It's been a long time coming. One I wasn't sure was coming. Waited a really long time to get my background check back. I have "bumped the dock". Got an EIN and my first 8.25 official hours today. I hope it was all worth it. Now what do I do about the 401k and credit union?
ABF | Day #1
- Thread starter Bear102
- Start date
Welcome and best of luck. Hopefully the trend of the "race to the bottom" mentality from companies will turn around as they realize that good drivers are important to the bottom line too! As far as your last question, I'm not sure I am competent to offer financial advice. lol
D
Deleted member 5115
Guest
I expect that you'll need to have a seniority date for either of those but there is no reason you can't make preparations for that day. This link will get you stared for the credit union. http://www.abfcu.org/ASP/home.asp.
And www.abfatwork.com should help with your 401K and any other questions. And of course this is the best place to get the real lowdown on the company.
Welcome aboard and good luck.
And www.abfatwork.com should help with your 401K and any other questions. And of course this is the best place to get the real lowdown on the company.
Welcome aboard and good luck.
For the credit union you need to get direct deposit set up and then you can get a CU checking and savings set up. Payroll will direct deposit however much you want into your CU account and the rest into your regular checking account. You will get something in the mail from the Teamsters about the 401k plan. As ABFer said, log on to both websites to get more info.
Appreciate it. Hadn't thought about splitting it like that.
Thanks, appreciate it.
Thanks. Really was a no-brainer. Just out of school. This will be my first job in the industry. Still have to go through training but I knew this was what I wanted to do the first time I sat in the seat. Kind of knew it was ABF from the interview that I wanted. Didn't feel like a lot of the other BS I got from other outfits. Glad to be here.
If this is your first driving job out of school then I would have to say you hit paydirt. Make the most of it and hopefully it will be your only job in trucking. I wish I could have gotten a Teamsters driving job back in the 90's when I started out. Better late than never I guess...
vongrimmenstein
I stand for our flag, & kneel for the fallen
- Credits
- 112
I hope your employment is a very long one. I want the pension fund to keep sending those checks well in to my nineties. Please don't quit, I will need the money for my operations. von.
Will do. Looks pretty good so far. Freight going al over. Love that photo.
Congratulations brother Bear you have done well!!!!! Brother ABFer and Von have given you some good advice and I would like to contribute some ideas myself. You have nothing to loose and everything to gain by joining the ABF credit union. The 401k is another story. If you do not feel comfortable managing your own money and you don't think you will be able save on your own, your best bet is to join the 401k. But ABF does not contribute or match any money you put into the 401k. You will have more control if you open and contribute to an IRA. But a Traditional IRA is more responsibility and you can only contribute about half of what you can put into a 401k. The fees associated with an IRA are usually less than with a 401k and the return for the same funds are usually higher because of the fees. The 401k will not let you trade like an IRA so you have less chance of loosing your money but also less chance of making a higher rate of return. And finally, unless you leave ABF you will not have access to your 401k money but an IRA will allow you to withdraw all of your money at anytime as long as you are willing to pay an additional 10% PENALTY.
Personally, I would suggest having both a 401k and a traditional IRA. Contribute about $25 a week to both and see which you like best, then decide what you want to do. Good luck brother Bear you are off to a good start!
I agree but I would suggest a Roth Ira because it grows tax free
D
Deleted member 5115
Guest
I'm with Grumpy on this. I have a Fidelity account that I am happy with. Once a month they get a payment directly out of my bank account and I am free to invest it any way I want. I believe that if you go with direct transfer you don't need to start out with a minimum investment.
A Roth Ira is after tax contributions and grows tax free
Delaknight
TB Lurker
- Credits
- 2
While a Roth is after Tax contributions, and the contributions grow tax free, the major advantages are;
1. you can withdraw your contributions (but not the growth) after 5 years for certain purposes without penalty. 2. After age 59.5 all your withdrawals are tax free. 3. You are not required to make withdrawals according to your life expectancy as with a traditional IRA. 4. You can will any remaining funds to your next of kin.