Comments on: 401(k) Contribution Limits for 2024

By: Julie Fazio

Julie Fazio — Wed, 21 Apr 2021 02:56:21 +0000

In reply to Tim. Is the $19,500 401k individual limit the max per couple as well? (or is it 19,500 x2 individuals = 39k per couple?) Thanks!

By: Jeff Rose

Jeff Rose — Wed, 15 May 2019 14:03:52 +0000

In reply to marie. Yup!

By: marie

marie — Wed, 27 Mar 2019 16:46:45 +0000

If my employer matches 401k contributions, can I contribute $19,000 from my paycheck and they also contribute whatever percentage they match which will bring my 401k over $19,000 for 2019. Is that ok?

By: Fred

Fred — Thu, 15 Feb 2018 04:19:40 +0000

In reply to Jeff Rose. Debbie, I believe it would be in your best interest to spread out the $18,500 over all 12 months so you max out on your last paycheck. Typically companies provide an employee match only on the $18,500. If you max out the $18,500 before the end of the year, you'll lose out on that company match for the remainder of the year. Companies typically don't provide an employee match on the $6000 Catch-Up funds so get that in there as soon as possible. Also, you're not required to do one at a time. You can allocate some funds towards the Primary and some towards the Catch-Up from each paycheck.

By: Jeff Rose

Jeff Rose — Sun, 04 Feb 2018 22:47:47 +0000

In reply to Ed Redovan. Hi Ed - Not another $54,000. But for 2018 the maximum contribution is $55,000, but may be $61,000 since you're over 50.

By: Jeff Rose

Jeff Rose — Sun, 04 Feb 2018 22:27:22 +0000

In reply to Ana M. Hi Ana - You should absolutely stop contributing. As to the amount you over contributed, contact your plan administrator and see what your options are. You may be able to correct this, but you have to move quickly to do this. If you do end up over contributing you'll have to pay penalties.

By: Jeff Rose

Jeff Rose — Sun, 04 Feb 2018 22:01:44 +0000

In reply to Debbie. Hi Debbie - Check with your HR department or plan administrator. I suspect they'll let you set your contribution for the higher amount.

By: Ed Redovan

Ed Redovan — Thu, 25 Jan 2018 18:54:03 +0000

As a physician, age 62, I currently max out my contributions to my retirement plans. If I take on a side job, could I max out another $54,000?

By: Ana M

Ana M — Tue, 23 Jan 2018 17:24:31 +0000

First, I am unfamiliar with all of this so thank you! Say the end of the year is nearing, and I have contributed more than the max you are supposed to contribute. What happens to me/the money? Also, should I stop contributing short of the maximum contribution to ensure that I don’t go over?

By: Debbie

Debbie — Thu, 18 Jan 2018 19:09:13 +0000

I turned 50 this year. how do I plan my 401k deductions to max out my 18,500 + 6,000. Do I have to finish the 18,500 before the Catch up starts? or can I have my 401k% set to break out the 18,500 over all 12 months, and the 6000 also broken out? – ie. max out the first 7 months to get to 18500, and then use the last 5 months to add the 6000?