Maxing Out Your 401k – Is It Really What You Think It Is?
There’s a common misconception that maxing out your 401k means just meeting your employer’s contributions. However, as great as it is to get an employer match, you can contribute up to $22,500 for 2023, and if you’re 50 or older you are allowed an additional contribution of $7,500 to your 401(k). This additional amount is called a catch-up contribution. Fully maxing out your 401k will teach you to be a better saver, and the benefits you will reap in retirement will be worth it.
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Michaela Dowdy
Financial Planning Associate, Wiser Wealth Management
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