RAINEY USED CARS, INC. 401(K) PLAN Contribution & Employer Match

RAINEY USED CARS, INC. 401(K) PLAN Contribution & Employer Match

RAINEY USED CARS, INC. provides the following retirement savings benefits to its employees:

RAINEY USED CARS, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for RAINEY USED CARS, INC. 401(K) PLAN is $3,556.00

RAINEY USED CARS, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for RAINEY USED CARS, INC. 401(K) PLAN is $971.00. 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.
62,207.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 971.00 in RAINEY USED CARS, INC. 401(K) PLAN, 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 RAINEY USED CARS, INC. 401(K) PLAN

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’.

RAINEY USED CARS, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2022, RAINEY USED CARS, INC. 401(K) PLAN allocates $138,787.00 to match its employees' contributions, providing an employer match rate of 59.87% of their contributions

RAINEY USED CARS, INC. 401(K) PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in RAINEY USED CARS, INC. 401(K) PLAN is approximately $515.00
Investing in this additonal $515.00 for 20 years would give you extra $33,019.00, assuming a 10% annual return.

RAINEY USED CARS, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute a portion of qualified compensation up to the maximum amount determined by the federal government.

2. Employer Match/Contribution Conditions: The employer matches 100 percent of the participant’s contribution up to 4 percent of the participant’s compensation.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and safe-harbor matching contributions. For discretionary profit-sharing contributions, vesting is 20 percent after two years of service, 40 percent after three years, 60 percent after four years, and 100 percent after five years of credited service.

4. Roth 401(k) Contribution: Yes, the plan allows for Roth elective deferrals (after-tax).

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