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How much can a 50 year old contribute to a 401k?

Anyone age 50 or over is eligible for an additional catch-up contribution of $7,500 for both 2024 and 2023. The limit on total employer and employee contributions for 2024 is $69,000 ($76,500 with catch-up). The limit on total employer and employee contributions for 2023 was $66,000 ($73,500 with catch-up).

What age can you get a 401(k)?

The age of majority, when a person is considered an adult and can legally enter into contracts, is 18 in most of the United States. Labor laws can restrict when you can get a 401 (k), as these retirement plans are tied to employment. As a defined contribution plan, a 401 (k) is designed to encourage retirement savings with its tax benefits.

What are the 401(k) limits?

These individual employee limits are cumulative across multiple 401 (k) plans. If you leave one job in order to start a new position in calendar year 2024, your total combined contributions to plans at both employers are limited to $23,000, or $30,500 if you’re 50 or older.

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