LOMAR MACHINE & TOOL CO. SAVINGS PLAN
Contribution & Savings
LOMAR MACHINE & TOOL CO. SAVINGS PLAN Average Participant Retirement Account Value
In 2023, the average participant retirement account value for LOMAR MACHINE & TOOL CO. SAVINGS PLAN is $174,474.00
LOMAR MACHINE & TOOL CO. SAVINGS PLAN Estimated Average Employee Contribution Amount
In 2023, the estimated average employee contribution amount per participant for LOMAR MACHINE & TOOL CO. SAVINGS PLAN is $8,737.00. 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.
559,179.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,737.00 in LOMAR MACHINE & TOOL CO. SAVINGS PLAN, assuming a 10%* annual return.
559,179.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 8,737.00 in LOMAR MACHINE & TOOL CO. SAVINGS PLAN, 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.
Keep researching LOMAR MACHINE & TOOL CO. SAVINGS PLAN
Use the links below to move from this plan page into calculators, related retirement articles, and comparable plans in a similar industry or size band. That gives you a faster way to compare match design, fees, investments, and savings strategy in context.
Related Calculators
- 401(k) Employer Match Calculator
- Investment Fee Impact Calculator
- Mega Backdoor Roth 401(k) Calculator
Related Plans
- ENDICOTT PRECISION, INC. RETIREMENT PLAN (120 participants, $19,948,033)
- BRONSON & BRATTON, INC. EMPLOYEES' RETIREMENT SAVINGS PLAN (120 participants, $19,044,079)
- GENESYS INDUSTRIAL CORPORATION 401(K) SAVINGS PLAN (120 participants, $12,237,890)
- BOMCO, INC. 401(K) PLAN (120 participants, $10,804,585)
- MODERNISTIC DIE CUTTING INC PROFIT SHARING & 401K PLAN (120 participants, $9,986,006)