The maximum amount workers can contribute to a 401(k) for 2018 is $18,500 if they’re younger than age 50. That’s a $500 increase from 2017, when the contribution limit was $18,000.What is the age limit for a 401k?
Most companies require those who contribute to 401K plans to be at least 21 years of age and to have been with the company at least one year. Beginning to save for the future at such a young age can to lead to a very prosperous retirement.What are the contribution limits for an individual 401k?
The 2017 Individual 401k contribution limits are $54,000 and $60,000 if age 50 or older. The annual Individual 401k contribution consists of 2 parts a salary deferral contribution and a profit sharing contribution.When can you do catch up 401k?
The number under the heading “Employee Contributions” applies to persons under age 50. “Catch-up Contributions” apply to people age 50 and over. The column labeled “Total Contribution Limit” is the maximum you can apply to your 401k plan in any given year, if you are under age 50.