SECTION 403(B) RETIREMENT PLAN FOR LIMA CONVALESCENT HOME FOUNDATION, INC. Contribution & Employer Match
SECTION 403(B) RETIREMENT PLAN FOR LIMA CONVALESCENT HOME FOUNDATION, INC. Contribution & Employer Match
LIMA CONVALESCENT HOME FOUNDATION, INC. provides the following retirement savings benefits to its employees:
SECTION 403(B) RETIREMENT PLAN FOR LIMA CONVALESCENT HOME FOUNDATION, INC. Average Participant Retirement Account Value
SECTION 403(B) RETIREMENT PLAN FOR LIMA CONVALESCENT HOME FOUNDATION, INC. Estimated Average Employee Contribution Amount
49,916.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 779.00 in SECTION 403(B) RETIREMENT PLAN FOR LIMA CONVALESCENT HOME FOUNDATION, INC., assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-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 SECTION 403(B) RETIREMENT PLAN FOR LIMA CONVALESCENT HOME FOUNDATION, INC.
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’.
SECTION 403(B) RETIREMENT PLAN FOR LIMA CONVALESCENT HOME FOUNDATION, INC. Total Employer Contribution and Match Rate
SECTION 403(B) RETIREMENT PLAN FOR LIMA CONVALESCENT HOME FOUNDATION, INC. Estimated Average Employer Match
Investing in this additonal $140.00 for 20 years would give you extra $9,012.00, assuming a 10% annual return.
SECTION 403(B) RETIREMENT PLAN FOR LIMA CONVALESCENT HOME FOUNDATION, INC. Contribution & Match Policy
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