Ask Terry Questions 401(k) Contributions Maximum?

401(k) Contributions Maximum?

By Terry Savage on July 03, 2019 | Investments

Hi Terry, I want to max out my 401k contribution. I am 53 years old. My employer matches 30%. Can I contribute $25,000 and my employer match the $25,000 for 30%? Or am I maxed out $25,000 including the 30%? Please advise. My husband and I are huge fans! Thank you for all the great advise over the years! Theresa

Terry Says

Good for you for being able and willing to put in the maximum contribution to your 40l(k) plan.   Here are the limitations for this year:  For 2019, the amount you can contribute to your 401(k) or similar workplace retirement plan goes up from $18,500 in 2018 to $19,000 in 2019. Catch-up contribution limits if you’re 50 or older in 2019 remain unchanged at $6,000 for workplace plans.

So YOU can put in $25,000.  AND your company can match (what a generous boss!)  an unlimited amount.  The limits apply only to YOUR contribution!

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