Saving for Retirement 101: 401(k) limits and strategies

 In Elder Law, Estate Planning, Tax Law

Total Limits on 401(k) Employer and Employee Contributions

Total 401(k) contribution limits refer to the maximum contribution amount by both employer and employee.

In 2022, the total contribution limit was $61,000. The total for individuals aged 50+ with catch-up contributions was $67,500.

Although annual limits for individual contributions are cumulative across plans, employer contributions are not; if you hold multiple 401(k) plans, your employer can max out their contributions independently of each other.

Estate Planning is an important component of financial planning. At Bach, Jacobs & Byrne, P.A., we address tax issues and avoidance as part of estate planning. If you live in Sarasota, Manatee, or Charlotte County, contact Bach, Jacobs and Byrne, P.A. at (941) 906-1231 to evaluate whether your estate plan is tax efficient.

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