LUTHERAN RETIREMENT MINISTRIES EMPLOYEES' RETIREMENT PLAN AND TRUST Contribution & Employer Match
LUTHERAN RETIREMENT MINISTRIES EMPLOYEES' RETIREMENT PLAN AND TRUST Contribution & Employer Match
LUTHERAN RETIREMENT MINISTRIES OF ALAMANCE COUNTY, NORTH CAROLINA provides the following retirement savings benefits to its employees:
LUTHERAN RETIREMENT MINISTRIES EMPLOYEES' RETIREMENT PLAN AND TRUST Average Participant Retirement Account Value
LUTHERAN RETIREMENT MINISTRIES EMPLOYEES' RETIREMENT PLAN AND TRUST Estimated Average Employee Contribution Amount
202,076.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,157.00 in LUTHERAN RETIREMENT MINISTRIES EMPLOYEES' RETIREMENT PLAN AND TRUST, 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.
Employer match in LUTHERAN RETIREMENT MINISTRIES EMPLOYEES' RETIREMENT 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’.
LUTHERAN RETIREMENT MINISTRIES EMPLOYEES' RETIREMENT PLAN AND TRUST Total Employer Contribution and Match Rate
LUTHERAN RETIREMENT MINISTRIES EMPLOYEES' RETIREMENT PLAN AND TRUST Estimated Average Employer Match
Investing in this additonal $943.00 for 20 years would give you extra $60,383.00, assuming a 10% annual return.
LUTHERAN RETIREMENT MINISTRIES EMPLOYEES' RETIREMENT PLAN AND TRUST Contribution & Match Policy
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