Yellow | “the Grow Act”

We were told by CS in December of 2003 that” since 1986 we have experienced declining enrollment and will go from 2% to 1% rate” let’s see since 86 pay outs stepped up and enrollment down, and still talking about problems 17 years later.
That is when everyone should have stated 401 k for themselves.
 
We were told by CS in December of 2003 that” since 1986 we have experienced declining enrollment and will go from 2% to 1% rate” let’s see since 86 pay outs stepped up and enrollment down, and still talking about problems 17 years later.
That is when everyone should have stated 401 k for themselves.
Deregulation was 1980 and it’s been talk and more talk for 40 years and not a damn thing done about where we have ended up today! Here recently there was some postings at the barn to handbill XPO and FedEx what a joke everything gone and now we need to organize WTF! I don’t expect to get much if anything from CSPF but I sure as hell want my money from the PGBC after the the taxpayers fund what politicians have neglected for a long time! Strange little factoid the PGBC for multi-employer pensioners that has a maximum amount of $1000 a month $12,000 a year is broke but the single employer fund for the management types is flush with cash and pays up to $50,000 a year!! Sounds familiar doesn’t it us rank and file can suck it while the union officers are fully funded! The $700 million is to kick the can down the road some more if it is taken back YRC will fold CSPF will have a rush of retirees and become insolvent faster then everyone can talk about bailing out the pension which is cheaper than bailing out the Pension Benefit Guaranty Corporation!
 
Ya.... 2008 took a bite out of everyone's 401. Never fully recovered.
Should have had twice if not more than what I had personally in it.
And one side note.
If you take a 401 or use it to save. Pay the taxes before you put your money In.
Fair warning.
We were told by CS in December of 2003 that” since 1986 we have experienced declining enrollment and will go from 2% to 1% rate” let’s see since 86 pay outs stepped up and enrollment down, and still talking about problems 17 years later.
That is when everyone should have stated 401 k for themselves.
 
Ya.... 2008 took a bite out of everyone's 401. Never fully recovered.
Should have had twice if not more than what I had personally in it.
And one side note.
If you take a 401 or use it to save. Pay the taxes before you put your money In.
Fair warning.
You are right on 2008. At that time Patel Financial had me heavy into stock of an LED lighting company in Texas. They specialized in truck dock lighting. About lost everything.
 
Ya.... 2008 took a bite out of everyone's 401. Never fully recovered.
Should have had twice if not more than what I had personally in it.
And one side note.
If you take a 401 or use it to save. Pay the taxes before you put your money In.
Fair warning.
Bad advice!
 
Ya.... 2008 took a bite out of everyone's 401. Never fully recovered.
Should have had twice if not more than what I had personally in it.
And one side note.
If you take a 401 or use it to save. Pay the taxes before you put your money In.
Fair warning.
 
Ya.... 2008 took a bite out of everyone's 401. Never fully recovered.
Should have had twice if not more than what I had personally in it.
And one side note.
If you take a 401 or use it to save. Pay the taxes before you put your money In.
Fair warning.
A 401k is a qualified retirement plan that allows eligible employees of a company to save and invest for their own retirement on a tax deferred basis. ... These contributions are deducted from your salary on a pre-tax basis.

cant do it on 401, Roth IRA you pay tax on before investing.

if you put a sizable amount in, every dollar that would have gone to taxes grows and earns money. What better way to have money grow than using Uncle Sams money.
 
Bad advice!
Hey.
I'm not a stock/tax/money advisor.
Just sayin if you take a chunk out they take a chunk for themselves in taxes so anything you made goes to taxes.
20%. I've had.... HAD... to do it and take the hit.
Now if your gonna draw a monthly check out of it after retirement it's a good investment. But to use it for anything else.... Just sayin.
Just going by my experience..... So as for advice. Take the tax hit before putting it in. Or use an ira.
Advice?
Nobody will take it.
:17142:
 
Ya.... 2008 took a bite out of everyone's 401. Never fully recovered.
Should have had twice if not more than what I had personally in it.
And one side note.
If you take a 401 or use it to save. Pay the taxes before you put your money In.
Fair warning.
If you’re money has not returned from 08 crash you must have pulled out or invested foolishly.
People don’t invest because of fear and peer pressure of other employees they work with.
Talk with any tax professional and they will tell you a lot of blue collar workers have become wealthy from stock market investments.
Let me ask you this would you rather have 250,000 in a 401k, and possibly some pension or 0 in 401k and possibly a pension?
 
Hey.
I'm not a stock/tax/money advisor.
Just sayin if you take a chunk out they take a chunk for themselves in taxes so anything you made goes to taxes.
20%. I've had.... HAD... to do it and take the hit.
Now if your gonna draw a monthly check out of it after retirement it's a good investment. But to use it for anything else.... Just sayin.
Just going by my experience..... So as for advice. Take the tax hit before putting it in. Or use an ira.
Advice?
Nobody will take it.
:17142:
If you made a withdraw from 401 prior to certain age, yes you will pay penalties plus taxes. An Ira is treated the same as a 401, both are tax deferred, 401 is company sponsored and an Ira you can get on your own. A Roth IRA and a Roth 401k are funded with after tax dollars.
A 401 k that allows you to split money between Roth and conventional 401 are nice but not very common.
401 k at retirement you pay taxes on all distributions, a Roth not so.
 
One is taxed on 401k/traditional IRA withdrawals based on overall income. Whether taken as ‘lump sum’ or regular monthly distributions matters not. Talk to a professional tax person to adjust total income to lowest tax bracket possible.
Pension distributions are fully taxable, Social Security distributions are partially taxable.

https://www.aarp.org/retirement/social-security/questions-answers/how-is-ss-taxed/

If one needs to withdraw 401k funds prior to 59 1/2, it may be better to take a ‘hardship’ or other qualifying loan, rather than paying 10% early withdrawal penalty.
 
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