401K at Swift

Discussion in 'Swift' started by TallPalm, Nov 4, 2016.

  1. TallPalm

    TallPalm Bobtail Member

    3
    1
    Nov 4, 2016
    0
    I read that one must work for Swift for one year to participate in the 401K. Does this mean that you must have one year before they will make company contributions on your behalf? This is an important issue for me. I would like to contribute even without a company match.
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. inkeper

    inkeper Road Train Member

    1,440
    1,059
    Jan 30, 2011
    Texas
    0
    Don't know for sure, and really don't want to look it up because I am about to hit the sack. If you really want to know, call Swift about 9 AM Phoenix time, I think benefits handles the 401K .
     
  4. ncstang

    ncstang Bobtail Member

    21
    640
    Jul 13, 2016
    NC
    0
    If Swift does not allow you to contribute to their 401K until you have been there a year, why not open your own IRA and have a portion of your check deposited into that? Obviously, when you are eligible to contribute to Swift's plan and if they provide matching, then take full advantage of that. But if they do not match anything, then why contribute to their plan? There is no benefit at that point, especially when it is just as easy to contribute to your own IRA?

    I'm not a financial expert or anything, but that just seems logical to me.
     
    123456 and Roknric Thank this.
  5. BIF MALIBU

    BIF MALIBU Heavy Load Member

    727
    419
    May 21, 2010
    lake cushman wa
    0
    i like the vanguard roth ira
    you can withdraw your contributions tax free
    the 401k will lock your money up until your 70 years old
    many truckers dont live that long
    early 401k withdrawals will take half of your money in taxes and penalties
    i have been in our 401k forever for the matching money but have 2 ira's and a scottrade account
     
  6. FLCRACKER

    FLCRACKER Medium Load Member

    344
    200
    Oct 11, 2013
    Lorida, FL
    0
    What they said open tour own retirement account. Yes it's nice when a company contributes. But why worry with them managing your money. Think of all of the people that have lost their company managed 401ks due to mismanagement from the company. Just something to think about.
     
  7. BIF MALIBU

    BIF MALIBU Heavy Load Member

    727
    419
    May 21, 2010
    lake cushman wa
    0
    i checked tax free withdrawal fron 401k at age 59 if your done working
    you can roll 401 into traditional ira when you quit swift tax free
    vanguard ira has lots better mutual funds than my principle 401k
    20 years ago i was automaticly enrolled in swift retirement plan and always received statements saying i had like 1500 dollars vested
    when i quit after 2 1/2 years i continued to receive statements for 10 years
    a year after i quit i called swift and said i want my money and she said since i did not work at swift 5 years they were keeping it and i never called swift again
    thats alot more cash for swift as the had many thousand trucks even then
     
  8. 3523

    3523 Light Load Member

    229
    185
    Oct 27, 2015
    0
    You can start contributing to the 401k after six months of employment. They won't start matching till about a year after that so don't expect a "vested 401k with employer match" until about two years after your start date.

    If you want to open up your own account that's fine but it's unanimous amount financial planners that you should always use your own company's 401k to get their matching funds. In Swift's case that would be 3%.

    Also, pretty sure that max on an employer 401k is 18k a year while the max on a Roth or standard IRA is $5500 each. Depends on how much you want to save.

    Obviously I'm a truck driver and not a finance expert. Do your own research before making any commitments.
     
    TequilaSunrise Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted