Coronavirus: No More Employer Match

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 8 May 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Raise your hand if your employer has reduced or eliminated the company match going into your retirement plan. Just know that you're not alone, it's happening all over. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Coronavirus Market Update.
0:07.6	Oh, it's going to be a big day for you today because it is Friday and that means we are going to get the monthly jobs
0:16.2	report from the government.
0:18.8	That report is going to be awful.
0:21.2	There's going to be somewhere around 20 to 25 million jobs that were lost over the course of a month.
0:26.0	The previous high was in September of 1945, where a single month we lost just under 2 million jobs.
0:33.1	That was obviously right after World War II.
0:36.0	Back in the Great Recession, the biggest month we had was March of 2009,
0:40.0	800,000 jobs lost.
0:42.0	So we're just in a magnitude that we've never seen. But today, it's about you,
0:48.2	it's about your question. So let's get to them right now. And remember, if you do have a financial career tax question,
0:57.0	shoot us an email.
0:58.0	Ask Jill at Jill on Money.com.
1:00.5	Amelia writes that she is a long listener, first-time writer, I'm 32, I'm single,
1:06.2	I make around $100,000 a year. I have about $36,000 of student loans with a 3.75% interest rate through a private bank. I'm maxing out a Roth IRA. I usually
1:18.0	contribute to a 403B up to my employer's match of 4.35%.
1:23.6	OK, here's the change.
1:25.5	Due to current circumstances with the virus,
1:28.0	my employer will not be matching for the rest of the year.
1:31.0	Additionally, I have a 5% salary cut through the end of the year. Additionally, I have a 5% salary cut through the end of the year. I typically pay $2,000 a month
1:37.2	towards my student loans. Would you recommend I continue contributing to the 403B to
1:42.2	take advantage of buying while the market's low,
	...

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