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Home > Upping 401K Contribution to max match.....again

Upping 401K Contribution to max match.....again

October 8th, 2010 at 02:26 am

At the beginning of 2010 my employer lowered the 401K match from matching 50% up to 6%, down to matching 50% up to 3%. So back when they had changed that I lowered my 401K contribution from 6% down to 3% and moved the difference over to my ROTH IRA. Well they just sent out an email that effective 10/15/10 we will be getting the match moved back up to 6% again. Smile Yeah for FREE money! So today I went in and moved by contribution back up to 6% for the 401K, and lowered my autodeposit with ING from $100 per paycheck to $75 per paycheck. Right now I am contributing 13% to retirement, plus the 3% from my employer = 16%. I am happy with that at 26 and will keep moving it up tiny percentage point by tiny percentage point!

Posted in Retirement | 6 Comments »

6 Responses to “Upping 401K Contribution to max match.....again”

  1. guppy Says:
    October 8th, 2010 at 11:14 am 1286536499
    1286536499

    Hey - I'm 26, too! I was feeling pretty proud of my husband and I until I saw your post! :P We're currently only at 9% to retirement, but I'm hoping to make some big changes to that in the next year once I'm done with my maternity leave. I'm going to have to follow your progress - It'll give me something to strive for! Smile

  2. MonkeyMama Says:
    October 8th, 2010 at 03:10 pm 1286550634
    1286550634

    I just read the other day that something like 80% of employers would restore their old matches by the end of the year. Interesting that yours was restored. (& definitely good news!)

  3. Banker Gurl Says:
    October 9th, 2010 at 02:35 am 1286591732
    1286591732

    guppy - 9% is still really good! I am trying to catch up to my husband, his employer contributes 10% to his 10% so he is at 20%! Wish I had that kind of match! Good luck with moving yours up too! Smile

  4. Jerry Says:
    October 15th, 2010 at 04:30 pm 1287160243
    1287160243

    Hey, that is great! I am excited to see companies lead these kinds of changes into the benefits plan... it was pretty scary there for a while. Lots of places even were boosting charges for insurance coverage and stuff, as well. Are things starting to normalize in the States, I wonder?
    Jerry

  5. Petunia Says:
    November 23rd, 2010 at 11:50 pm 1290556206
    1290556206

    Hi,

    Why do you have an autodeposit to ING? Do you save up and then make one big Roth contribution?

    Like your blog.

  6. terri77 Says:
    November 20th, 2011 at 05:06 am 1321765574
    1321765574

    Yay! Glad that your employer went back to the higher match. Even better that your husband get matched up to 10%. My employer matches the first 5% and I am so grateful.

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