Union pension fund vs. 401K plan

[jakebrake12]

Originally Posted by crossroads

401k vs a union penison fund, depends what the company contribute's,but i'll tell you this, if the company would contribute what a teamster gets contributed to his penison fund witch i believe is 6.00 phr,up to 40 hours, witch amounts to 240 a week, i would take it in a heartbeat.Contribute 60$ out of your pocket that's 300$ a week.In 20 years you would be a multi-millionaire,if the market goes well,plus it's always your money,no widower benifit,it's yours.And it benifits the company too because 25% of that can go back to them in stock options.Where now the company gets nothing from the 240$ it all goes to the union fund, and sometimes i wonder what they do with it, some pretty poor investments, i would say at times. And i have talk to some teamster's about this most would love to manage there own funds,other's don't get it.Others say the company wouldn't do it,I say they allready contribute the 240$ a week, why not,25% kickback,better than nothing for the company

You are dead on the money here. If you 300$ a week went into your 401k you would be able to retire as well as any executive. You're also right about people not getting it. I'm not sure if pension contributions are but the 401k money is also tax deferred. You should see if you can educate people on this and get the ball rolling.

[x475]

Originally Posted by vwaggs

.... Nothing is "guaranteed". Best advice "Plan as well as circumstances allow and diversify. Having a pension, a 401k and property such as a housing or land is probably the best mix. If you can attach a good annuity onto that, go for it!!!

Absolutely correct!

[x475]

Originally Posted by crossroads

401k vs a union penison fund, depends what the company contribute's,but i'll tell you this, if the company would contribute what a teamster gets contributed to his penison fund witch i believe is 6.00 phr,up to 40 hours, witch amounts to 240 a week, i would take it in a heartbeat.Contribute 60$ out of your pocket that's 300$ a week.In 20 years you would be a multi-millionaire,if the market goes well,plus it's always your money,no widower benifit,it's yours.And it benifits the company too because 25% of that can go back to them in stock options.Where now the company gets nothing from the 240$ it all goes to the union fund, and sometimes i wonder what they do with it, some pretty poor investments, i would say at times. And i have talk to some teamster's about this most would love to manage there own funds,other's don't get it.Others say the company wouldn't do it,I say they allready contribute the 240$ a week, why not,25% kickback,better than nothing for the company

As a sidebar issue, the same can be said of Social Security. I have always said let me opt out of S.S. and let me take that money and invest and I would be much better off, rather than accepting their paltry return at retirement.

[crossroads]

not a bad idea,but the problem with us middle class people,is we have a tendency to spend our money we get in our pay checks,or pay bills,but if you got it deducted from your paycheck and deposit in your 401k,it would work

[Stan Smith]

Originally Posted by x475

As a sidebar issue, the same can be said of Social Security. I have always said let me opt out of S.S. and let me take that money and invest and I would be much better off, rather than accepting their paltry return at retirement.

Here here, Social Security will not be there for people my age and is a complete scam, but legal.

[45cal.]

The problem with a 401 k is it can go up and down and you can lose money you have invested.
I would always choose a pension and if I wanted to invest I would start my own IRA.
The 401k is easier to get at but that might not be the best thing as people tend to make bad decsions . I have been the King of bad decsions in the past.
Union pensions will pay you untill you take your dirt nap.
Just my opinion and I have my pension to look foward too,Plus what I have invested in my own Teamsters 401k. Good luck