When people here say their 401ks are “maxed”…

[Anonymous]

I consider it to be the IRS limit.

DH’s current employer consider it to be the employer match and has underpromoted the plan to his employees so that executives can only contribute up to the employer match (HCE rules).

He’s changing jobs to a larger company so that he can max it out to the IRS limit every year, among other things.

I max mine out to the IRS limit every year.

[Anonymous]

I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

[Anonymous]

Anonymous wrote:I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

Very few people mean the employee+employer max of 69k when they say max. Nearly everyone means the max allowable individual contribution. But I’m sure you knew that you are just trying to be difficult.

[Anonymous]

Anonymous wrote:I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

That's a stupid take, and you know it.

[Anonymous]

IRS max for sure.

[Anonymous]

Anonymous wrote:I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

What? People have little control over what their employer contributes so why would they mean that? This makes no sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

That's a stupid take, and you know it.

No, it is the honest take. I understand that many posters on DCUM are lawyers and, therefore, possess very liberal definitions of truthfulness and integrity. However, most people understand that maxing out a 401k requires maximum employee AND maximum employer contributions. It’s no wonder there are so many tall tales in this forum. People claiming to make 7 figures, for instance, but in only a single year…the majority of which was an inheritance. Normally, they’re pulling an HHI of $400K at best.

[Anonymous]

We each contribute the IRS max including catch-up contributions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

Very few people mean the employee+employer max of 69k when they say max. Nearly everyone means the max allowable individual contribution. But I’m sure you knew that you are just trying to be difficult.

This. The large majority of W2 employees can only contribute the individual maximum amount. Google “401k Max 2024” and get $23k. That is what people mean. Anything other than that is a unique circumstance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

That's a stupid take, and you know it.

No, it is the honest take. I understand that many posters on DCUM are lawyers and, therefore, possess very liberal definitions of truthfulness and integrity. However, most people understand that maxing out a 401k requires maximum employee AND maximum employer contributions. It’s no wonder there are so many tall tales in this forum. People claiming to make 7 figures, for instance, but in only a single year…the majority of which was an inheritance. Normally, they’re pulling an HHI of $400K at best.

Nah, people can't control what their employer puts in.

It's the IRS elective employee deferral that people are referring to when they say they "max out"

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

That's a stupid take, and you know it.

No, it is the honest take. I understand that many posters on DCUM are lawyers and, therefore, possess very liberal definitions of truthfulness and integrity. However, most people understand that maxing out a 401k requires maximum employee AND maximum employer contributions. It’s no wonder there are so many tall tales in this forum. People claiming to make 7 figures, for instance, but in only a single year…the majority of which was an inheritance. Normally, they’re pulling an HHI of $400K at best.

Very dense. No one on or off dcum means 401k max to mean employer+employee max. Give it up.

[Anonymous]

For me it meant the max my work would allow. At 28 that was not the IRS max it was 10% of my salary.

I think in the federal govt it means 10%.

I don’t even think I knew there was an IRS max until I hit it.

[Anonymous]

Also depends if the person is self employed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

That's a stupid take, and you know it.

No, it is the honest take. I understand that many posters on DCUM are lawyers and, therefore, possess very liberal definitions of truthfulness and integrity. However, most people understand that maxing out a 401k requires maximum employee AND maximum employer contributions. It’s no wonder there are so many tall tales in this forum. People claiming to make 7 figures, for instance, but in only a single year…the majority of which was an inheritance. Normally, they’re pulling an HHI of $400K at best.

Nah, people can't control what their employer puts in.

The hell they can’t. Ours was collectively bargained.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I assume it is the IRS maximum, which is $69K in 2024 for those under the age of 50. Anyone referencing only the employee contribution limit is being intentionally misleading in an attempt to seem like a super saver.

That's a stupid take, and you know it.

No, it is the honest take. I understand that many posters on DCUM are lawyers and, therefore, possess very liberal definitions of truthfulness and integrity. However, most people understand that maxing out a 401k requires maximum employee AND maximum employer contributions. It’s no wonder there are so many tall tales in this forum. People claiming to make 7 figures, for instance, but in only a single year…the majority of which was an inheritance. Normally, they’re pulling an HHI of $400K at best.

It’s not an honest take because it’s not a possibility for most working people, including many people with above-average incomes.

I don’t think people are outright lying about their incomes either like you do. Many companies compensate with some form of equity and that can be irregular or illiquid but it doesn’t make it not real.