What is the Max Contribution to 401k?
The 401k retirement plan is not complicated with regards maximum contributions you can place into it. Here are your 2009 and 2010 contribution amounts broken into easy chunks.
What is the Max Contribution to 401k?
There are some limits as to what you can save into your 401k retirement plan. If you are employed these contributions are usually deducted from your wages and shown on your wage slip. You may need to discuss your 401k with your employer so that you are both informed as to how much is being contributed in a particular year.
The limits also depend on your age regarding the question: ‘What is the Max Contribution to 401k?’
If you are self employed the rules are slightly different from a regular 40lk plan, although not too indifferent in principle you may be able to save as much as $51,000 per year. For the best advice it would be better if you contacted your financial advisor or local 401k representative for the best plan for you and your business.
With regards to what is your max contribution to 401k allowance, a good guide is as such:
2009 Limits
• For employed people 49 years old and under the limit is $16,500 per year.
• For employed people 50 years old and over the limit is set at $22,000 per year.
• Self employed people can save as much as $51,000 into Solo 401k plans (See your advisor).
2010 Limits
• For employed people 49 years old and under the limit is $16,500 per year.
• For employed people 50 years old and over the limit is set at $22,000 per year.
• Self employed people can save as much as $51,000 into Solo 401k plans (See your advisor).
As you can see the limits for 2010 have not changed, although annual growth of you 401k depends on your personal investments. So giving you an accurate growth guide is dependent on you liaising with your 401k department at work or your personal advisor.
Related posts
- What is the 401K Contribution Limit?
- What Are Contribution Limits For 401K & Roth Ira’S For 2010?
- What Is The Maximum 401K Contribution?
- 401k Maximum Contribution Limits
- How Much Can I Put In My 401K?
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