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Quicken Classic for Windows
Budgeting and Planning Tools (Windows)
Lifetime planner bug - 401k matching calculation
David Hurlburt
It appears the system is NOT taking into account employer matching correctly. For my situation, it asks if the employer matches and at what percent. When I put in my data (5%) and I put in a crazy "when will it stop" value of $150,000 per year, the system calculates a measly $900/yr match -- when it should be up about $5000 per year. Recommend someone take closer look at this error.
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Accepted answers
Scooterlam
I'm having problems replicating your issue, given what you have shared. Please feel free to attach "sanitized" screen grabs of your dialog boxes with figures, if the following does not help clarify. It can be quite confusing.
?
Did you put your data (5% and 150K) in this dialog? How did you interpret this dialog?
If so, your 5% means that the employer contributes 5% of what you entered here in the prior dialog (
your salary $ or % contribution
):
Given your figures, for example, an 18K/year employee contribution, the employer contribution would be $900/year (5% x $18k, up to a maximum of an employer share of $150K).
Now looking back at 2019 plan results, you will also see that everything is prorated by month. So a salary of 120K shows as 30K (a to-go figure) given it is October. The $18K employee contribution shows as $4500 and the $900 employer contribution shows as $225 (for a total of $4725). In the 2020 plan result, these figures show as full year numbers, adjusted for inflation.
Another example using % of salary....
Employee contributes 12% (of a 120K / year) of salary, which is $14400
And, given an employer match of 50% up to an employee share of 6% of salary...
So a 12% / year ($14,400) employee contribution, the employer contribution would be $3600/year (6% x $120K) x 50%). In other words, employer contributes half of employees contribution
UP TO
6% of employees salary.
You can see this play out in the plan result details dialog (again it is all prorated for 2019).
All comments
Scooterlam
I'm having problems replicating your issue, given what you have shared. Please feel free to attach "sanitized" screen grabs of your dialog boxes with figures, if the following does not help clarify. It can be quite confusing.
?
Did you put your data (5% and 150K) in this dialog? How did you interpret this dialog?
If so, your 5% means that the employer contributes 5% of what you entered here in the prior dialog (
your salary $ or % contribution
):
Given your figures, for example, an 18K/year employee contribution, the employer contribution would be $900/year (5% x $18k, up to a maximum of an employer share of $150K).
Now looking back at 2019 plan results, you will also see that everything is prorated by month. So a salary of 120K shows as 30K (a to-go figure) given it is October. The $18K employee contribution shows as $4500 and the $900 employer contribution shows as $225 (for a total of $4725). In the 2020 plan result, these figures show as full year numbers, adjusted for inflation.
Another example using % of salary....
Employee contributes 12% (of a 120K / year) of salary, which is $14400
And, given an employer match of 50% up to an employee share of 6% of salary...
So a 12% / year ($14,400) employee contribution, the employer contribution would be $3600/year (6% x $120K) x 50%). In other words, employer contributes half of employees contribution
UP TO
6% of employees salary.
You can see this play out in the plan result details dialog (again it is all prorated for 2019).
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