I am the primary breadwinner in the family. I am a teacher and have a 403b. We are paying off our house this month and are ready to increase contributions to retirement. I already contribute pretty well to my 403b, but am planning to increase now we don’t have a mortgage to pay monthly.
We also have no debt. No credit card, student loans, or other stuff.
Her company does offer a 401k. We are not sure if she should start contributing to it or if I should just figure out how much she would have contributed to it and just add that to my 403b. She has not contributed to her 401k at all. I am relying on my investment + my teacher pension(Michigan).
Her company offers one reason to go with the 401k. They do a small matching. Once per year. 50 cents on the dollar. Maximum from them is $1000. So, if she contributes $2000 per year, she’d get $1000 from them. It’s based on profits, but we think they’ll offer it most years.
Is it worth that or should I just add $2000(or something close) to my 403b, which has been rolling along for 10+years. (I’m talking $2000 in addition to what I was already planning to increase).