Should I just stop investing in my 401K now? I've been with Humana less than 2 years and it will be less than 2 years if I am laid off in this RIF. MAYBE more money will go into my pocket the next couple month?
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You can continue stashing money into your 401K and if you get cut, you can take a piece of that money during the roll-over (I am assuming you'll roll over the money to your new employer or a self managed IRA account).
Do your best not to touch money - I know it may be hard but it'll pay dividends down the road (literally and figuratively)
I hope you stay with us...
I agree to stopping especially if you arent vested because it isnt free money from Humana until you are vested and that equates to 2 years of employment. You could continue to contribute if it helps with lowering your pre-tax income and you are expected to pay taxes at the end of the year. Again it isnt advise that anyone can give.
Oops didn’t finish my previous comment..,so per Dave stop investing and save as much as you can until you get a new job or at least know what is ahead.
Dave Ramsey would tell you to stick pile money to prepare for a rainy day.
It’s not free money if you’re impacted before you get vested. But you might not get impacted. I am impacted & will cut the 401k down completely now.
If you have the opportunity to continue paying into the 401K you should, it's free money. But we all have different needs.
You have to be with Human 2 years to be vested so it might be advisable to stop contributing especially if you think that you might be RIFed.
That is a very individual decision and if you have to pay back taxes at the end of the year..... To start to pad your income you can stop or decrease your 401K. They will continue to take the same amount of your check while you serve your 60 day notice and your PTO pay off balance. If leaving it at that amount until you are separated from Humana help on tax deferment then leave it. I just wouldnt recommend cashing it out for any reason with the high tax penalty. You can even leave it with Humana after you separate but you wont be able to add to it or you can move it to a IRA.