knows what the taxes will be come retirement age. That's the gamble / decision one has to make when deciding Roth or Traditional - pay the taxes now in the hopes that you'll come out ahead when you retire, or defer the tax payment - in the hopes that the taxes won't be significantly higher (if at all) come retirement / dispursement time. Six of one, half dozen of the other.

 

[sailfish]

This is true - but, who knows what the taxes will be come retirement age. That's the gamble / decision one has to make when deciding Roth or Traditional - pay the taxes now in the hopes that you'll come out ahead when you retire, or defer the tax payment - in the hopes that the taxes won't be significantly higher (if at all) come retirement / dispursement time. Six of one, half dozen of the other.

My thought is I'd rather pay the taxes on my comparatively low contributions than on an account with a million dollars in interest forty years from now.

 

[Justaloader]

My thought is I'd rather pay the taxes on my comparatively low contributions than on an account with a million dollars in interest forty years from now.

A good article to read - Roth vs Traditional IRA: Which is Right For You? - Nerdwallet - NerdWallet

 

[UpstateNYUPSer(Ret)]

My thought is I'd rather pay the taxes on my comparatively low contributions than on an account with a million dollars in interest forty years from now.

You do realize that you would have to an account balance of around $50M or so to have earned $1M in interest.

 

[sailfish]

You do realize that you would have to an account balance of around $50M or so to have earned $1M in interest.

Alright. What am I reading wrong?

 

[Shecoope]

Up to $19K. Does not include any employer contribution and/or match.

Do you know when you will be getting the lump sum payment

 

[Shecoope]

Do you know when UPS will be sending out direct deposits for our lump sum payment