RITCHIE ENGINEERING COMPANY SAVINGS AND RETIREMENT PLAN
Contribution & Savings
RITCHIE ENGINEERING COMPANY SAVINGS AND RETIREMENT PLAN Average Participant Retirement Account Value
In 2024, the average participant retirement account value for RITCHIE ENGINEERING COMPANY SAVINGS AND RETIREMENT PLAN is $82,352.00
RITCHIE ENGINEERING COMPANY SAVINGS AND RETIREMENT PLAN Estimated Average Employee Contribution Amount
In 2024, the estimated average employee contribution amount per participant for RITCHIE ENGINEERING COMPANY SAVINGS AND RETIREMENT PLAN is $5,320.00. 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.
340,538.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,320.00 in RITCHIE ENGINEERING COMPANY SAVINGS AND RETIREMENT PLAN, assuming a 10%* annual return.
340,538.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 5,320.00 in RITCHIE ENGINEERING COMPANY SAVINGS AND RETIREMENT PLAN, 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.
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