Skipping a 401(k) match at age 40 could cost you more than the amount your employer would have contributed. You also give up potential investment growth on that money during the next 25 years. Missed contributions and earnings can add up to a substantial gap in your retirement savings.
How Much Employer Money You Could Be Leaving Behind
Your employer’s matching formula determines how much you need to contribute to get the full match. As an example, let’s say you earn $85,000 and your employer matches your contributions dollar for dollar up to 4% of your salary. Here’s how much employer money you could receive (or leave behind) at different…
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