Starbucks Baristas: The daily grind
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401k Advice (self.starbucksbaristas)
submitted by ethereal_dear
So I started my 401k with Starbucks recently and I was wondering if they do a percentage match towards my contribution of $30 to my annual earnings. Anyone using the 401k and knows more about this? Is there a better way like a Roth IRA?
HamburgIar_ 4 points 1y ago
They match up to 5%
terriblescreenwriter 1 points 1y ago
5%? That’s absolutely pitiful
GuySmileyIncognito 5 points 1y ago
It's a 100% match of your contribution up to 5% of your paycheck. Not 5% match of your total contribution. So you can choose to put any percentage of your paycheck into your 401k, but they're only matching up to 5%. Chances are you aren't going to put a gigantic portion of your paycheck into the 401k.
OneRoseDark 4 points 1y ago
To expand on other answers: I put 5% of my paycheck into my 401k. That's about $60 a paycheck, which Starbucks matches for a total of $120 per paycheck, $240 a month, or $2880 per year. If I put any more in, say I doubled it for 10% / $120 of my paycheck going to the 401k, they would still only match 5% and add in another $60.
HamburgIar_ 3 points 1y ago
I think you misunderstand. It's actually really good. If you apply 5% of your paycheck to 401k they match that 5%.
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