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Reply to "Explain like I'm 5... maxing out retirement"
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[quote=Anonymous][quote=Anonymous]$20,500 is the maximum for the TOTAL of my traditional and Roth 401ks, right?[/quote] I'm just chiming in here to add that if you are over 50, you can make catch up contributions to your 401(k), up to an additional $6,500, bringing your total contribution limit to $27,000 in 2022. You can also contribute an additional $1,000 to your Roth or traditional IRA.[/quote]
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