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FedEx Freight | Let’s define 401k retirement funds

Joe Nuno said:
First of all, you on your own, have to contribute money from your hard earned wages, meaning you have to put aside money from your paycheck, so that you could retire.
Sure FedEx will match 50 cent to the dollar that you put in and that’s only up to 6% of your earnings, but the matching is only going to cover the taxes for your benefit at the end of your time of employment at age 65, meaning no less of your exact age.
Meaning you paid for your retirement, because the matching from FedEx is tax deductible for FedEx Corporation and they don’t loose anything!
Let me give you my old example of my contribution at FedEx, per week, they deduct $ 78.80 per weeks X 4 weeks = $314.40 X 12 months = $3772.80 per year, plus FedEx matches $1886.40 which equals to a total of $5659.20 per year.
Now under a Teamsters contract, we could negotiate a $5.00 per hr, meaning for every hour you work you’ll get $5.00 per hour, here is an example: you work 40hrs =$200.00 per week now times it by 4 weeks =$800 per month and times it 12 months =$9600.00 going into the Western conference pension funds.
Not Vanguard or what ever firm they're using now, who is totally control by our one and only FedEx Corporation!
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Joe, so you have no responsibility for your future? The company, not the union funds a union pension fund. So you claim the union if providing for you, when in fact the company is, and better yet, you shouldn't have to set aside for your future? Wow, Irresponsibility at a whole new level. Invest in your future, invest in the 401 k...ooops you don't work for fedex anymore...you were fired??? For what? And you are trying to unionize the company because you care about those of us who actually work for the company, not because you hate fedex and are bitter, like some folks in Sacramento?

Just asking....
 
Guardrail said:
I guess you should have planned better.

Guardrail
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I like to have some of whatever your smoking. I don't care if your putting 15% in your 401k its still not enough say your getting ready to retire on a fri and the day before the stock market crashes good luck with all that money you have been putting back. We need a guaranteed retirement not something that's not.
 
silent trucker said:
Joe, so you have no responsibility for your future? The company, not the union funds a union pension fund. So you claim the union if providing for you, when in fact the company is, and better yet, you shouldn't have to set aside for your future? Wow, Irresponsibility at a whole new level. Invest in your future, invest in the 401 k...ooops you don't work for fedex anymore...you were fired??? For what? And you are trying to unionize the company because you care about those of us who actually work for the company, not because you hate fedex and are bitter, like some folks in Sacramento?

Just asking....
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Some folks in Sacramento, "Hate FedEx and are bitter"?

Why?
 
Crazy Trucker said:
I like to have some of whatever your smoking. I don't care if your putting 15% in your 401k its still not enough say your getting ready to retire on a fri and the day before the stock market crashes good luck with all that money you have been putting back. We need a guaranteed retirement not something that's not.
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And just where do you think the pension money is kept, Jimmy Hoffa's sock drawer? Nothing is guaranteed, but I can assure you that I will be able to retire at 60 with just the planning I have done for myself, no pension.
 
Crazy Trucker said:
I like to have some of whatever your smoking. I don't care if your putting 15% in your 401k its still not enough say your getting ready to retire on a fri and the day before the stock market crashes good luck with all that money you have been putting back. We need a guaranteed retirement not something that's not.
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If I start at 30 years old and put 15% of my pay in a 401K, assuming a $70000 a year income with a 2% income growth per year and a 7% return on my investment, I'd have 1.5 million at age 60. I guess you're right. I'll be eating cat food by age 63.

Even at 10% contribution, I'd have over a million.
 
Crazy Trucker said:
I like to have some of whatever your smoking. I don't care if your putting 15% in your 401k its still not enough say your getting ready to retire on a fri and the day before the stock market crashes good luck with all that money you have been putting back. We need a guaranteed retirement not something that's not.
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Only a crazy person would have all their money in the stock market the Friday before they retire....Ooops, you admit to being crazy. Enough said.

Buckets of Money 04 edition, Raymond J. Lucia (9780471478669) - Textbooks.com

This link will take you to a great book "Buckets of Money" by Ray Lucia, one of the best known financial planners out there. It's a simple guide to retirement investing, aimed at those who are retirement age. Good read.

ST
 
Guardrail said:
If I start at 30 years old and put 15% of my pay in a 401K, assuming a $70000 a year income with a 2% income growth per year and a 7% return on my investment, I'd have 1.5 million at age 60. I guess you're right. I'll be eating cat food by age 63.

Even at 10% contribution, I'd have over a million.
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Maybe he likes eating dog food???
 
I was in the 401K plan with Viking since its conception at 6% using Vanguard as the money manager. Yes I took a hit in 2008 like everyone else, but it bounced back. Actually if you just left your money alone, you only lost 10% by years end. The only guarantee your going to get are death and taxes. My 401K is part of my retirement package, and yes I have to pay taxes on the money I receive, but I'm in a lower bracket now that I'm retired. My money is now with Charles Schawb and I'm still paying a money manager to handle it for me. If you think you can manage the money yourself, what are you doing driving a truck. I'm in my 4th year of retirement and so far I'm a happy camper. TP
 
Guardrail said:
And just where do you think the pension money is kept, Jimmy Hoffa's sock drawer? Nothing is guaranteed, but I can assure you that I will be able to retire at 60 with just the planning I have done for myself, no pension.
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lmao thats a good one i still guarantee u will not have a fraction of what the ups freight guys get every month. I could be wrong but good for you if u do.
 
silent trucker said:
Oh, so you can only put money in the 401 k if you make $70,000 or more a year? I never read that rule. My bad.
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originally posted by guardrail
If I start at 30 years old and put 15% of my pay in a 401K, assuming a $70000 a year income with a 2% income growth per year and a 7% return on my investment, I'd have 1.5 million at age 60. I guess you're right. I'll be eating cat food by age 63.
Even at 10% contribution, I'd have over a million.

Im sorry that you and guard rail think that a major company like this shouldn't have a better company pension. But I do!!!!!
 
Guardrail said:
If I start at 30 years old and put 15% of my pay in a 401K, assuming a $70000 a year income with a 2% income growth per year and a 7% return on my investment, I'd have 1.5 million at age 60. I guess you're right. I'll be eating cat food by age 63.

Even at 10% contribution, I'd have over a million.
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In the past 10 years have u got 2% pay raise a year?
 
jake brake said:
originally posted by guardrail
If I start at 30 years old and put 15% of my pay in a 401K, assuming a $70000 a year income with a 2% income growth per year and a 7% return on my investment, I'd have 1.5 million at age 60. I guess you're right. I'll be eating cat food by age 63.
Even at 10% contribution, I'd have over a million.

Im sorry that you and guard rail think that a major company like this shouldn't have a better company pension. But I do!!!!!
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Amen brother who in the hell wants to take 10-15% from every paycheck to fund your own retirement.
 
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