I came by the following article in USA Today about companies pulling their matching away from their 401K's:
Kind of scary in my opinion. I am 28 years old, so I have another 35 - 40 years to go before I retire, but I wonder what my retirement would look like if this becomes a greater trend. I am concerned for my generation because:
- Most of the money going into social security from us now will be used to support OUR PARENTS who are starting to retire now (my father retired last year, my mother next year, and will be getting Social Security, 401K and 403B...and pension!)
- Both my 401K and ROTH IRA have taken significant nose dives in the last month
- I am contributing what I can into my 401K and ROTH IRA, but I will be honest, if I don't get matching (which I currently do), the amount going into my 401K will be HALF of what it is and I can't afford to put more in...which makes a HUGE difference when you compute the growth over a period of 35 or 40 years
Thoughts out there? Maybe some wisdom from those who are retired or getting ready to...or other folks around my age who are also concerned? Please share!