WIRELESS LIFESTYLE 401(K) PLAN Contribution & Employer Match

WIRELESS LIFESTYLE 401(K) PLAN Contribution & Employer Match

WIRELESS LIFESTYLE, LLC provides the following retirement savings benefits to its employees:

WIRELESS LIFESTYLE 401(K) PLAN Estimated Average Employee Contribution Amount

In 2021, the estimated average employee contribution amount per participant for WIRELESS LIFESTYLE 401(K) PLAN is $210.00. 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.
13,499.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 210.00 in WIRELESS LIFESTYLE 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 WIRELESS LIFESTYLE 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’.

WIRELESS LIFESTYLE 401(K) PLAN Total Employer Contribution and Match Rate

In 2021, WIRELESS LIFESTYLE 401(K) PLAN allocates $48,943.00 to match its employees' contributions, providing an employer match rate of 32.00% of their contributions

WIRELESS LIFESTYLE 401(K) PLAN Estimated Average Employer Match

In 2021, the estimated average employer match for an employee in WIRELESS LIFESTYLE 401(K) PLAN is approximately $67.00
Investing in this additonal $67.00 for 20 years would give you extra $4,320.00, assuming a 10% annual return.

WIRELESS LIFESTYLE 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees may contribute up to the amount permitted by IRS regulations.

2. Employer Match/Contribution Conditions: The Employer Safe Harbor match is equal to 100% of the employee's elective deferrals that do not exceed 4% of the employee's compensation. The employer may also make a discretionary non-elective contribution to active participants who have been employed for at least 1 year and worked 1,000 hours during the Plan year.

3. Vesting Schedule/Eligibility: Participants are immediately vested in their contributions and the Employer Safe Harbor contributions. Vesting in the Employer non-elective contribution portion is based on years of continuous service subject to a graded vesting schedule. A participant is 100% vested after the completion of six years of credited service. Participants need to be employed on the last day of the Plan year and have worked at least 1,000 hours during the Plan year to receive an allocation for non-elective contributions.

4. Yes, it allows Roth 401(k) contributions.

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