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Frequent Contributor
Posts: 470
Registered: ‎02-07-2011
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Sweet! Wife's Employer does 401k Match!

I just realized my wife's employer does a better 401k match than my own. After rebalancing our contributions to get the highest match, we're putting an extra $1200/year into 401k and also taking home an extra $20 per paycheck! Instant raise!

 

A rare win for the average joe.

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
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Re: Sweet! Wife's Employer does 401k Match!

Great news!  Smiley Happy

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Sweet! Wife's Employer does 401k Match!

Nice !! It's rare when you can get a net gain in your paycheck for saving extra $$$.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Contributor
Posts: 2,736
Registered: ‎08-13-2009
0

Re: Sweet! Wife's Employer does 401k Match!

+1200

+20  

 

 

Smiley Happy

Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
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Re: Sweet! Wife's Employer does 401k Match!

That's fantastic!

 

Both my gf (soon to be fiance', so long as she accepts), both work for a company that does 100% matching up to 6% of our bi-weekly pay , plus each february we receive a bonus (% of base salary + modifer %) then they will (based all on profits of course) will give a discretionary +% to your 401k.  This time around it's an extra 1.5%. So this Friday I'll get my standard 6% match, plus an additional 1.5% match. Plus I put an extra 1% each year on an annual increase program, but they don't match anything above 6...

 

Either way, I love logging in each morning and seeing it grow!

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: Sweet! Wife's Employer does 401k Match!

No one ever seems to have extra money after paying the bills, but it's really, really smart to contribute enough to your 401(k) (or 403 (b) or TSP or whatever you have going on) to get the maximum employer contribution.

 

The stock and bond markets are now so divorced from the actual value of the underlying companies that it's nearly impossible to make informed investments. But as long as your employer is matching your investment, you have a guaranteed rate of return that is usually way, way above what Wall Street might be coughing up.

 

Congrats OP on figuring out the best way to invest both your incomes!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: Sweet! Wife's Employer does 401k Match!


Repo-ed wrote:

That's fantastic!

 

Both my gf (soon to be fiance', so long as she accepts) ...


Awww... Hope the Big Moment goes well, and best wishes to both of you!!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
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Re: Sweet! Wife's Employer does 401k Match!


haulingthescoreup wrote:

Repo-ed wrote:

That's fantastic!

 

Both my gf (soon to be fiance', so long as she accepts) ...


Awww... Hope the Big Moment goes well, and best wishes to both of you!!


Thanks!  We are about to fly down to Florida.  She thinks we are taking my dad and his wife to the port, so they can go on a 7 day cruise.  She doens't know that the 4 of us will be going Smiley Tongue

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Valued Contributor
Posts: 2,736
Registered: ‎08-13-2009
0

Re: Sweet! Wife's Employer does 401k Match!

Awesome!!!!   Smiley Happy

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