Contributions

Is the contribution rate based on gross or net income?
Your payroll deductions are calculated based on your gross income. In other words, the amount you make before taxes and other deductions are taken out of yo...
Tue, 28 Dec, 2021 at 1:08 PM
Can I contribute a set dollar amount instead of a percentage of pay?
No. Payroll deductions are set as a percentage of your paycheck to prevent your deduction from taking too much of your paycheck when you paycheck is low due...
Tue, 28 Dec, 2021 at 1:09 PM
Can I have my contribution automatically increase each year?
Yes. Xiggit uses automatic escalation to automatically increase an employee's contribution amount each year until 10% of your income is going to retire...
Tue, 28 Dec, 2021 at 9:27 PM
If I have automatic increases, when does the savings rate increase?
The automatic increase is on the anniversary of your enrollment into Xiggit.
Tue, 28 Dec, 2021 at 9:32 PM
Can I make pre-tax contributions?
At this time all contributions are post-tax.
Tue, 28 Dec, 2021 at 9:34 PM
How will I know if I’m getting close to the contribution limits?
Xiggit keeps track of your annual IRA contributions and automatically switches your contributions to savings when you have met the annual limit for the IRA.
Tue, 28 Dec, 2021 at 10:00 PM
Can I choose a different savings rate than 5 percent?
While we set the default for the IRA at 5% you can come into the app and change the percentage as low as 1% and as high as needed to save regularly each pay...
Tue, 28 Dec, 2021 at 9:55 PM
Is there an income limit to participate in the Xiggit program?
There are no income limits to participate in the Xiggit program. However, there are income limits for contributing to an IRA (including the Xiggit IRA). For...
Tue, 28 Dec, 2021 at 11:17 AM
Is there a maximum percentage of income that can be contributed?
No. You can contribute up to 100% of your paycheck to your IRA but the maximum annual contribution is that can be contributed is $6,000 or if you are over 5...
Tue, 28 Dec, 2021 at 9:45 PM