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this is annoying.

Posted by znufrii Dec 7 '09, 14:16

They're reducing our dollar-for-dollar 401(k) match to 4% from 6% of elgible pay.

Responses:

my company is as of now holding at 6%... I think that's pretty rare these days -- nm - stewie Dec 7, 14:31 1
- The place I just 'left' eliminated any match a few years back, but they did rewrite the plan to remove contribution limits. For the last couple of - MojaveMeg Dec 7, 14:38
Be sure to reduce your contributions to 4% from 6% -- nm - oblique Dec 7, 14:20 29
- why, at 6% he is still socking away 10%, which is advisable. - groiny Dec 7, 14:25 27
  - The money that you put into a 401(k) is never the money you get out. I'm kind of starting to hate the whole concept. -- nm - con_carne Dec 7, 14:32 3
    - [deleted] 2
      - Groiny stated a good rule of thumb for saving your money, something that's not the same as 401(k)s. - con_carne Dec 7, 14:38 1
        
        so tell, me, what *actually* happens to my money in a 401(k). - znufrii Dec 7, 14:39
  - The advice I always hear is to contribute up to the match. -- nm - loosilu Dec 7, 14:30 7
    - sure, but I also hear that 10% is the magic number for retirement savings.... - groiny Dec 7, 14:35 6
      - that's the ideal, sure. but from a personal liquidity standpoint, it's more efficient for me to use the funds elsewhere in the short-term. - znufrii Dec 7, 14:36 2
        
        I agree you need to address the CC debt. what's the rate on your student loans? -- nm - loosilu Dec 7, 14:38
        
        to each his own.. nm -- nm - groiny Dec 7, 14:37
      - well, if he has credit card debt it makes sense to attack that. -- nm - loosilu Dec 7, 14:36 2
        
        if he has credit card debt, I would not be stashing any $ until it is gone. nm -- nm - groiny Dec 7, 14:36 1
        
        but for the company match, I wouldn't be. -- nm - znufrii Dec 7, 14:37
  - to answer your IM: better to pay off my outstanding debt, credit cards, student loans, etc. -- nm - znufrii Dec 7, 14:26 3
    - agreed. -- nm - loosilu Dec 7, 14:31
    - and then short-term savings. -- nm - znufrii Dec 7, 14:27 1
      - and, of course, booze. -- nm - znufrii Dec 7, 14:27
  - I'd much rather put that 2% somewhere that I control the rules about how I access it rather than the government -- nm - oblique Dec 7, 14:26 10
    - are 401(k)s not tax-deductable? -- nm - Reagen Dec 7, 14:29 4
      - there are complicated rules about withdrawing money from it. -- nm - loosilu Dec 7, 14:31
      - [deleted] 2
        
        and the corrallary to this is that I don't care to make bets on what my taxes are going to look like 30 years from now when I don't have to - oblique Dec 7, 14:31 1
        
        iirc, my employer will match on both a Traditional or Roth 401(k) - znufrii Dec 7, 14:35
    - you are already putting 8% away, might as well make it the full 10% - groiny Dec 7, 14:29 3
      - It's the same for 529 or any other government sponsored program. The rules can change on you and I don't care to have my money locked into someone's - oblique Dec 7, 14:30 2
        
        the only reason to prefer a 401(k) is to the extent your employer matches your contributions. - znufrii Dec 7, 14:32 1
        
        exactly -- nm - oblique Dec 7, 14:32
    - actually, it just about makes up for the increase in health insurance premiums I'm looking at for next year. -- nm - znufrii Dec 7, 14:28
- yup. -- nm - znufrii Dec 7, 14:20
[deleted] 4
- as long as they don't trying and screw us over on the raises this year, like they did last year. -- nm - znufrii Dec 7, 14:23 3
  - that is what we are thinking here - this year is much different then last year - it will be mass exodus if they pull any crap -- nm - Epiphany Dec 7, 14:23 1
    - they made it up with an incremental raise in the middle of the year, but they're taking more than that away for next year with this 401(k) move. -- nm - znufrii Dec 7, 14:24
  - [deleted]
Yeah, so annoying. -- nm - The Unemployed Dec 7, 14:19
well we get no match at all, so you are in better shape than I. nm -- nm - groiny Dec 7, 14:18 1
- same here -- nm - Max Dec 7, 14:32
but you HAVE a 4% dollar for dollar 401k. Suck it up, Princess! -- nm - CrankYanker Dec 7, 14:18 4
- on the upside, it means an extra $80/month in take home pay once I reduce my contributions accordingly. - znufrii Dec 7, 14:20 3
  - [deleted] 2
    - *laughs at your face* - znufrii Dec 7, 14:25
    - explains to Dawson that "take-home pay" does not mean "loanable funds". -- nm - znufrii si Dec 7, 14:24

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this is annoying.

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