One thing I’m glad about is that I’ve always paid attention to my 401(k). Especially the one from my last job, which was with Gannett. For those of you who don’t know, Gannett just announced plans to cut 1,000 jobs (3% of its newspaper employees), another sign that “serious” print media is going the way of the dinosaur.
While I was at a Gannett newspaper, the company matched 50% of my 401(k) contributions — up to 6% of my pay — with company stock. Sure, that was all well and good when I left the company and the stock price was a hefty $80-$90, but as of today, that stock is down to a pathetic $19.57.
As I saw the stock price starting to fall after my departure from the company, I had the presence of mind to redistribute the stock into other investments within my 401(k) plan. Now that’s it’s under $20, I’m glad I did! I know experts say to have a high-risk portfolio when you’re younger, but that wasn’t a risk I wanted to take.
