3 ms·
> Yeah it's basically impossible to max out 401k contributions unless you're rich or at least nibbling at the bottom edge of rich. https://www.irs.gov/retireme
by eadmund 4y ago
> Yeah it's basically impossible to max out 401k contributions unless you're rich or at least nibbling at the bottom edge of rich.
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits https://www.irs.gov/retirement-plans/plan-participant-employ...: ‘The limit on employee elective deferrals (for traditional and safe harbor plans) is: $22,500 in 2023 ($20,500 in 2022, $19,500 in 2021 and 2020; and $19,000 in 2019).’
The median wage in the U.S. is under $55,000; anyone making $80,000 or more can max out his 401(k) contributions and still live an above-median lifestyle.