If I max out my 401(k) before year's end, do I need to increase my contribution limit for next year?
Briefly

from 24/7 Wall St.1 month ago
In 2025, the maximum employee contribution for 401(k)s will increase to $23,500, an adjustment necessary for those aiming to reach this limit effectively.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/16/if-i-max-out-my-401k-before-years-end-do-i-need-to-increase-my-contribution-limit-for-next-year/
As a Reddit user pointed out, individuals contributing a fixed dollar amount to their 401(k)s must manually adjust their contributions for the new limit.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/16/if-i-max-out-my-401k-before-years-end-do-i-need-to-increase-my-contribution-limit-for-next-year/
Catch-up contributions for those aged 60 to 63 will see an increase to $11,250, allowing older workers to save more towards retirement.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/16/if-i-max-out-my-401k-before-years-end-do-i-need-to-increase-my-contribution-limit-for-next-year/
It's essential for 401(k) account holders to understand their contribution structures, as those based on fixed percentages may also require adjustments to meet the new contribution limits.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/16/if-i-max-out-my-401k-before-years-end-do-i-need-to-increase-my-contribution-limit-for-next-year/
Read at 24/7 Wall St.
#401k-contributions #retirement-savings #financial-planning #reddit-advice #catch-up-contributions
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