I just started a new job with a dollar-for-dollar employer match on the first 3% and 50% of the next 2% of my contributions.
I’m not getting the math of the second part.
so if I contribute 10 of salary that’s income*10% = contribution
contribution*3% = companyMatch
So right now I’m saving contribution + companyMatch
What is the next 2%? (contribution-companyMatch)*2% ?
After that, I get that it would be half of that and sum it up to what I’m saving.