Announcement

Collapse
No announcement yet.

401k max contribution confusion

Collapse
X
Collapse
First Prev Next Last
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • 401k max contribution confusion

    This is quoted from a WCI article https://www.whitecoatinvestor.com/ro...-the-brackets/

    "She used a 401(k) and put $50K in it per year for 15 years from age 47 to age 62. .."

    I'm noticing some people on the forum's 401ks are surprisingly a lot higher than I would expect it to be for their career positions/years. But I may be just confused.

    1. I thought the 401k max limit was 19.5k per year for single people before 50?


  • #2
    The employee's max contribution is $19.5k but the max combined employer + employee contribution is $57k. So with really match, profit sharing, direct contributions, etc from your employer, you can get more tax protected money into your account each year.

    Comment


    • #3
      AH ok I knew I was missing something. Thanks!

      Comment

      Working...
      X