Personal Finance

3809 readers

1 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]

Employer stopped matching 401k (lemmy.ml)

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

8 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] 0 points 1 year ago (1 children)

At the very least that is a sign to dust off your resume and get it ready to post up the second they lay you off. And if you want to be proactive, look around and I bet you'll find something out there that matches or exceeds your current salary. I know certain sectors of the economy are booming right now. It's ridiculously hard to find programmers. (We've been trying to fill a slot in Tucson for a Microsoft full stack dev for like 6 months now. Although that is partly because corporate has posted an absolutely terrible job description with no salaray, and can't be bothered to fix it.)

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

Thank you for the suggestion. Yeah, I'm a systems engineer in the storage space. Things were booming the last few years, but now we're in a slump. I know the market is cyclical, but I've never worked somewhere where they decided touching the 401k's was a viable option. I'll look at some other sectors :)