Found out my company's 401k match was only 50 cents on the dollar up to 4% - I've been missing out for 2 years

I was looking at my benefits packet last night and saw our 401k match is way lower than I thought. Turns out it's only 50 cents for every dollar I put in, capped at 4% of my salary. I've been contributing 6% for two years thinking I was maxing the match, but I was actually just giving away free money. Has anyone else found a hidden detail in their benefits that changed how you save?

3 comments

3 Comments

cora8631mo ago

omg that sucks but tbh it's pretty common. you should just bump your contribution down to 4% and put that extra 2% into a Roth IRA instead. way more control over your money that way.

eva_adams681mo ago

Wait, you actually changed my mind. I always thought matching was EVERYTHING.

mila_harris1mo ago

Saw a finance guy say matching is just free money, not the whole plan.