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For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution.
You can withdraw from either type of 401(k) penalty-free beginning at age 59 ½. ... Use SmartAsset’s free retirement calculator to see if you’re on track to meet your retirement goals.
<25 Average 401(k) balance: $6,718. Median 401(k) balance:$2,240. ... SmartAsset’s free retirement calculator can help you determine how much you will need.
A Roth 401(k) also offers tax benefits, but you’ll contribute money on an after-tax basis and enjoy tax-free withdrawals in retirement. Matching contributions Many employers offer free matching ...
SmartAsset’s free 401(k) calculator can help you answer this question and serve as another valuable resource to use while planning for retirement. Give it a try .
The IRS places contribution limits on 401(k)s: For 2024, the contribution limit is $23,000, with an additional $7,500 allowed in catch-up contributions for workers who are age 50 or older.
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