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The reason that earning a 401(k) match should be your primary goal is simple: When your employer matches contributions, this is free money. 401(k) matches are structured in different ways.
Before 2023, matching contributions to a Roth 401(k) had to be made on a pre-tax basis, meaning they were counted as contributions to a traditional 401(k) plan.
If you make $100,000 and contribute $5,000 to your 401(k) in a year, your employer will provide a matching contribution of $5,000 to help you save for retirement. Tax Advantages
Fidelity reports that roughly 22% of employees don't claim their full employer match on 401(k) plans. These workers may be leaving free money on the table because they can't afford to earn the ...
Continue reading → The post How the Employer Match Works With the 401(k) Limit appeared first on SmartAsset Blog. A 401(k) is an employer-sponsored, tax-advantaged retirement plan. You fund this ...
Employee contribution limit of $23,500/yr for under 50; $31,000/yr for age 50 or above in 2025; limits are a total of pre-tax Traditional 401(k) and Roth 401(k) contributions. [4] Total employee (including after-tax Traditional 401(k)) and employer combined contributions must be lesser of 100% of employee's salary or $69,000 ($76,500 for age 50 ...
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