401(k) contribution limits 2023 For 2023 Projected 2024 Maximum contribution $22,500 $23,000 Catch-up contribution $7,500 $7,500 IRS, MercerMost 401(k) contributions, including employer matches, go into a pretax, or traditional, 401(k) account.
Some employers offer a Roth 401(k), which is essentially the inverse—but more on that later.
To ensure you’re getting the full benefit of a 401(k) match, find out your employer’s matching formula and the maximum they could contribute.
Should I contribute to a traditional 401(k) or a Roth 401(k)?
In general, it makes sense to contribute to a Roth account when you have low or moderate income.
Persons:
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Organizations:
Carolina Wealth Management, Mercer, Social Security, Ameriprise, Vanguard
Locations:
North Caroline