100% up to 3% so that's all I do until I can do the proper 15% but I figure I should account for their 3% they match right? So when able I should do 12 and they do the other 3 to make it 15 or am I supposed to put 15 and take their 3 to make 18?
The profit sharing is cool because that's about a 4k dump into the account once a year. It's a percentage of your yearly income that they give.
Kind of depends on your goals. If you can put in 15% of your own then definitely shoot for it, but at least try to get 12% of your own when you can and work up from there. There is no wrong answer. Eventually you get capped at $19,500/yr of your own contributions so at some point you can’t put more than the allotted max. Luckily it’s a pretty decent chunk you get to put away.
100% up to 4 is pretty badass considering you guys are a smaller company.
Trying to offer a good place to work with full benefits to employees. 401k is hopefully starting on the 1st, and health, dental, vision starts on Nov 1st as well. We are only doing 50% employer contribution towards health benefits for employees (they are welcome to have their dependents covered but we aren’t contributing towards dependents).
We looked into profit sharing but with me being the youngest person in the office, I get zero benefit of the profit sharing plan. Usually it’s age weighted so the owner of the company gets the largest portion of the plan. Youngest member always gets the short end of the stick. I ain’t about that shit haha