Quit my 401k match to feed my cats sushi, my boss called me crazy

I work at a call center in Akron and we get a 6% match on retirement, but my two cats have kidney issues and the vet bill hit $1,200 last month. I crunched the numbers and skipping the match frees up about $180 a month, which covers their special wet food and meds. My boss told me I was throwing away free money, but my cats are 14 and 15, they are not going to live forever. I know the compound interest stuff, but I have been paying into that fund for 8 years and it only grew $3k because the market stinks. Has anyone else quit a benefit to take care of a pet or family member, and did you regret it later?

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robert_craig1mo ago

Did you actually look at your 401k statement from 2022 to 2023, or just the overall balance? Because the market has had some rough years, but an 8 year window that only grew $3k sounds like you might be looking at the total contributions versus the gains, not the match itself. The match is basically an instant 100% return on that 6%, no matter what the market does short term. Skipping it is like turning down a raise to pay for cat food, and that part is hard to get back later. I get the urgency with your cats, they are family, but maybe see if there is a cheaper specialty food brand or a vet payment plan first. Take this with a grain of salt, but I would rather cut my own eating out budget than give up free money that grows for 20 more years.

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