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Reply to "nannies, have you ever thought of switching to preschool teacher job to get 401K"
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[quote=Anonymous][quote=Anonymous]if I get a job at a private school similar to Rochambeau, do you think they have a good employer matching plan there?[/quote] A typical employer match is between 2% and 4%. I’d say a 6% match would be very nice. So if you make $50k and they match 6%, that’s $3k in employer contributions. Nice, but $3k isn’t getting you anywhere anytime soon. You need that type of employer match over, say, 30 years, compounding annually. This is also why it’s important for nannies to be paid above the table, if this is their long term career (versus say a college student “nannying” in the summer). In order to get social security in retirement, you need to have paid into the system over the years and have paid taxes. Even if you didn’t save for retirement, at least you have your social security IF you were paid legally and reported the income. [/quote]
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