Essentially, taking advantage of matching contributions amounts to getting free money for your retirement. For example, say your employer offers a 5% match. If you make $100,000 and contribute $5,000 to your 401(k) in a year, your employer will provide a matching contribution of $5,000 ...
Maximum employee elective contribution (age 50 and older) Additional $7,500, remaining the same as in 2024 Maximum employee elective deferral plus catch-up contribution (age 50 or older) $31,000, up from $30,500 in 2024 Defined contribution maximum limit, employee + employer (age 49 or you...
Deciding where to invest money beyond the amount required to meet your company’s match primarily comes down to taxes and fees. If the fees in your employer-sponsored plan aren't high and you're offered a variety of investment options, it ma...