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Frequently Asked Questions

What is the maximum amount you can contribute to your 401k?

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.

Is 21 the minimum age for a 401k?

A common misunderstanding with 401 (k)s is that there's a minimum age of 21. The minimum-participation rules state that a plan must not impose a minimum age condition beyond 21. But nothing in federal law precludes setting a plan's minimum age at a younger age.

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.

What is the maximum age to contribute to 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.

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