It is insane that our tax-deferred retirement plans depend on our employers, and we’ve got yet more reasons to prove it.That’s how many dollars that U.S. workers are likely to lose out of their retirement savings because companies are slashing their 401 matching contributions.The calculations come from MagnifyMoney.com, and they aren’t a stretch.
And when you look at the ages of workers, and apply a typical annual return of 6% on investments, that comes to a $59 billion hole in retirement savings. They’re also not counting any cost to long-term economic growth from the pandemic, the lockdowns and the aftermath. It is depressingly predictable that many companies will use the pandemic as an excuse to cut matching contributions, just as many will use it as an excuse to fire older workers.
That happened back in March man, they didn’t waste a single pay period in stopping those benefits from being paid :/
WHAT’S HAPPENING !!! I’LL TELL YOU WHAT’S HAPPENING !!! THE CONGLOMERATES OF THE USA 1% ,ARE ON THE BRINK OF COMPLETE DENOMINATION! 'THERE IS NO MORE AMERICA”!!!
Have heard of this happening to many people already.
worker always gets screwed. every 10 yrs or so I am finally doing well again, economy tanks.
Congress should change the law to allow people to roll over traditional IRAs to Roth IRAs without penalty or taxes.
Boomers are the luckiest generation, with defined benefits, owning majority of the assets, and making the government get in deep long term debt and Fed money printing that will cost milleniad and future generations very dearly, so we can protect the asset values that boomers own.
Step up and defend yourself, or sit and cry like a little b$tch. Believe me, no one else cares either way. Listen up kids: We're on our own in 21st century America.
and SS and Pensions
Kayleigh McEnany looking so smug in a crowded room without a mask....so sad!
Ya, my company stopped matching the end of April
Maybe the government should start phasing out Social Security
Why doesn’t the skank in the red dress wear a mask?
The GOP has tricked poor and working class Americans for 20 years and stripped them all of their wealth, while concentrating for their donors. Middle America has sold their future on the lies of the GOP.
COMPANIES STARTED THIS YEARS AGO. WHERE HAVE YOU BEEN.
😂
Do healthcare tied to jobs next
Excuse not to go under? Check ✔
I would never, ever invest money in a 401(k). Why would I go to work, have my employer give me another $6k/year, and then take that money and send it off to Wall Street, where I can't even touch it for 30 years? I wouldn't do that.
If you live in Lebanon, you have no water, no food, no job, no imports, no money, no medicine, no home. And you worry about 401ks
will?!?! they are already doing it!
This is my case. I add 1% from my paycheck to my 401k plan, my company not longer matches -period. Why 1%? Salary was slashed by 25%. surviving2020
It is happening, at my place of employment they suspended the contributions for 6 months, they will evaluate it then and resume once things improve. They are very transparent with what they are doing. Everyone took a paycut including the CEO at 17%.
is the china virus is an excuse?
Those were supposed to make us all millionaires and Social Security obsolete. Only one Party does not care
Companies are keeping billions in offshore accounts from the GOPTaxScam. 'Trickle-down economics' needs to be more than just a theory.
Boo hoo
They did away with defined pensions because it saved the companies $$...now 401k match is under attack...all the while wages have been stagnant for almost 50 years compared to inflation. Yeah, trickle down economics work. Stupid ass hats who believe in this.
Yes, it is a component of the salary and it is up to them whether they want to make that additional payment. It was setup this way is because employees will spend everything they get in hand, may not know who to go to set up their own 401k, may get cheated,...
any cutting of the payroll tax is a gift to the big corps and a slashing of the safety net of SS for workers. will you be willing to support someone who wants to take for Social Security away for the benefit of the uber-wealthy? really
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