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Employer stopped matching 401k (lemmy.ml)

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

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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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[–] [email protected] 1 points 1 year ago (1 children)

Not getting a raise for a while and losing matching 401k contributions is a big deal IMHO. Inflation is dealing you at least a 5% annual pay cut right now unless you get a decent raise. Nothing wrong with shopping around your resume.

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

I got promoted last year, but it only came with a 7% raise. It lined up with our annual raises where people normally get 5%, so I basically got a 2% raise with extra responsibility