❌💸❌ don’t make this mistake with your 401k!

[AdviceWithErin]

Clarifying that you get to keep 100% of what you contribute. Vesting just refers to company contributions.

[SAPVirtualResources]

Most small businesses use a safe harbor 401k which requires an immediate 100% vesting. I would definitely ask companies if they offer a safe harbor plan.

[shayolinparker]

This isn't even something that employers hide (at least in my experience.) Just actually read the 401k paperwork they send before signing. If they don't send it, ask for it

[mcp]

Pro tip: if you are leaving your company before your 401k match vests, use that to negotiate with your next employer. I negotiated a larger signing bonus by mentioning this with my current employer.

[itsnotme]

Always read the "fine print" and don't trust others to do it for you.

[PoliticalWonderland]

THE COLLEGE REIMBURSEMENT SCAMS need to be talked about! Most companies refuse to actually hold up to that promise, it’s nuts && IF they do it’s got a trillion hoops!

[CH-oymt]

Some companies have what is called a cliff vesting meaning you have to work for a certain amount of years and then you would be 100% vested. Before then you are not vested at all. Also previous posts are correct you are always vested in what you contribute.

[hopefletcher]

My old employer had a 5 year vesting schedule. They laid me off when I'd been there about 3 1/2 years so I was only vested 60%. It was in July. BUT they then asked me work weekends on a special project that I'd been involved in. My new employer said OK so I worked partime for about three months until the project was finished.

Now the good part. They had re-activated my employee number when I started the part-time work and forgot to de-activate it when I was done, so at the end of the year I was still (technically) an employee. I not only got another 20% vesting in my 401k but also qualified for the year-end bonus that was paid the following March. Sweet.

[Death_Lord_Eleressai]

Modern companies: Incentivize you to work there longer by withholding 401k.
Also modern companies: Lay you off when you're about to be due for a raise, and hire someone new at starting pay.

[michaelmcphee]

That really sucks. In Australia it's compulsory for all employees to get 10% over their wage as Superannuation (401k) from their employer. Even a 15 year old working at McDonalds gets it.. They can transfer that to a Super company of their choice as they move from employer to employer through their entire working life.

[No-svmu]

I was lucky that I was immediately vested in the 401k and the company matched 5%. My husband's work now does 100% match on 3% and 50% match on an additional 3% contribution. He has been telling his coworkers for years that they are leaving free money on the table by not contributing the 6%. I converted my 401k to a Roth a few years back, husband had the traditional 401k, and we both have pensions (although I'm not vested yet cause I'm not at the 10 year mark yet). For me it makes sense to have retirement options that are both pre and post tax. You never know what the tax % will be in the future. So I like the idea of having access to a retirement fund that I can pull from that is tax free.

[CaptainQueue]

The first company I worked for out of college in 1977 had a 10% starting 401k match that grew 10% a year until 100% match in 10 years. I was too dumb to realize the financial gift that was, and left the job after a few years.

[robinmills]

Many, many years ago my first job had a 401k plan. You had to be 25 before you could join it. I started there at 18 so by the time I was eligible I was already fully vested. 😊

[yeetimusprime]

I’m 22 and I’ve still never been taught what the fuck a “401k” is.

[apidas]

Imma subscribe to this girl. what a smart working woman

[Under_class]

You can also call your investment company who holds your 401k. They will be able to give you ANY and all details on your employers plan. Please just ask. Don't assume. We're happy to educate. Sincerely, a 401k representative

[BarryGordon]

You know the vesting schedule is defined on the 401K enrollment form that you signed

[Markogorkis]

I'm considering investing around $700, 000 in stocks as I've learned that savvy investors can still profit during challenging times. Do you have any solid stock market strategies for this year?

[hugomartel]

fully dressed up and gorgeous we need more chanels like this

[deregorn]

Only in the US.... here you have a 3-month notice on both sides. But usually, people will stay for life. It is so relaxing to know where you work and be able to plan till retirement.