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Started By
Message
401k max
Posted on 8/3/21 at 6:49 pm
Posted on 8/3/21 at 6:49 pm
What’s happens when you hit the 19,500 contribution limit? Does your employer stop deducting for 401k or will I have to do something at tax time?
This is the first year that I will hit the max limit based on my salary and contribution %
This is the first year that I will hit the max limit based on my salary and contribution %
9
Posted on 8/3/21 at 6:51 pm to LSUSports247
My employer stops deducting
Posted on 8/3/21 at 6:58 pm to LSUSports247
Your employer should track this.
Posted on 8/3/21 at 7:02 pm to LSUSports247
I was able to continue contributing last year. I lowered my contribution to take advantage of the company match.
It is not retirement funds that i put in, though. So i have qualified, roth, and just an investment fund in my account.
It is not retirement funds that i put in, though. So i have qualified, roth, and just an investment fund in my account.
Posted on 8/3/21 at 7:04 pm to LSUSports247
Employer stops deducting. Happened to me for the first time last year 
Posted on 8/3/21 at 7:10 pm to LSUSports247
Looking forward the day I max mine.
Company match, Max Roth, Max HSA, the rest of the money I'm saving right now goes into the 401k over the company match.
Company match, Max Roth, Max HSA, the rest of the money I'm saving right now goes into the 401k over the company match.
Posted on 8/3/21 at 7:11 pm to LSUSports247
It's company-soecific. So check true up with HR.
Eta: the above is about company match. They will track the 19500 for you.
Eta: the above is about company match. They will track the 19500 for you.
This post was edited on 8/3/21 at 7:24 pm
Posted on 8/3/21 at 7:19 pm to castorinho
Definitely ask HR.
Because if your company match is a percentage, then you (and they) would be missing out on employee benefits for stopping deductions early.
Because if your company match is a percentage, then you (and they) would be missing out on employee benefits for stopping deductions early.
Posted on 8/3/21 at 7:31 pm to WITNESS23
I maxed My Roth the last two years and will max HSA this year.
2 sets of braces will eat up all my HSA money though
2 sets of braces will eat up all my HSA money though
This post was edited on 8/3/21 at 7:32 pm
Posted on 8/3/21 at 8:00 pm to LSUSports247
quote:I believe for things like dental and vision work, you can max out a limited use FSA to cover those expenses. That’s what I did for my lasik this year, so I only need to use about $1,000 from my HSA.
I maxed My Roth the last two years and will max HSA this year.
2 sets of braces will eat up all my HSA money though
Posted on 8/3/21 at 8:01 pm to LSUSports247
When your income permits, leave the hsa alone and pay out of pockets and save those receipts.
Posted on 8/3/21 at 10:34 pm to LSUSports247
We use Empower Retirement to manage all that. In prior years, you could lose some of the match if you maxed out early, so you had to adjust the contributions to max out on the last pay period of the year. Now they give the full match each pay period even if you max out early.
Posted on 8/3/21 at 10:50 pm to meansonny
Didn’t think about missing out on the company match, I’ll definitely ask HR about this scenario
Posted on 8/4/21 at 2:51 am to LSUSports247
I’m lucky enough that it continues into a post tax account.
Posted on 8/4/21 at 5:14 am to LSUSports247
quote:
This is the first year that I will hit the max limit based on my salary and contribution %
We get the option of contributing a % or a fixed amount per pay period. Once we get to the level of income where we will max out, we can avoid the risk of missing our on matching funds by using the fixed amount method.
Divide the annual max contribution by the number of pay periods and ask that that amount be deducted each pay period. Maxes out on the final check.
Don't forget about catch-up contribution that you can make starting in the year in which your turn 50. $6,500 extra right now.
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