FHC HEALTH SYSTEMS COLLECTIVELY BARGAINED 401K PLAN FOR SOUTHFIELD EMPLOYEES Contribution & Employer Match

FHC HEALTH SYSTEMS COLLECTIVELY BARGAINED 401K PLAN FOR SOUTHFIELD EMPLOYEES Contribution & Employer Match

FHC HEALTH SYSTEMS provides the following retirement savings benefits to its employees:

FHC HEALTH SYSTEMS COLLECTIVELY BARGAINED 401K PLAN FOR SOUTHFIELD EMPLOYEES Average Participant Retirement Account Value

In 2007, the average participant retirement account value for FHC HEALTH SYSTEMS COLLECTIVELY BARGAINED 401K PLAN FOR SOUTHFIELD EMPLOYEES is $26,431.00

FHC HEALTH SYSTEMS COLLECTIVELY BARGAINED 401K PLAN FOR SOUTHFIELD EMPLOYEES Estimated Average Employee Contribution Amount

In 2007, the estimated average employee contribution amount per participant for FHC HEALTH SYSTEMS COLLECTIVELY BARGAINED 401K PLAN FOR SOUTHFIELD EMPLOYEES is $2,503.00. 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.
160,214.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 2,503.00 in FHC HEALTH SYSTEMS COLLECTIVELY BARGAINED 401K PLAN FOR SOUTHFIELD EMPLOYEES, 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 FHC HEALTH SYSTEMS COLLECTIVELY BARGAINED 401K PLAN FOR SOUTHFIELD EMPLOYEES

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’.

FHC HEALTH SYSTEMS COLLECTIVELY BARGAINED 401K PLAN FOR SOUTHFIELD EMPLOYEES Contribution & Match Policy

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