Holland | Teamsters 401k

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Does anyone know how to get started in the 401k? I have a brochure that says to log on and create an account but it can’t find my information. Is there a step I need to take before that? Thank you.
 
That’s what I did. It says it can’t find my account based on the information I put in.
I had the same problem after numerous phone calls to prudential it turned out that when they issued those stock shares YRC crossed the last two digits of my social when they gave prudential my info and that’s why it wasn’t coming up. Go to contact us link and should be a phone number for you to contact them and they can check all your info with you to see if it’s correct. Hope this helps.
 
I had the same problem after numerous phone calls to prudential it turned out that when they issued those stock shares YRC crossed the last two digits of my social when they gave prudential my info and that’s why it wasn’t coming up. Go to contact us link and should be a phone number for you to contact them and they can check all your info with you to see if it’s correct. Hope this helps.

I did that. They searched by name and all, still can’t find me.
 
Forget the high cost teamster 401k and just get you a Roth ira at Schwab or fidelity. They don't have a match anyway so what's the point.
 
Forget the high cost teamster 401k and just get you a Roth ira at Schwab or fidelity. They don't have a match anyway so what's the point.
Because this you can do pre tax. You could do a regular IRA as well, but a Roth is post tax .

Even without a match you still gain compound interest and the return rate is actually higher than our pension plans. You do have to manage your account though if you are wise.

Personally I divide it evenly 4 ways only. 25% high risk or return- 25% medium- 25% low risk- 25% foreign holdings.
 
Because this you can do pre tax. You could do a regular IRA as well, but a Roth is post tax .

Even without a match you still gain compound interest and the return rate is actually higher than our pension plans. You do have to manage your account though if you are wise.

Personally I divide it evenly 4 ways only. 25% high risk or return- 25% medium- 25% low risk- 25% foreign holdings.

Plus the contribution limits are much higher for a 401k, especially if you're nearing retirement age. I don't recall the exact amounts but I know that if you are over a certain age you can make catch-up contributions which approach 20k per year. I was able to max out for the last 6 years or so before I retired and it really helped. With an IRA you're limited to $6500 IIRC.
 
25% low risk-- foreign holdings---cayman islands?
Check the portfolio on line, it offers foreign mutual funds within the package as well as the low risk mutual funds. There are actually a few options with prudential in their portfolio so pick the one that suites you.

As super course said you can do max contribution as you are nearing retirement, in today’s market the high and medium risk is getting a great return, but on norm as you are getting close you generally want to go medium to low risk with higher percentage of contributions Incase a fluctuation in the market occurs right at the time you are getting near the end of your work yrs.

A good percentage rate of personal investment be it a 401 or Ira is generally around 15% diversity is key, but mutual are your best bet overall. Even as little as 3-5% adds up over the long term with compound interest, and sadly it’s still a better return rate than the pensions to date with the freeze and SSI compared to what you contributed over the years.

People it’s a personal choice to take responsibility for your retirement. Stay as close to debt free as possible and live within your means as well as invest for yourself. By doing so you have more flexibility and freedom to not be reliant on the pension or SSI for the entirety of your retirement. Remember investing in mutual funds be they IRA’s, 401’s or other’s is not about looking at a snapshot of the market at any given time, but the compound interest accrued over the long term.

Again doing so can and will allow you flexibility to walk away on your terms if you want. It did for me.
 
Forget the high cost teamster 401k and just get you a Roth ira at Schwab or fidelity. They don't have a match anyway so what's the point.

No matter where you go there will be fees. Anyone is wise to start 401k unless you are very near retirement, here are reasons why.

1. Roth Ira has a $5,500 limit for under 50 years old $6,500 for over 50 all money goes in after tax.
2. Ira has same limits as Roth, but will go in pre tax.
3. 401k has $18,000 limit under 50 and $24,000 limit over 50 and goes in pre tax.

It is wise to invest in both 401k and roth. 401k money will be tax at your tax rate at retirement.Roth grows tax free.
Nice thing with Roth is you can withdraw principal money not growth money if an emergency arises.

If you put $10,000 in a 401k you will not pay any tax on that money when put in, so the 15% that would go to Uncle Sam stays in account and grows instead of going in Uncle Sams pocket.

There are several web sites that you can find online to see how much 401k money will grow just Google
401k INVESTMENT CALCULATOR.
The young guys really need to get seriously thinking NOW about retirement for thee reasons.

1. Don't count on any pension.
2. Don't count on Social Security.
3. Don't wait the longer you wait the bigger the burden, find a web site calculator and start playing with the numbers, you will be shocked what $100 a week for 30 years will do.

One more thing is if your spouse has a 401k with match, consider maxing out theirs to get the match.
 
No matter where you go there will be fees. Anyone is wise to start 401k unless you are very near retirement, here are reasons why.

1. Roth Ira has a $5,500 limit for under 50 years old $6,500 for over 50 all money goes in after tax.
2. Ira has same limits as Roth, but will go in pre tax.
3. 401k has $18,000 limit under 50 and $24,000 limit over 50 and goes in pre tax.

It is wise to invest in both 401k and roth. 401k money will be tax at your tax rate at retirement.Roth grows tax free.
Nice thing with Roth is you can withdraw principal money not growth money if an emergency arises.

If you put $10,000 in a 401k you will not pay any tax on that money when put in, so the 15% that would go to Uncle Sam stays in account and grows instead of going in Uncle Sams pocket.

There are several web sites that you can find online to see how much 401k money will grow just Google
401k INVESTMENT CALCULATOR.
The young guys really need to get seriously thinking NOW about retirement for thee reasons.

1. Don't count on any pension.
2. Don't count on Social Security.
3. Don't wait the longer you wait the bigger the burden, find a web site calculator and start playing with the numbers, you will be shocked what $100 a week for 30 years will do.

One more thing is if your spouse has a 401k with match, consider maxing out theirs to get the match.

Also if you decide to do a Roth, you can do $5500 for yourself and do a separate account for your spouse and put in $5500 in hers per year as well.
 
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