My 401(k) is lame
Dec.11, 2007 in
Retirement
The more I think about it, the more I realize that my 401(k) is really weak. Here are my two biggest problems with it:
- Mystery Match. There’s an employer match, but no one has any idea how much that match is. The HR director doesn’t even know.
- Long vesting period. I have to stay employed here for a total of 5 years to become fully vested in the company mystery match and it’s earnings. If I leave before then, I lose out on that money.
Granted, I plan on staying put in my current job. However, there’s no telling what the future will hold. I’d hate to lose out on a sizable chunk of cash because a better opportunity came along. That coupled with the mystery match make my 401(k) less than stellar. At least there are a few solid funds to choose from. ( A few more choices wouldn’t hurt my feelings though. )
Well, that’s my lame 401(k) - how bad / good is yours?
Popularity: 24% [?]
December 13th, 2007 at 8:32 pm
Of all people, how does your HR DIRECTOR not know the match for your company’s 401(k)? That can’t lead to a whole lot of confidence in that department. Please tell me they can break down the health insurance benefits for you, at least…
Jerry
http://www.leads4insurance.com
December 14th, 2007 at 12:56 pm
The health insurance is spelled out very well, even though it’s awful. It’s so bad I have to get insurance for myself only, and my wife and son are insured through her work. To cover all 3 of us at my job would be just under $800 per month this year.. ridiculous.
The HR Director is clueless, says the match varies… completely mysterious. It’s impossible to figure too, since the value of the account goes up and down as any investment does.
December 20th, 2007 at 10:24 pm
Health insurance is a killer right now. We have horrible coverage at my work, as well, but my wife and daughter are on my plan because she was laid off earlier this year. COBRA would lead us to a bill of nearly $1500 per month! I wonder how your company can “vary” the match? Is that done according to the percentage you choose, which I have seen, or is it done with smoke and mirrors? Amazing.
Jerry
http://www.leads4insurance.com
December 28th, 2007 at 10:34 am
I’d love to talk to someone with a better understanding of our match.. but no one seems to know. I’m sure someone very high up does, but no one accessible to me.
$1500 / month - yikes?! Hard to imagine a situation where COBRA actually makes sense for a family, you know?