UPS Special Pension Payment Offer

[UpstateNYUPSer(Ret)]

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

Already did.

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

Got mine----don't care about yours.

 

[PASinterference]

Already did.



Got mine----don't care about yours.

Mr. Masengil has spoken. Time to lock the thread.

 

[OrionsBitch]

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.

It’s a Roth IRA. If you have a Roth 401k it’s still 19k

 

[UpstateNYUPSer(Ret)]

It’s a Roth IRA. If you have a Roth 401k it’s still 19k

...the difference being you are funding it with after tax dollars, which completely defeats the purpose of a 401k...

 

[What'dyabringmetoday???]

...the difference being you are funding it with after tax dollars, which completely defeats the purpose of a 401k...

Can I borrow $19,000?

 

[IVE GOTTA PACKAGE 4U]

...the difference being you are funding it with after tax dollars, which completely defeats the purpose of a 401k...

Thats the smart way. You are investing money that you will never pay taxes on the earnings.

 

[UpstateNYUPSer(Ret)]

Can I borrow $19,000?

Yuppers. 29.99% interest compounded daily with 20% down.

 

[What'dyabringmetoday???]

Yuppers. 29.99% interest compounded daily with 20% down.

I guess I'll just grab it out of my sock drawer. But thanks.

 

[UpstateNYUPSer(Ret)]

I guess I'll just grab it out of my sock drawer. But thanks.

No worries-----call me if you change your mind.

 

[OrionsBitch]

...the difference being you are funding it with after tax dollars, which completely defeats the purpose of a 401k...

It’s a hedge against income tax to use a Roth IRA or 401k...if you were 21 years old would you think the income tax would be higher or lower by the time you reach 65? Judging by the morons running for office I would be it would be higher. I’d rather pay tax up front and know what I’m going to have upon withdrawal than save my whole life “thinking” I know what Ill have only to find out income tax is now 65%...

I think a mix of both is best, also having an HSA is a really good idea as it’s triple tax advantage and most providers allow you to invest that money after a 2k balance. Meaning it’s the only true “savings” account that doesn’t get taxed in any way.

 

[UpstateNYUPSer(Ret)]

HSA's are limited to $3,450.

The general rule is taxes SHOULD be lower when you turn 65.

 

[OrionsBitch]

HSA's are limited to $3,450.

The general rule is taxes SHOULD be lower when you turn 65.

So...3450 a year per individual is still 3450 of tax free savings.

“Should”....a lot can change in 35 years. A bird in the hand is worth two in the bush. I won’t have to lay awake at night wondering if some politician will dip into my retirement funds (which has happened and is happening in other countries).

 

[DriveInDriveOut]

...the difference being you are funding it with after tax dollars, which completely defeats the purpose of a 401k...

Your dedication to being consistently wrong is awe inspiring Dan.