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Money and Finances
Reply to "401k and the Dow hitting 20"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]How do you contribute 50K a year to a 401K? How old are you?[/quote] [b]How hard is that? My oen 401k contributions last yesr were 36k (full employer match)[/b] and my DH 25k, partial match. Total retirement contributions 61k.[/quote] Not everyone gets a match, not everyone gets such a generous match, and not every family is dual income. [/quote] Dude...your employer matches 100% of your 401k contributions? Where do you work? [/quote] Your employer does not need to match 100 % of your 401(k) to have 401(k) contributions of $38,000. For example, my employer gave a 401(k) match in 2016 that was 10 percent of my salary ($160,000), and so they matched $16,000. Then, with profit-sharing, it hit up against the IRS limit of approximately $53,000 and I had to pay tax on the amount that went over. I work at a publicly-traded company.[/quote]
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