Are Your Really Maxing Out Your 401k?

Wealth Decisions by Brian

Are you really maxing out your 401k? You might be surprised to learn that what you think is "maxing out" might not be taking full advantage of this powerful retirement tool. So, let's break it down and ensure you're on the right track to a comfortable retirement.

What Does "Maxing Out" Really Mean?

When most people talk about maxing out their 401k, they're typically referring to contributing up to the annual limit set by the IRS. For 2024, that limit is $23,000 for those under 50, and $30,500 for those 50 and older, thanks to catch-up contributions.

Contributing to this limit might not actually be "maxing out" in the true sense. There's more to consider, such as employer matching, after-tax contributions, and even the mega backdoor Roth strategy.

For a transcript of today's episode, go to:

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Brian D Muller(AAMS©), Founder, Wealth Advisor

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