THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN Contribution & Employer Match

THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN Contribution & Employer Match

FELHABER, LARSON, FENLON,VOGT, P.A. provides the following retirement savings benefits to its employees:

THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN is $707,014.00

THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN is $7,191.00. 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.
460,235.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,191.00 in THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING 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.

Employer match in THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN

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’.

THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN Total Employer Contribution and Match Rate

In 2023, THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN allocates $1,663,607.00 to match its employees' contributions, providing an employer match rate of 202.04% of their contributions

THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN is approximately $15,123.00
Investing in this additonal $15,123.00 for 20 years would give you extra $967,916.00, assuming a 10% annual return.

THE FELHABER, LARSON, FENLON & VOGT, P.A. EMPLOYEE SAVINGS & PROFIT SHARING PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 85% of their salary to the plan.

2. Employer Match/Contribution Conditions: The employer contributes up to 5% of the participant's base compensation contributed to the plan.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their contributions immediately. For employer contributions, participants are 100% vested after six years of credited service, attainment of retirement age of 65, death, or termination of the plan.

4. Roth 401(k) Contribution: The plan allows Roth elective deferrals.

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