Do I Freeze My Pension To Get a Higher Match?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 13 April 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:13.9	Kyle is with us to start off this hour in Davenport, Iowa.
0:17.6	Hi, Kyle.
0:18.6	Welcome to the Ramsey shop.
0:20.2	Hi, Dave.
0:21.2	How are you?
0:22.2	Better than I deserve, man.
0:23.4	What's up?
0:24.4	Yeah, I had a question.
0:26.2	We recently, I'm a union member, and I recently resigned a contract, and they're giving us
0:33.7	a one-time choice of, we currently are offered a 401k and a pension, and they're giving us
0:42.3	a choice to freeze the pension for an increased match in the 401k.
0:50.5	And I was just wondering your thoughts on that.
0:54.7	Interesting.
0:55.7	Well, I mean, we would just try to figure out the math on it, wouldn't we?
1:00.3	Yeah.
1:01.3	So what is the increase in the 401k match?
1:05.5	So it's based on there, we're turned on assets per year, which, out of the last 12 years,
1:13.6	it would be dollar for dollar match, up to 6%, which I currently get 60 cents per dollar.
1:22.0	Okay, so it's a 40%.
1:24.6	So, it's a 40% increase.
	...

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