Page 27 - Skyline Windows | 2022 Benefits Guide

Year of Service
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Vested %
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401(k) Plan Limits – IRS Contribution Limits for 2022
• $20,500 – Employees under age 50
• $27,000 – Employees who are age 50 or older
major role in your investment performance as well as your success in achieving investment goals. An appropriate asset allocation takes into consideration your investment time frame, objectives, risk tolerance, and personal financial considerations.
Borrowing From A 401(k)
Many 401(k) plans allow you to borrow from your account balance, letting you repay the loan through automatic, after- tax payroll deductions. Borrowing from your 401(k) plan
has certain advantages, but it also poses drawbacks--loan balances must be paid off in five years and if you leave your job, you may be required to pay back the full balance within a short-time frame or pay penalties and taxes. Most important, borrowing from your 401(k) can significantly reduce your retirement savings nest egg.
Retirement Tools
401(k) Contribution Calculator
We all know we should be contributing as much as we possibly can to our 401(k).
There's really no excuse not to. No matter how well you do with your other investments, you're unlikely to beat the 401(k)'s advantages of tax-deferred growth and a company match. The bottom line: Max out.
Asset Allocation Profiler
What May Be the Best Asset Allocation for You?
How you allocate your investments among the principal asset classes - stocks, bonds, and money market instruments - can play a
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