Q

What is the max contribution for my 401(k)?

A

As of 2018, it's $18,500 per year, or $24,500 if you're over 50 years old. These numbers can increase when combined with employer contributions.

The government periodically reassesses 401(k) contribution limits, but as of 2018, you are permitted to contribute $18,500 to your account annually, and if you’re over 50, and in catch up mode, you’re eligible to contribute $24,500. Of course, your employer may kick in and add onto these totals. The combined (that is, you and your employer) annual 401(k) contribution limit is $55,000 per year, or $61,000 for those 50 and over.

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