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Employer stopped matching 401k (lemmy.ml)

submitted 1 year ago by internet_user@lemmy.ml to c/personalfinance@lemmy.ml

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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?

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[–] benkinder@infosec.pub 1 points 1 year ago

I’d start looking just to see what options are out there even if you don’t end up deciding to leave. You could start investing the amount that you’re missing from the match so that you don’t miss out on compounding growth, but it’s certainly a pay cut however you look at it and if it’s already been 6 months I don’t trust that it’ll be temporary.