X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Employer Match

X-RAY ASSOCIATES OF NEW MEXICO, P.C. provides the following retirement savings benefits to its employees:

X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST Average Participant Retirement Account Value

In 2023, the average participant retirement account value for X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST is $221,148.00

X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST is $5,462.00. 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.
349,620.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,462.00 in X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST, 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 X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST

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’.

X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST Total Employer Contribution and Match Rate

In 2023, X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST allocates $1,750,977.00 to match its employees' contributions, providing an employer match rate of 104.07% of their contributions

X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST is approximately $5,576.00
Investing in this additonal $5,576.00 for 20 years would give you extra $356,887.00, assuming a 10% annual return.

X-RAY ASSOCIATES OF NEW MEXICO, P. C. 401(K) PROFIT SHARING PLAN AND TRUST Contribution & Match Policy

1. Employer Match/Contribution Conditions: Matching contributions are allowed on both pre-tax and Roth elective deferrals on a discretionary basis. No matching contributions were made in 2022.

2. Vesting Schedule/Eligibility: Participants are immediately vested in their voluntary contributions and Employer safe harbor contributions. Vesting for Employer’s matching and profit sharing contributions is 20% after two years of service, increasing by 20% each year until 100% vesting after six years of service. Eligibility requires one year of service requiring 1,000 hours and being age 18 or older.

3. Roth 401(k) contribution: Yes.

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