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Reply to "When people here say their 401ks are “maxed”…"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Lol When I say or read "max out 401k" it means to me contributing the employee max to a 401k or equivalent. I am 40 years old. I am maxing out my 401k equivalent plan. So, for this year I will contribute $23k to that. I also have another retirement account through my employer and I contribute 4% of salary and my employer contributes 8%. So that is another $18k combined. And I max out my Roth IRA so that is $6.5k. So total is about $48k of my contributions and my employer's contributions. - [/quote] What is your other retirement account? A pension?[/quote] It's not a pension, it's another type of tax-advantaged retirement account called a 401(a) plan.[/quote]
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