Comments on: Lost the 401k match — now what?

By: Kacie

Kacie — Mon, 02 Mar 2009 13:47:22 +0000

My husband’s 401k is actually a Roth 401k. We’re planning on opening IRAs soon.

I totally agree with you that a lot of getting out of debt is more behavior-related.

I agree with your assessment — we’re totally motivated to get this last debt paid and getting on with our lives! It will be soon.

By: linda

linda — Mon, 02 Mar 2009 13:34:01 +0000

Dave would say to do roths now, if no match. He also would not have you saving for retirement with the car loan. Dave says that personal finance is more behavior than math so getting the “satisfaction” of paying off the car loan is motivating to most people. However, I think you guys have a good handle on your finances and do not necessarily need the “motivation” to keep winning with money.

By: Azahar

Azahar — Fri, 27 Feb 2009 21:54:24 +0000

I’m sorry to hear you lost that, it is such an important part of savings for the future. The others are right though in having you look in other locations for savings or income. I’ve been doing the same. Lately, I’ve been looking for banks that pay higher percentage rewards on checking accounts, a lot of my friends use it and have loved it. I found this tool helpful for me on CheckingFinder.com They have a list of banks offering up to 6% in reward checking accounts just to use the debit card, online banking, or use direct deposit

I’ll pass it on:

Bank Rates:

First Robinson Savings Bank – Robinson, IL
6.01
Southern Missouri Bank & Trust
6.01
Bank of Ripley – Ripley, TN
5.26
Communication Federal Credit Union – OK
5.25
LA DOTD Federal Credit Union – Denham Spring, LA
5.25
Keystone Bank – Auburn, AL
5.15
Connexus Credit Union – Wausau, WI
5.15
Altra Federal Credit Union
5.05
Farmers and Merchants – Nashville, IL
5.05
Community State Bank – Poteau, OK
5.05
First State Bank – Kansas City, KS
5.03
State Employees Credit Union – Santa Fe, NM
5.02
Grand Bank of Texas – Grand Prairie, TX
5.02
Harbor Credit Union – Green Bay, WI
5.01
Malvern Federal Savings Bank – Paoli, PA
5.01
Union State Bank – Everest, KS
5.01
United National Bank – Cairo, GA
5.01
First Banking Center – Lake Geneva, WI
5.01
Noble Bank & Trust – Anniston, AL
5.01
The Community Bank – Brockton, MA
5.01
Bank of Little Rock – Little Rock, AR
5.01
Community Bank of Pleasant Hill – Pleasant Hill, MO
5.01
Community Bank of Raymore – Raymore, MO
5.01
Olmsted National Bank – Rochester, MN
5.01
Royal Banks of Missouri – St. Louis, MO
4.78
Texas Citizens Bank – Pasadena, TX
4.76
Courtesy of BancVue.

Hopefully this helps!

By: Steph

Steph — Wed, 25 Feb 2009 13:28:54 +0000

Sorry to hear about losing the match. Yes you’ve got a job and benefits in this economy but you’ve worked hard to get what you’ve got and have been responsible with your finances, you’ve got a right to be upset.

By: Steve

Steve — Wed, 25 Feb 2009 04:21:36 +0000

So sorry to hear about your husband losing that match. It struck me as I was writing and reading about this, that you might set a goal for yourself to earn that match through how you monetize this blog! That would be a wonderful thing to read about down the line :)Steve's last blog post..Break Up With Lack! Making Money During a Depression

By: Curious Cat Investing Blog

Curious Cat Investing Blog — Tue, 24 Feb 2009 21:09:25 +0000

I would actually put the extra $277 toward retirement savings (to make up for the cut by the company) but your plan is fine. I would strongly consider look to add to your retirement contributions once the car loan is paid off.Curious Cat Investing Blog's last blog post..Jumbo Loan Defaults Rise at Fast Pace

By: Babychaser

Babychaser — Tue, 24 Feb 2009 20:31:14 +0000

I’d have to say I agree with you on that one.

By: Christina

Christina — Tue, 24 Feb 2009 20:31:11 +0000

That stinks that you lost the company match. I do think you are on the right track… keep putting money into the retirement fund… it’s got nowhere to go but up… and the debt pay-off will come sooner than you think!

By: Kookaburra

Kookaburra — Tue, 24 Feb 2009 20:17:33 +0000

What a bummer to lose the 401K match. My Hubby’s pay, along with all of his coworkers’, was cut by 5% about a month ago. Next to go is the 401K match. It really hurts when the cost of everything keeps going up, but what you earn keeps going down.

And of course, I’m not complaining too much because I feel fortunate that atleast he still has his job and it’s pretty secure.

By: Rhea

Rhea — Tue, 24 Feb 2009 16:38:27 +0000

Lots of companies are suspending the 401K matching. It stinks. But you’re right. At least you’ve got benefits.