Wonder how much you'll have in your 401(k) account at the time you retire? That's the question on everyone's mind when they thinking of retirement. Insight Wealth Group has provided this contribution calculator to give you an idea of what you can expect your 401(k) balance to be, given your current rate of savings, employer match and rate of return.
Adjust your 401(k) contribution to discover how it can effect your savings balance. The IRS does limit retirement savings contributions to a maximum pre-tax annual contribution of $18,000 (as of 2015).
Will it be enough? The answer to that question depends on you and your retirement goals. That's a question that you and your financial advisor at Insight Wealth Group can answer together. Contact us at (515) 273-1333 to start the discussion.
Types of 401(k) Plans
Traditional 401(k) Plans offer the greatest flexibility and are often offered as a benefit from employers. The contributions are pre-tax and are scheduled as payroll deductions. Employers have the option to make matching contributions to the employees account.
Safe Harbor 401(k) Plans are similar to a traditional 401(k) plans. The key difference is how employer contributions that are fully vested are handled.
SIMPLE 401(k) Plans are designed for small businesses with 100 or fewer employees. The main difference with these types of accounts is the required fully vested employer contributions. Plus, employees may not receive any 401(k) contributions or benefit accruals under any other plans of the employer.
Not sure how your 401(k) fits into your overall investment strategy? Insight Wealth Group can help you understand how your 401(k) fits into financial planning goals.