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MERRITT’S BOAT & ENGINE 401(K) PLAN

Contribution & Savings

MERRITT’S BOAT & ENGINE 401(K) PLAN Average Participant Retirement Account Value

In 2022, the average participant retirement account value for MERRITT’S BOAT & ENGINE 401(K) PLAN is $88,150.00

MERRITT’S BOAT & ENGINE 401(K) PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for MERRITT’S BOAT & ENGINE 401(K) PLAN is $3,528.00. 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.
225,821.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,528.00 in MERRITT’S BOAT & ENGINE 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.

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