 401(k) Matching: How To Boost Your Nest Egg

November 1, 2022 By : Quick Insurance Guru Floral Separator

It's never too early or too late to start saving for retirement

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And a 401(k) plan is a great way to do it.

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According to the Bank of America 2022 Financial Life Benefits Impact Report, only 58% of eligible employees participate in their plans.

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401(k) contributions are tax-deferred, meaning you contribute pretax dollars now

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Companies that match employee 401(k) contributions do so according to sources governed by plans and permission of the IRS.

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Being vested in a 401(k) means that you keep money in your account.

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Employees under age 50 can contribute up to $20,500 to their 401(k) in 2022.

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And employees age 50 and older can add an additional $6,500 catch-up contribution.

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You can get maximum return on your investment and financial security in retirement.

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THANKS FOR READING!

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