17 Million Americans Are Missing Out on Free Money (Stimulus Check)

The pledge of free money has generally been found to be attractive. 

Nearly 3 million people signed a petition asking for more stimulus checks

In the end, the stimulus payments given out by Congress amidst the initial months of the coronavirus pandemic were tremendously popular and about 3 million people have countersigned a petition asking for more stimulus checks.

In such a scenario, why do every 1 working American out of 10 are losing out on thousands in free cash that is accessible right now, and in fact, the same has been continuously available for a long time?

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Though some Americans either don’t know enough about these plans or don’t believe that they are eligible for getting those free money, well both these issues have been now simply resolved. Read the full article to ensure that you receive the money you are eligible to get.

Millions don’t max out their 401(k) match

A 401(k) match from your employer is the nearest thing most people receive to get free cash. These standard programs authenticate your company match for whatsoever contribution you are making to a 401(k) retirement account up to some extent.

Fourth-Stimulus-Check
Fourth-Stimulus-Check

This benefit is a section of your remuneration package when you are hired for a job, so when you don’t take complete benefits, it means you are not taking a portion of your pay. For example, if your per year salary is $60,000 and your employer provides a dollar-for-dollar match to the extent of 6 percent of your remuneration, that indicates that at most you can get from your employer an amount of $3,600 per year.

But in case you only make a contribution of $2,000 into your 401(k) then your employer is only giving out $2,000 and you are losing $1,600 as it is on the desk.

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Similar opportunities like these don’t come often in life and according to a recent survey by MagnifyMoney, there are still 17.5 million Americans who are losing the chances of encashing on the complete proposal they get.

Why don’t people contribute more?

It has been cited by a small number of participants that either they have no idea regarding how 401(k) retirement programs work (6 percent) or some even have no idea if their company provides a match (17 percent). If you also fall under the same panel then it is acceptable but when you have an option to get that much money you will want to arrange for a discussion with a representative of your company’s HR department right away.

There are some employees (12 percent) who say that they would like to wait till they get older to contribute towards such a plan. However, any financial advisor will ask you to start making contributions to your retirement plan as soon as possible without any delay as it provides your investments more time to expand.

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The main reason why there are still some employees who don’t opt to take the entire benefit is affordable capacity, more than one-third of participants claim they are not in a situation of making as much contribution as they would like to. This is understandable, particularly at such a time when a household’s budget is continuously increasing to a great extent.

Typically, the answer might be to depend on the benefit of investing even small amounts of money, however, you may have another solution with a 401(k) match.

How to start taking full advantage

If you have earned enough money to spend, your very initial action must be to make arrangements for automatic withdrawals through your paycheck. A “set-it-and-forget-it” strategy will make sure that you receive the utmost match.

Always keep in mind that you can invest more than the money your employer will match. And also, you would not be required to pay taxes on your contributions as these self-regulating withdrawals generally come through your pre-tax earnings.

On the other hand, in case you are suffering to turn up with the money to make your complete contributions, last year a new company has been launched that will help you out from this same issue. The company will lend you the cash you require to get the whole match and that too with no upfront fee or credit check.

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After that, following your employer matches your contributions you can pull out money from your 401(k) to pay back the company in addition to that you get a tiny cut of the money you received from the match.

Though it’s not as much pure surplus as you would get by contributing your hard-earned money, it’s far better than losing out on the proposal of free cash.

Else, you can also opt-out of these certain proven strategies mentioned below to discover the cash you seek to receive the maximum possible free cash.

Score a better mortgage rate

Substantially the interest rates are low at this point; if you take on a loan, you might be able to make savings of hundreds every month and thousands throughout the tenure of your loan.

Consolidate your high-interest debt

Credit cards make it simple to fall into debt with interest rates of up to 20%. Merging your total balances into one loan and with a low interest rate can aid you in saving hundreds and release yourself quicker from the loan.

Stop overpaying online

It’s really difficult to be sure if you have come across the best price at a time when there are thousands of stores available on the internet. In such a scenario, try a free browser extension that automatically applies coupon codes and discovers the lowest prices when you shop virtually.

Turn pennies into a portfolio

In case you don’t have enough money to invest, you can continue to gain returns from the hot stock market nowadays. A well-known application will aid you to invest your “spare change” from regular expenses.

11 thoughts on “17 Million Americans Are Missing Out on Free Money (Stimulus Check)”

  1. Im on disability i no not only myself but others on retirement also we feel as though we have been forgotten all we ever hear about is chid tax credits those people work an thr getting all the money i had kids back in my day never recieved all this money thr getting i find it to be rediculous while us people on disabilty an retirement are suffering.

    Reply
  2. Every time I check on these “do you qualify ” things they won’t me to apply for new Medicare supplement plans. Fraud as far as I can see.

    Reply
  3. Will. Sosiaal. Security. Diable. Peoples. Will they get it too please key. Me knowpkease I really needthat money g m holder my. E mail thank you very much. Let. Me know something please gearldean. M. Holder

    Reply
  4. Im 56 years old and I get social security once a month its just not enough to pay all my bills my rent is 400 hundred dollars a month plus my electric and internet and my insurance for my car now im behind on my electric and my internet bill im going to have to move back in with my mother I guess onless I can get some extra money they are giving money to anyone that has kids even the the people thats on welfare that has never work but they re not giving anything to people that has raised their kids and now live alone I just don’t think its right at all .I would like to sign the petition thats out I don’t know how to get to it.

    Reply
  5. I great beginning would be the suggested $1400.00 Social Security stimlus payment to retires every 2 months, we can’t contribute to a 401k,don’t own a home . The USA gives billions of $ to every flicking country in the world. But they can take care of there own elderly & retires we should not have to pay a dime for Medicine. Doctors we should all hv food stamps , free cellphones etc . Tell Mmr Bezsos & Elon Musk & the rest of the 1% ers to just pay there Taxes Flat Tax @33% not loop holes every single one of them make their Billions from sales to Middle Class Americans off of foreign labor how about supporting the people that support you . I am on SS disability & I pay more income tax then Jeff Bezsos. What a f-in joke.

    Reply
  6. I was a single parent.Now try to save, when your raising two children. That is impossible. So a 401k, was the last thing on my mind. Just paying the bills and getting them what they needed was just about all I could do. So, am the one that’s paying the price now. The president needs to open up his eyes, because we that are on SSI. Need another stimulus check. Because, we won’t be able to survive. They are giving money back to all the home owners and people with dept. Well I have no dept and I don’t own a house, so where does that leave the rest of us?

    Reply
  7. We as the people need that money ..the cost of living this want up…pay for food is just high to at this point I care what it is

    Reply

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