Ask Terry Questions Retirement — contribute to both 40lk and 403b?

Retirement — contribute to both 40lk and 403b?

By Terry Savage on July 02, 2024 | Financial Planning / Retirement

Can I contribute to a 401k & 403b and max out contributions for the year?

I work as an APN for a health care company full time and also work part time teaching nursing for a university. Both institutions offer retirement benefits – they are 2 different job entities. Can I max out both retirement accounts from 2 different places of work?

Terry Says

The maximum you can contribute to pre-tax retirement plans like 40lk and 403b in 2024 is $23,000 — PLUS an additional $7,500 if you are 50 years old or over.

You can contribute to two different accounts, as long as the total does not exceed the amount above.

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