Real Answers for Life’s Money Challenges
I am a nanny who is paid legally.
Im almost 53 years old.
I have been with a family for four years.
These are thebiggest money secrets rich people don’t tell you.
I didnt understand what every line and abbreviation meant on a pay stub.
I thought for 212 years that the 4% was being taken out.
I didnt realize it wasnt until someone tried to steal my identity.
She said that she will add the inflation rate and something else.
I have 112 years left.
She would have gotten pummeled with phone calls and past-due notices.
Eventually, her service would have been cut off.
So I think you better bring this matter up every week until your employer takes action.
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I suspect that the answer is no, in part because of the 4% match.
No additional employer contributions are allowed.
A SIMPLE IRA is fairly straightforward to set up.
Again, your employers contribution would be capped at a 3% dollar-for-dollar match.
So youd need to find an acceptable compromise given that your contract says 4%.
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The drawback is that this would increase your taxable income.
Youd want them to gross-up your pay so that youd get the full 4% after taxes.
Correcting for the past contributions they didnt make will be a lot more complicated.
The U.S. Department of Labor has acalculatorfor determining lost earnings, but the rules are complicated.
Getting that money in a lump sum will result in a big tax bill for you.
Plus, you wont be afforded the tax advantages or protections you get with a retirement account.
Did you know?
This is a benefit that youve clearly earned.
Hopefully, you wont need to file a formal complaint or fight them in court for it.
But these may be your only options if your employer refuses to pay up as promised.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
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