My company has a 15% 401k match program. I’ve understood that to mean that they’ll match my contribution up to 15% of my salary. Found out today that it means they’ll add 15% of what I contributed...

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Damn. My last agency matched 100% of my contributions up to 10% of my annual salary. I definitely did not understand this difference when I signed on here.

Live and learn I guess..

likeuplifting

Do your 401k’s people!!! I’ve been doing maximum contributions since I was in my late 20s and now I have 2 million bucks in there. It’s a painless way to become a millionaire (I’m in my early 60s).

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Congrats

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Seems increasingly misleading to me. Am I just off base about what companies usually mean re: 401k match?

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lol reminds me of the boutique agency I use to work for. It was .25 cent every $1.00 I put in. One of several reasons why I went back to a bigger agency.

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I've yet to stick around anywhere long enough to be fully vested. I gave up on the traditional 401k for now and went with an IRA.

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@OP true and that used to be the case for most people. I’m not expecting the ability to retire at retirement age which likely means I’m still working.

It means a percentage match of your contribution, not of your salary. That is normal.

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Yeah, that’s pretty standard

likeuplifting

Not standard at all to me... standard is at least a 1-2% match, minimum.

More common is something like 100% match up to 3%, then a 50% match on your next 3%.

So if you put in 6%, the company matches you 4.5%.

To get 4.5% in OPs scenario, they would have to contribute 30% of their income...oof

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It’s free money. Do it!

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Lol obviously, I would never not contribute over this. Doesn’t make any sense.

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It’s shitty but at least it’s not 0% match. How about time it takes to fully best?

Anything that sounds too good to be true usually is.

It’s still worth it. Every dollar you put into a 401k is tax deductible, so put in every dollar you can.

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