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Employer stopped matching 401k (lemmy.ml)

submitted 2 years 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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[–] 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.