I've only now started to look at retirement funds, and I'm way too late to the game, and don't understand them.
My company says they will match my 401k at 50%. Okay, I get that. So I invest 4%, I get 6%.
Here's what I'm confused about. It also has this bit:
If you meet the eligibility requirements, you will receive an Annual Retirement Contribution (ARC) to your Plan account. The amount you receive is based on your years of service and age on December 31 in the year you earned your contribution. As the points increase, so does the ARC as shown below.
Age + Service Annual Retirement Contribution Less than 40 points 2% of pay 40-59 points 3% of pay 60-79 points 4% of pay 80+ points 5% of pay
My total is 51. So would that be an ADDITIONAL 3% to the 6%? I'm hesitant to believe I could get 9% that easily?
I'm so embarrassed I don't already know these things. I've never been in a place to even look towards a future, and I'm so far behind.
Submitted April 17, 2024 at 11:24PM by Haunting_Coast_8910 https://ift.tt/MWZsflA
