Timothy Sumer

See maximum limits and, more importantly, what goes into the 401(k) max contribution. For 2023, the annual limit is up to $22,500 of your own pay, and the total amount that can go into your account is $66,000. For those over age 50, another $7,500 catch-up is allowed. But this can get complicated, and if you’re hoping to max out your 401(k), it’s helpful to understand all of the pieces involved. Get free retirement planning resources: 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments Contributions can be employee or employer contributions (or both). When your employer contributes, you might get matching money, profit-sharing dollars, or other types of contributions to your account. 🌞 Subscribe to this channel (it's free): Employee money can often go in pre-tax or as Roth-type money. The choice you make depends on what’s available and what makes the most sense for your strategy. And some plans allow voluntary after-tax contributions. You don’t get a deduct