See the big difference a small change can make for your financial future.
It pays to increase your NC 401(k) and/or NC 457 Plan contributions today!
- Help achieve retirement income goals.
- Take advantage of your total compensation package—employer matching dollars... you may be entitled to. Click here to see what your employer offers.
- Have the potential to retire at the age you choose.
Remember: Small contribution increases today may potentially make a big difference in your retirement income tomorrow.
The Impact of Saving More
| You save per month | $25 | $100 | $200 | $300 |
| 10 years | $4,327 | $17,308 | $34,617 | $51,925 |
| 15 years | $7,924 | $31,696 | $63,392 | $95,089 |
| 20 years | $13,023 | $52,093 | $104,185 | $156,278 |
| 30 years | $30,499 | $121,997 | $243,994 | $365,991 |
Assumes a 7 percent annual return compounded annually. The compounding concept is hypothetical and for illustrative purposes only and is not intended to represent performance of any specific investment, which may fluctuate. No taxes are considered in the calculations; generally withdrawals are taxable at ordinary rates. It is possible to lose money by investing in securities.
These Are The Ways You Can Contribute To Your Plan Account
—And Your Employer May Contribute On Your Behalf, as well:
| Types of Contributions | ||||
| Traditional Pre-Tax Contributions | Roth After-Tax Contributions* | Employer Contributions | Special “One-Time” Contributions | Traditional Pre-Tax Contributions |
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*See plan information regarding limitations on withdrawals from your account. For the NC 401(k) Plan, a distribution from a Roth account is “qualified” to be tax-free if the first Roth contribution remains in the account for at least five tax years AND: a) you are 59½ or older, or b) you have separated from service due to a disability, retirement, or death. If your withdrawal does not meet these conditions, then the Roth earnings—but not the Roth contributions—may be subject to state and federal income taxes. For the NC 457 Plan, the IRS rules define what is considered a “qualified” distribution from a Roth account in order to be tax-free. This means you can withdraw money from your NC 457 Roth account tax-free once you meet the following criteria: The first Roth contribution to your account must remain in your account at least five tax years AND a) you have separated from service and are 59½ or older, or b) you have separated from service due to a disability retirement, or c) you are still working and are at least 70½.
This information has been provided for your benefit and is not intended or designed to be advice. Empower is not a tax advisor.
Amounts withdrawn are subject to income taxes. Empower and its affiliates do not provide tax or legal advice for which you should consult your qualified professional.