WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN Contribution & Employer Match

WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN Contribution & Employer Match

WILLCOX & SAVAGE, P.C. provides the following retirement savings benefits to its employees:

WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN is $637,804.00

WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN is $10,387.00. 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.
664,777.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 10,387.00 in WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT 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 WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT 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’.

WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN Total Employer Contribution and Match Rate

In 2023, WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN allocates $1,014,506.00 to match its employees' contributions, providing an employer match rate of 80.72% of their contributions

WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN is approximately $8,454.00
Investing in this additonal $8,454.00 for 20 years would give you extra $541,069.00, assuming a 10% annual return.

WILLCOX & SAVAGE, P.C. PROFIT-SHARING RETIREMENT PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 50 percent of their pretax annual compensation to the plan.

2. Employer Match/Contribution Conditions: The Company may make profit-sharing contributions to eligible participants; during the year ended December 31, 2022, the Company made profit-sharing contributions of $974,136.

3. Vesting Schedule/Eligibility: Participants are vested immediately in their contributions plus actual earnings. Vesting in the Company’s contribution portion is based on years of continuous service; a participant is 100 percent vested after six years of credited service.

4. Roth 401(k) Contribution: Participants may elect to designate all or a portion of their elective deferrals as Roth contributions.

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