(FinancialHealth.net) – Retirement savings plans can be an attractive employment benefit. Companies that offer 401(k) plans to their workers often match up to a certain amount each year. Wall Street Survivor explains exactly what a 401(k) is:
Here are some of the best retirement plans currently up for grabs:
- Amgen employees don’t have to contribute to their 401(k) to reap the rewards, but if they do, they’ll see up to 15% of their salary saved. The company contributes 5% of workers’ eligible pay. If the staff member decides to add to their retirement savings, Amgen will match it up to 5% of their salary.
- Wells Fargo matches their employees’ contributions dollar for dollar up to 6% of their quarterly pay. They also make discretionary profit-sharing contributions when the company is performing well. Workers must be employed for one year before the financial institution begins matching.
- Ultimate Software contributes 45% of every dollar an employee contributes, up to the IRS limits of $19,500 in 2020 ($26,000 if you’re 50 or older).
- ConocoPhillips employees just have to invest 1% of their salary and the company will automatically match them with 6% of their pay. They’ll also pay between 0% to 6% depending on how well the company is doing, and how old the worker is.
- Boeing employees receive retirement contributions totaling 9% to 11%. The aerospace company gives 3% to 5% of their workers’ salaries to their 401(k) plans. They’ll also match 75% of the first 8% of eligible pay that an employee contributes.
- Farmers Insurance staff could see up to 16% of their pay saved in their 401(k) if they play their cards right. The company automatically matches 4% of their employees’ eligible pay, even if the worker doesn’t contribute to their plan. Then they’ll match 100% of the contributions up to 6% of the eligible salary.
If you’re currently job hunting, it’s important that you look at all the benefits a company is offering. Their 401(k) plan shouldn’t be the only factor you consider, but it should be high on your list. Planning for your inevitable retirement is critical if you want a financially secure future.
~Here’s to Your Financial Health!
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