Just a few days till 12/15 when you secure what may be your last 401k match. Invest it wisely. 2024 gonna be nuts, the company is already downsizing but when you add economic hurdles onto it, many gonna be axed.
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If one can swing it (or if they count on a max match) one option is to not put any money into the 401k at the beginning of the year. This is for people looking to leave, very worried about getting laid off, etc. Also if you start another job externally and they have a better match you can get the full match at your new company.
I’ve been an employee for 18 years, never been per paycheck. Maybe before that?
@1wua Been here since before the turn of the century and we certainly did match per paycheck. Stop trying to retcon history for this atrocious management team.
@1ema+1q24ex9B We never matched per paycheck. It was quarterly until they went to annually. Quarterly is still better.
Re OP comment. IDGAF. If I get laid off I’m ok. Old enough to draw from retirement and been around long enough to get close to a year of severance.
What a raging ignörämús. Doesn't understand something, so attacks the far more intelligent messenger.
That's what's not a good look.
It is a huge loss for many of us who contribute to the 401K max. Google "dollar cost averaging" and seek therapy for your anger issues.
I'm not upset about the change due to any opportunity loss / DCA concerns that could be an issue some years, what's Fd up thing about it is that when people retire the timing is needlessly limited and of course when people get downsized they often miss out on the final year of their 401k and many employers don't match during someone's first year either, so now you have 2 years with no match. Not cool WF, not cool.
LOL at the HUGE lost opportunity/dollar cost averaging loss on 6% of a years salary. Using, what some consider, fancy investing terms to make yourself sound intelligent and outraged while not having the basic understanding that money is fungible is not a good look.
And if you’re held “hostage” by 6% of your salary you have bigger problems you should talk to your debt collectors about.
Most employers match per paycheck. Look up the stats. The dollar cost averaging loss is huge, in addition to getting nothing if you are gone before Dec. 15.
We work for cheap WF that wouldn't even recommend to customers that they work fir a co. that matches onceper year!
BofA does the same thing now, just matching once a year. I don’t like it because it holds you hostage until the end of the year and you lose the dollar cost averaging you would get if you got it per paycheck.
Put in in some WF shares ROFL!!!
Yes, in a rising market, but what about in a downturn? As long as we still get a match, I don't mind.
Can’t believe a bank , who holds a fiduciary responsibility to helping some clients, only gives match money annually. The lost opportunity cost we are stuck with is remarkable. Classic example of employees getting bent over. Good luck retiring.