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but employers do have a different limit on their side they can contribute so it isn't impossible if that is how your company does things. it is not all that common and of course someone would tell you that it was done via defined contribution limits on the employer side which are 53k today that they can put in a 401k on your behalf.
the 53k is comnbined total allowed for you and the employer added up..
You're talking about a Defined Contribution Plan - not a 401k plan - as was discussed in the post I referenced. Moreover, you let me know when you find a company that is willing to pony up 53K a year in retirement benefits to a 22-30 year old. I'd like to work for that company too!
actually it is a 401k plan i believe. i know of no companies that do that much though.
the IRS maximum 401K contribution is how much you can personally contribute to your 401K during the year. Your employer’s 401K contribution limit is entirely up to them – but the max on total contributions (employee plus employer) to your 401K in 2015 is $53,000 (or 100% of your salary, whichever is less). Technically, this means that your employer could contribute up to $35,000 in 2015, if they wanted to, and it would not count against your personal contribution maximum.
I think everyone here beats us. ages: 36 and 39. I think we have about $70k in our 401k. No IRA (will do a backdoor roth this year with my husband... full $11k for 2014 and 2015). We do have $150k in a taxable account and 529's. To our defense (gez, I feel like we have to excuse ourselves ) we didn't start investments until 2013.
A lot of the amounts people have saved on here are very good, but are also in the minority of most people.
It was found that "about 70 percent of working Americans are finding it hard to save for retirement at all, as they attempt to pay bills and meet their basic living expenses." And that "More than 38 million working-age households (45 percent) do not own any retirement account assets, whether in an employer-sponsored 401(k) type plan or an IRA." ....according to the Employee Benefit Research Institute.
Also..."Only 18 percent of U.S. workers say they are very confident of having enough money to live comfortably during their retirement years"....."The median retirement account balance for all working-age households in the U.S. is $3,000, and $12,000 for near retirement households"....according to the National Institute on Retirement Security
Last edited by lisacollins00; 02-22-2015 at 12:54 PM..
I obviously have a lot of catching up to do. I'm 33 and have 16k in my 401k and 6k in other investment accounts. I took time out of the work place to stay at home with the babies for a couple of years.
A lot of the amounts people have saved on here are very good, but are also in the minority of most people.
It was found that "about 70 percent of working Americans are finding it hard to save for retirement at all, as they attempt to pay bills and meet their basic living expenses." And that "More than 38 million working-age households (45 percent) do not own any retirement account assets, whether in an employer-sponsored 401(k) type plan or an IRA." ....according to the Employee Benefit Research Institute.
Also..."Only 18 percent of U.S. workers say they are very confident of having enough money to live comfortably during their retirement years"....."The median retirement account balance for all working-age households in the U.S. is $3,000, and $12,000 for near retirement households"....according to the National Institute on Retirement Security
The numbers are pretty meaningless when you lump all ages together.
The numbers are very different when you focus on the right group.
Fidelity investments who handle 13 million accounts said that for those 55 or older who have contributing from 1/2 to full max to just their 401k's have an average balance over 300k.
You can't mix every age together since you have those just starting out, those contributing little or not at all diluting the efforts of those who are saving.
Most folks can't even start saving big amounts until the kids are out of school or out of the house.
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) we didn't start investments until 2013.
