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There's no way that number is correct. You're only allowed to save $18,500 in your 401(k) for 2018. You'd hit that number in less than 3 months. I'm guessing
by jdavis703 8y ago
There's no way that number is correct. You're only allowed to save $18,500 in your 401(k) for 2018. You'd hit that number in less than 3 months.
I'm guessing that you must be closer to retirement age right now and probably haven't saved enough or had investments with low returns (no personal judgement here, shit happens). Thus the system is predicting how much "catching up" you need to do and not taking various parameters such as your age and the laws in to account.
- ryandrake 8y agoNote the IRS limit for 401k elective pre-tax contributions is $18,500 but the overall contribution limit, including After-Tax, is $55,000.
- dsnuh 8y agoI wonder if it is saying that he should be maxing it out each year, and maybe he hasn't contributed this year, meaning he would need to contribute that much in the next two to three months in order to meet the goal for 2018? I dunno. Like you said, that seems like it can't be right.