What's new

TForce | 401k

hmmm I'll have to ask one of the teamsters next time I talk to them, or if you want go to the next meeting jan 6 1400
 
hmmm I'll have to ask one of the teamsters next time I talk to them, or if you want go to the next meeting jan 6 1400
 
Oh well what can you do?
When you turn 59 &1/2 and start drawing out your 401-k money.
The federal government will take away 20%,and whatever state you live in has to get their fair share in taxes as well.
 
Oh well what can you do?
When you turn 59 &1/2 and start drawing out your 401-k money.
The federal government will take away 20%,and whatever state you live in has to get their fair share in taxes as well.
 
yes that is true
if you make $55,000 a year for 25 years at an intrest rate of 7% (which is low) and assuming a 3% pay increase each year it totals to over $170,000 lost

even with no pay increase it would total over $120,000 lost.

All free money.
 
yes that is true
if you make $55,000 a year for 25 years at an intrest rate of 7% (which is low) and assuming a 3% pay increase each year it totals to over $170,000 lost

even with no pay increase it would total over $120,000 lost.

All free money.
 
Apostolic said:
Oh well what can you do?
When you turn 59 &1/2 and start drawing out your 401-k money.
The federal government will take away 20%,and whatever state you live in has to get their fair share in taxes as well.
Click to expand...


Not if your in a roth 401k, which UPS offers the union does not.

A roth 401k is where you pay taxes upfront your money grows and when you withdrawl you don't pay taxes on it.
 
Apostolic said:
Oh well what can you do?
When you turn 59 &1/2 and start drawing out your 401-k money.
The federal government will take away 20%,and whatever state you live in has to get their fair share in taxes as well.
Click to expand...


Not if your in a roth 401k, which UPS offers the union does not.

A roth 401k is where you pay taxes upfront your money grows and when you withdrawl you don't pay taxes on it.
 
Overnite said:
Not if your in a roth 401k, which UPS offers the union does not.

A roth 401k is where you pay taxes upfront your money grows and when you withdrawl you don't pay taxes on it.
Click to expand...

I was going to get involved in the roth with the 2008 raise. But the small raise we are getting its not worth it right now.
 
You must log in or register to reply here.
Top