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Connie96

Newbie

Posts: 1
Registered: 10-11-2011
Location:

posted on 10-11-2011 at 16:32

401(k) contribution

I am facing a divorce. I was thinking about stopping my 401(k) contribution altogether (as it may just increase my wifes payout), but now i'm thinking i should just decrease it to the amount needed to get my employer match. My thought being that worst case i get back what I paid in, she effectively gets the match, and i still get the tax deduction in the meantime. Any thoughts on this or holes in my logic?

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Guitarguy

Member

Posts: 1
Registered: 08-26-2020
Location:

posted on 08-26-2020 at 11:23

Hey

Hey!

I got divorced three years ago.
I lost a lot of my retirement money to my ex.
She didn't make as much as me, so I get it.
It happens.
If we retires together, half of that money was for her anyway.
Now, it's just me, and I retained a good bit of it.
I also took money out of it to get a house.

When I was married I made a 15-16% contribution or pay deduction.
Now I only do 4-5% and company matches 4%.
They also contribute another 10% quarterly.

I can barely afford to do the 4%. It's been dina cially rough on me.
I tried to live my life as I did when married. I ran up credit cards.
It was stupid. :(
Wish I coild get it back.

Now I am wishing I lived with someone to save money but not sure I can deal with living with another woman at this time in my life.
Worried it would ruin our relationship.

Contribute what you can afford but don't make it so tough that you can't live.

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