If you’re planning to max out your 401(k) plan for 2023 and want to save more, you may consider after-tax 401(k) contributions — here’s what you need to know
However, some plans offer additional after-tax contributions to your traditional 401, which allows you to save more than the $22,500 cap. For example, if you defer $22,500 and your employer kicks in $8,000 for matches and profit-sharing, you may save another $35,500 before hitting the $66,000 plan limit for 2023.
In 2021, roughly 21% of company plans offered after-tax 401 contributions, compared to about 20% of plans in 2020, the survey found. And almost 42% of employers of 5,000 or more provided the option in 2021, up from about 38% in 2020. "It's a nice way to go ahead and start boosting that tax-free money for those future years," said Lawrence.
However,"there's a fair number of professionals — from CPAs, attorneys, wealth managers and financial planners — who don't understand or are not familiar with in-plan Roth [401] rollovers," he said.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
McConnell lampoons Biden’s ‘radical’ 401(k) rule as GOP seeks to scuttle new ESG provisionSenate Minority Leader Mitch McConnell on Tuesday ripped into a new rule from the Biden administration that lets 401(k) fund managers consider climate change and social justice politics when investing clients' retirement savings.
Consulte Mais informação »
Here's how after-tax 401(k) contributions can help with those big retirement savings goals for 2023If you're planning to max out your 401(k) plan for 2023 and want to save more, you may consider after-tax 401(k) contributions. Here's what you need to know.
Consulte Mais informação »
EXCLUSIVE: What to Expect at Decentraland’s Metaverse Fashion Week 2023After a high-profile debut in 2022, Decentraland’s Metaverse Fashion Week will soon light up the virtual stores and runways again, with a second installment set for March 28 to 31.
Consulte Mais informação »
Christina Applegate sends message with cane at SAG Awards 2023: 'FU MS'Christina Applegate was twinning on the SAG Awards red carpet with her 12-year-old daughter on Sunday. The actress sported an 'FU MS' message on her cane as she fights the disease.
Consulte Mais informação »
The best games of February 2023 (that aren't Hogwarts Legacy) | Digital TrendsFrom Metroid Prime Remastered to Wild Hearts and Like a Dragon: Ishin!, there are plenty of great games to check out this month.
Consulte Mais informação »
SAG Awards 2023 red carpet: Celebrity fashion shines in Hollywood ahead of ceremonyZendaya, Cate Blanchett, Jamie Lee Curtis and Emily Blunt walked star-studded red carpet in Los Angeles before SAGs ceremony which streamed on Youtube.
Consulte Mais informação »