Beth earns $100,000 working as a lawyer part-time in New Orleans. The company provides a matching contribution to the 401(k) plan of 50% of your contribution up to a maximum contribution of 4% of compensation. Her 401(k) plan account had $60,000 at the beginning of the year. She contributed $15,000 to the plan this year, and her employer matched it before the end of the year. The ending account balance is $100,000. What is her savings rate this year?

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To calculate Beths savings rate for the year we need to determine the total amount sa... View the full answer