this post was submitted on 07 Jun 2023
14 points (100.0% liked)

Personal Finance

3778 readers
3 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
 

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
[–] aqf 1 points 1 year ago

It's always a good time to look around and see what jobs/salaries are available at your level. But employer match isn't the main or only thing to focus on. Match or no, a good rule of thumb is to save 15% of your income into retirement savings, which you can continue to do. It doesn't hurt to have extra from the match, but it's your own savings rate that will make the difference.