A short time ago Chuck received a letter in the mail from his work place. Turns out they are suspending their 401k match for 1 year starting July 1st, 2009. I've heard of other companies doing this in the wake of the economic crisis. We've been affected other ways (10% pay reduction for me) but so far Chuck's job had been unaffected. Until that letter.
We've decided it won't change much for us. Chuck will continue to contribute to his 401k at the same percentage. Since he works part time (~25 hours/week) he's not putting a lot into his 401k anyway so we didn't want to lower that even more just because he was no longer receiving a match. We're lucky they match him at all given that he's not technically full time!
It's still my goal to start a Roth IRA for him when we have our emergency fund fully funded. For now we'll just keep going according to plan - contributions to the 401k funds will stay the same, pay ahead on the mortgage, all extra money into savings.
There's really not much more we can do, right?
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