No match? No thanks.
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At least, that’s what a considerable amount of Americans seem to be thinking when it comes to gigs that don’t offer any 401(k) contributions.
In fact, almost half (43%) of workers in a new Fidelity survey indicated that, if given the choice, they’d even opt for a lower paycheck if it meant snagging a higher match for their 401(k)s.
Retirement contributions are playing a bigger role in the job hunt in general, the report found: Just 13% of survey respondents said they would take a job that had no company match at all. As the economy improves and more positions open up, job-seekers might be getting choosier about their benefits—and realizing they can negotiate extras, like these matches.
At the same time, more Americans seem to be placing increased importance on their financial security—and realizing the long-term payoff of shoring up retirement accounts now, in exchange for cuts in the short-term.
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“Employer contributions play a vital role in helping Americans reach their retirement savings goals,” Doug Fisher, senior vice president of Workplace Investing at Fidelity said in a press release, which notes that employers currently pitch in an average of $3,540 per employee per year.
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If your employer currently grants a match—79% of company savings plans currently offer some type of contribution, the survey found—LearnVest generally recommends doing whatever it takes to score the full match available. Otherwise, you’re leaving free money on the table.
Of course, not everyone can opt for a gig with hefty 401(k) contributions—but that doesn’t mean it’s not possible to make progress on your nest egg. Take a cue from these financial planners, and learn how to retrain your brain to save more for retirement.
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