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Reply to "Best 401k Match"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Let’s say you make $280K and your match is 10% of salary (so $28K in employer matching funds). You can only contribute up to $22.5K in a 401K. Do you lose out on the excess matching funds above the $22.5K threshold?[/quote] No. $22.5k is the 402(g) limit on [i]elective[/i] (i.e., your) deferrals. The sum of employer + employee contributions is subject to a different statutory limit (415(c) in the Internal Revenue Code), which for 2023 is $66,000.[/quote] And all of this explains why some DCUM report so much more in their 401ks. It always boggled my mind how people could have so much saved at early ages, but if people are getting the matches and contributions reported on this thread (or not even needing to contribute), well, some of this is nuts to me as someone who gets about 3% a year match in a 403b. [/quote]
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