HELP! I need help deciding between 2 jobs

[Stache In Training]

Sorry for the lack of exact details, but you never know who's lurking.

So from a FIRE standpoint.  Is it better to take job A) that pays 45k with health benefits, 401k (no employer match), and pension, OR job B) that pays 52K with no benefits or 401k?

If you need any more info, please let me know, and hopefully I can give them to you.  Thank you

[MDM]

I'm guessing "A", but you need to determine at least
- difference in health care expenses
- pension value
- tax-deferred investment value
- likely salary trajectories over time
in order to make a financial decision.

Then there's which one you would enjoy more....

[humblefi]

MDM has asked all the important questions already, esp the one about what you would like :-) So, I will present a small opinion.

From a risk reduction perspective, I would take A. Health benefits are very important depending on who you need to support.
+ If you are a young and health person, then you can buy a high deductible plan to cover for health emergencies that can cost more.
+ If you have a pre-existing condition, then A is an easy decision.
+ If you need to support a family OR plan on an addition to the family, A would be a good choice.
+ If the cost of the employee health plan is more expensive that what you can get outside, then I would skip A.
+ .....

From a savings perspective, money I do not see is the easiest way to save...a 401K, even one with no match, means $18000 per year pre-tax in savings.
So, from that perspective also, A would be a better choice.

Third point would be when would you need the money...If FIRE is 30 years away && you do not need the money, I would just go with the 401K and let it compound. If you are 2 years from FIRE and you are much younger than 59, then the question is: will you need this money to sustain you? If not, I would use 401K, etc.....

More details would help.

[hello867]

Take job A but ask them to raise the salary to 52k as you have another offer at that salary level.


Sent from my iPhone using Tapatalk

[dandarc]

I once had the same choice within the same employer - they offered a full benefits package at $37.50 / hour or no benefits at $45 / hour.  I had initially taken the full benefits package because I was too lazy to actually run the numbers, but a year later, ran the numbers and:

For me, the no benefits option worked out at that time.  That was pre-ACA so I was able to get a high-deductible health plan for something like $65 / month when I made the switch, which was a big factor.

You should figure out what all of these benefits would cost you (and which ones you actually need or have significant value for you), then make your decision.

At your numbers, and with health insurance likely costing more than in 2009 when I was analyzing this for myself, I'd bet that A comes out ahead, but that's no substitute for analyzing your situation as completely as you can on your own.

[bognish]

Which job will give you new skills that will be valuable during your next job search. If you look for a job in 2-4 years from now and Job A gives you no new skills or experience, but Job B puts new things on your resume that will make you worth more money take B. If you are in the early stages of a career it is good to develop as many skills and diverse experience to make you more valuable down the road.

[Stache In Training]

Thanks everyone, I ended up taking job A.  the money seemed to be a wash; A had better work life balance, and more skills to gain, and more advancement opportunity.  I appreciate all the advice.  Hard decision to make.