Jump to content

PSA For Those Still Working


Razors Edge
 Share

Recommended Posts

Your 401k contribution max is HIGHER!!!  If you're like me, that means a 50+yr old can put away $27k this year :cheerleader:plus the other options like a Roth IRA too.

2022 401(k) Contribution Limits

Workers who are younger than age 50 can contribute a maximum of $20,500 to a 401(k) in 2022. That’s up $1,000 from the limit of $19,500 in 2021. If you're age 50 and older, you can add an extra $6,500 per year in "catch-up" contributions, bringing your total 401(k) contributions for 2022 to $27,000. Contributions to a 401(k) are generally due by the end of the calendar year.

  • Heart 1
Link to comment
Share on other sites



7 minutes ago, Razors Edge said:

Your 401k contribution max is HIGHER!!!  If you're like me, that means a 50+yr old can put away $27k this year :cheerleader:plus the other options like a Roth IRA too.

2022 401(k) Contribution Limits

Workers who are younger than age 50 can contribute a maximum of $20,500 to a 401(k) in 2022. That’s up $1,000 from the limit of $19,500 in 2021. If you're age 50 and older, you can add an extra $6,500 per year in "catch-up" contributions, bringing your total 401(k) contributions for 2022 to $27,000. Contributions to a 401(k) are generally due by the end of the calendar year.

This impacts what, two people Bikeman and the walrus? 

Edit: sorry read it wrong it impacts everyone but Bikeman & the walrus! 😁

  • Haha 2
Link to comment
Share on other sites

4 minutes ago, ChrisL said:

This impacts what, two people Bikeman and the walrus? 

Edit: sorry read it wrong it impacts everyone but Bikeman & the walrus! 😁

And @goldendesign.  But the youngsters can go a grand more on the "regular" contribution from $19.5k up to $20.5k!!!

  • Heart 2
Link to comment
Share on other sites

I'm trying to remember the years I made 27K let alone got to put it away.

There were a few, especially the consulting years, but working in research instead of having a corner office doesn't return a lot of money.  It did return some very interesting years working on things that many said couldn't be done.

Link to comment
Share on other sites

14 minutes ago, Razors Edge said:

I'm sure the limits were lower back then.  You actually pre-date 401ks, and they didn't get hopping until I was working.

True.  We had a thing called pensions back then.  But that was before it was discovered how easy it was to underfund or default on those.  Pratt and Whitney had a large layoff of people about to turn 50 and by their rules cut the pensions in half.  Management (those who weren't laid off) got large bonus checks those years.

Link to comment
Share on other sites

19 hours ago, Razors Edge said:

And @goldendesign.  But the youngsters can go a grand more on the "regular" contribution from $19.5k up to $20.5k!!!

Yeah I've upped my contributions each year as I gain any monetary increases from my employer. The 401k is the smallest of my investments right now.

Link to comment
Share on other sites

15 minutes ago, Parr8hed said:

You bastards better not lump me in with you .

You're married with children so I think that puts you in with the old-ass wrinkly crowd...or at least one foot in the old-assed wrinkly crowd.

  • Whatever 1
  • Haha 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...