401k match

United States
March 6, 2016 8:43am CST
This year my spouses 401k match bit the dust of benefits from him employer. My husband was beside himself why he should even participate in it any more. However, it's our only real way of saving for retirement as it's not very easy to access the money... let alone who wants to pay the taxes or any other penalties that go along with anything outside of taking out a loan? Oh did I mention they are under a pay freeze still? Now on the other hand 2yrs ago I finally qualified for 401k with my part time job wich is a perk that is really unheard of for part time employees. They also match 6% so in a way it was like getting a 6% raise for me but the opposite for my husband. Does your employer have a 401k match?
3 people like this
2 responses
• United States
6 Mar 16
When I was working we had a 401K but our employer didn't match it. I decided to invest anyway since it was like a forced savings from my paycheck. It stinks that your husbands employer has decided to stop matching the 401K
1 person likes this
• United States
6 Mar 16
Exactly, forcing him to save is the only good part about it because once you are used to it being out of your check you don't miss it. It is disappointing it's like taking a reduction in pay since they have had no raises and they keep increasing the cost of insurance him working there is just bringing us into the hole instead of being rewarded for his years of dedication.
1 person likes this
• United States
6 Mar 16
@3SnuggleBunnies the same thing pretty much happened in my job before I retired. Raises were non-existent, insurance was going up & up and I was taking home less & less. It's crazy isn't it.
1 person likes this
• United States
6 Mar 16
@Marilynda1225 It's beyond nuts. I got my job to pay for groceries, now my job basically makes up for the difference in what he should of gotten in a raise and now pays for insurance. Then of course toss in the needs of a few kids and we are pretty tapped out and in debt.
@celticeagle (117141)
• Boise, Idaho
6 Mar 16
That sounds great for you. Sorry to hear that your husband's company is backing out of their commitment. I was lucky to have gotten a life long pension from my last job and I only worked there for five years.
1 person likes this
• United States
6 Mar 16
That is quite the blessing to have a life long pension. I hope for your sake your pension doesn't change. I'm sure they are just trying to save money as they have shut down two facilities in the past 6 months. But it's hard when he's been there for so long to have one of the benefits of working there being ripped out from under you. As I mentioned above that he hasn't gotten a raise in years and insurance keeps going up ($280 a month in the past 2 yrs since health care reform) and now this.... my .10 raise from a part time job hardly makes up the difference.