Personal Finance

3796 readers

4 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago

MODERATORS

[email protected]

nieceandtows

[email protected]

Employer stopped matching 401k (lemmy.ml)

submitted 1 year ago by [email protected] to c/[email protected]

18 comments fedilink hide all child comments

So, times are tough in the tech world and my company decided that in addition to no bonuses/ stocks for the foreseeable future, they also want to stop matching our 401k contributions.

They say this is temporary, but it's already been 6 months. I'm in my early 30s, so I still have quite some time before retiring. These small differences now will compound in the long run, and I'm starting to think I should look for a new job.

Does my view of these small missed contributions actually being a big deal make sense, or is it something I should wait out?

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 2 points 1 year ago* (last edited 1 year ago) (1 children)

Just my 2 cents here, but no more bonus + stocks + 401K matching?? That seems like a pretty huge hit for you. If it were me, I'd probably be looking for other offers... you can't simply wait for your company to get its shit together.

Also regarding 401K, every bit of contribution matching helps especially since you are still young and in your 30s. So those small missed contributions definitely add up 30 years down the road.

[–] [email protected] 1 points 1 year ago

Thank you; You're right. I will start looking more aggressively