MITCHELLS OF WESTPORT EMPLOYEE SAVINGS Contribution & Employer Match

MITCHELLS OF WESTPORT EMPLOYEE SAVINGS Contribution & Employer Match

MITCHELLS OF WESTPORT provides the following retirement savings benefits to its employees:

MITCHELLS OF WESTPORT EMPLOYEE SAVINGS Average Participant Retirement Account Value

In 2005, the average participant retirement account value for MITCHELLS OF WESTPORT EMPLOYEE SAVINGS is $63,744.00

MITCHELLS OF WESTPORT EMPLOYEE SAVINGS Estimated Average Employee Contribution Amount

In 2005, the estimated average employee contribution amount per participant for MITCHELLS OF WESTPORT EMPLOYEE SAVINGS is $10,641.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
681,045.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,641.00 in MITCHELLS OF WESTPORT EMPLOYEE SAVINGS, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in MITCHELLS OF WESTPORT EMPLOYEE SAVINGS

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

MITCHELLS OF WESTPORT EMPLOYEE SAVINGS Total Employer Contribution and Match Rate

In 2005, MITCHELLS OF WESTPORT EMPLOYEE SAVINGS allocates $271,403.00 to match its employees' contributions, providing an employer match rate of 25.00% of their contributions

MITCHELLS OF WESTPORT EMPLOYEE SAVINGS Estimated Average Employer Match

In 2005, the estimated average employer match for an employee in MITCHELLS OF WESTPORT EMPLOYEE SAVINGS is approximately $1,330.00
Investing in this additonal $1,330.00 for 20 years would give you extra $85,146.00, assuming a 10% annual return.

MITCHELLS OF WESTPORT EMPLOYEE SAVINGS Contribution & Match Policy

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