Maximize your retirement savings with employer matching. See how much you'll have and don't leave free money on the table.
e.g., 50% = $0.50 per $1
of salary they'll match
At age 65 in 35 years
* Based on 22% tax bracket. Traditional 401(k) contributions reduce taxable income.
If your employer offers matching contributions, always contribute enough to get the full match. It's an instant 50-100% return on your investment.
You can contribute up to $24,500 per year. If you're 50 or older, you can add $7,500 more in catch-up contributions.
Your 401(k) grows tax-deferred, meaning you don't pay taxes on gains until withdrawal. This allows your money to compound faster over time.
Employer matching means your company contributes additional money to your 401(k) based on your contributions. For example, "50% match up to 6%" means they'll add $0.50 for every $1 you contribute, up to 6% of your salary.
Traditional 401(k) contributions reduce your taxable income now, but you'll pay taxes in retirement. Roth contributions are taxed now, but grow and withdraw tax-free. Choose Traditional if you expect lower taxes in retirement, Roth if you expect higher.
You can roll over your 401(k) to your new employer's plan or an IRA. Your own contributions are always yours, but employer contributions may be subject to a vesting schedule.
Early withdrawals (before age 59½) typically incur a 10% penalty plus income taxes. Some plans allow hardship withdrawals or loans, but these should be last resorts.
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