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Vinil7 [7]
3 years ago
14

Jillian has just started her first job with a $45,000 salary at a company with a 401(k) plan that has a 100% match up to 3% gros

s salary. She figures she can afford to save $3,000/yr out of her income for her retirement. What should Jillian ideally do?
a. Contribute 1650 in a Roth IRA, and 1350 In her company’s 401(k) plan
b. Contribute 3,000 in her company’s 401 (k) plan
c. Contribute 2,00 in a Roth IRA
d. Contribute 1350 in a Roth IRA, and 1650 In her company’s 401(k) plan
Business
1 answer:
gogolik [260]3 years ago
4 0

Answer:

Jillian

What Jillian should ideally do is:

a. Contribute 1650 in a Roth IRA, and 1350 In her company’s 401(k) plan.

Explanation:

a) Data and Calculations:

Salary = $45,000

401(k) = 3% of $45,000 = $1,350

Employer's match to the 401(k) = $1,350 (100%)

Savings affordable = $3,000

b) Jillian can contribute to Roth IRA and her company 401(k) which her company will also match 100%.  Her contributions to both funds are within the allowed limits.  In 2020, the allowed limit of 401(k) plan is $19,500 while that of Roth IRA is $6,000.

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