Comments on: The Declines of 401(k) Matching and Mr. Ponzi http://toughmoneylove.com/2009/03/12/the-declines-of-401k-matching-and-mr-ponzi/ The Hard Truth about Money and Personal Finance Thu, 18 Mar 2010 03:15:17 +0000 http://wordpress.org/?v=2.9 hourly 1 By: kitty http://toughmoneylove.com/2009/03/12/the-declines-of-401k-matching-and-mr-ponzi/comment-page-1/#comment-2972 kitty Thu, 12 Mar 2009 23:49:19 +0000 http://toughmoneylove.com/?p=2126#comment-2972 I doubt my corporation will change 401K contribution soon, but who knows. So far it's been mostly small companies that stopped the match not large corporations. GM is one exception but they are in real trouble. I'd imagine if our competitors do it, then it's a possibility, but so far most tech companies still have the match. I think I'd still contribute even without the match. I am turning 50 this year and approx 20K reduction in my gross income is very helpful at tax time. It may even bring my income low enough that I'd be able to contribute something to Roth as well, especially with lower interest and dividend income, and not that much chance for capital gains. As usual I have to wait till I do my taxes early next year to determine this. I doubt my corporation will change 401K contribution soon, but who knows. So far it’s been mostly small companies that stopped the match not large corporations. GM is one exception but they are in real trouble. I’d imagine if our competitors do it, then it’s a possibility, but so far most tech companies still have the match.

I think I’d still contribute even without the match. I am turning 50 this year and approx 20K reduction in my gross income is very helpful at tax time. It may even bring my income low enough that I’d be able to contribute something to Roth as well, especially with lower interest and dividend income, and not that much chance for capital gains. As usual I have to wait till I do my taxes early next year to determine this.

]]> By: Kacie http://toughmoneylove.com/2009/03/12/the-declines-of-401k-matching-and-mr-ponzi/comment-page-1/#comment-2971 Kacie Thu, 12 Mar 2009 21:07:23 +0000 http://toughmoneylove.com/?p=2126#comment-2971 My husband's roth 401k match ended this month. Poop. It was a 100% match on contributions equal to 6% of his salary. Since we're trying to get out of debt, we're only contributing 9%. We'll raise our contributions soon, probably by opening a roth IRA. His losing the match is probably a good thing. Once we increase our retirement savings, I doubt we'd ever decrease it unless we're facing some bizarre hardship. So, in the future if a match is reinstated, we'll have even more money going toward retirement. My husband’s roth 401k match ended this month. Poop. It was a 100% match on contributions equal to 6% of his salary. Since we’re trying to get out of debt, we’re only contributing 9%.

We’ll raise our contributions soon, probably by opening a roth IRA.

His losing the match is probably a good thing. Once we increase our retirement savings, I doubt we’d ever decrease it unless we’re facing some bizarre hardship.

So, in the future if a match is reinstated, we’ll have even more money going toward retirement.

]]> By: BB http://toughmoneylove.com/2009/03/12/the-declines-of-401k-matching-and-mr-ponzi/comment-page-1/#comment-2969 BB Thu, 12 Mar 2009 19:47:42 +0000 http://toughmoneylove.com/?p=2126#comment-2969 I was berated by the 401k plan administrator when I stopped my contribution after learning our small-not for profit hospital would no longer be contributing to our plan. He kept me on the phone for 45 minutes grilling me on why my choice was such a poor one. I think my choice was the right one. I can do better on my own! I was berated by the 401k plan administrator when I stopped my contribution after learning our small-not for profit hospital would no longer be contributing to our plan. He kept me on the phone for 45 minutes grilling me on why my choice was such a poor one. I think my choice was the right one. I can do better on my own!

]]> By: SJ http://toughmoneylove.com/2009/03/12/the-declines-of-401k-matching-and-mr-ponzi/comment-page-1/#comment-2967 SJ Thu, 12 Mar 2009 18:32:48 +0000 http://toughmoneylove.com/?p=2126#comment-2967 Read and learn some tips when we all decide to run our own ;-)? If you do find one, do please link to it =)! Read and learn some tips when we all decide to run our own ;-) ?

If you do find one, do please link to it =)!

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