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However, the employer match does not count toward your annual 401(k) contribution limit. For 2023, this elective deferral limit is $22,500. For example, if you make $100,000 and your job offers a ...
Even if you max out a 401(k) for 2024 by contributing $23,000, the most employer matching you’d receive is $3,000, for a total contribution of $26,000. Example of full 401(k) matching
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.
As always, contact a financial advisor if you're looking to balance debt repayment with 401k contributions to make the most of your match. The bottom line. If your work offers a 401k match, you ...
Many employers offer matching contributions for your 401(k). Double-check that you are making the most of this opportunity. For example, if your employer offers to match 5% of your salary in 401(k ...
But now, as part of the SECURE Act 2.0, employers may allow matching contributions on an after-tax basis as well. 401(k) contribution limits. There’s a limit to what you can contribute to 401(k ...