More companies cutting 401k matching
WEST PALM BEACH--Planning for retirement is getting more and more challenging these days. Pensions seem to be part of the past and more companies are pulling their 401k matching programs.
A simple search on google--and it's everywhere.
"Hearing that the 401k matching is being cut from an employee's benefits is something that I'm hearing often," said Jim Smeengy who is a financial advisor for Edward Jones.
It's happening here in our community and nationwide. Companies dropping their contributions to work 401k plans. So if you're in this situation, we asked several experts what you should do.
"I would recommend continue contributing to your 401k's regardless if your company is matching," said Lisa Reason who is a financial advisor for Raymond James.
Our experts say contributing to your work 401k could pay off if your company does better than expected.
"If the employer makes a match at the end of the year and you didn't contribute, it's possible you could lose out on the free match," said Smeengy.
And apparently it does happen. Planning ahead, our experts say, is key.
"Just because your employer is not making a match--you should still save for your retirement, that's your responsibility," said Smeengy.
