Retired in USA

Your golden years are your best years! Make them shine!

  • Home
  • Personal Finance
  • Retirement Life
  • Saving & Spending

Got a 401(k) Plan? Here’s How You CAN and CAN’T Take Advantage of It

June 22, 2022 · Enjoying Retirement
401(k)
Photo by Diego Cervo at Shutterstock

Can’t: Exceed Your Annual Contribution Limits

No matter which type of 401(k) plan your company offers you, you’ll have to go by the annual IRS contribution limits. For 2022, the limit on employee elective deferrals is $20,500. If you’re 50 years old or older, you can contribute an additional $6,50.

For 2021, the total amount that you were able to contribute to your account, including your own contributions, your employer’s contributions, and any other additions, was the lesser of $58,000 ($64,500 including catch-up contributions) or 100% of your earned compensation.

… Now that we’ve covered the basics, here are a few more details you should consider:

Pages: 1 2 3 4 5 6 7 8 9 10

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • An older man and a young female student holding a syllabus walk together along a sunlit college campus path. 12 Ways Grandparents Can Help Grandkids Save for College
  • Senior woman browsing fresh flowers at an outdoor street market with striped vendor tents and shoppers. Top 7 Retirement Destinations for Independent Seniors
  • Seniors walk along a landscaped stone courtyard outside a modern multi-story residential building near a water fountain. 10 Signs You’ve Found a Retirement Community Worth Joining
  • Man standing by a curbside mailbox opening an Annual Notice of Change envelope on an autumn suburban street. 8 Things to Do the Week Medicare Open Enrollment Opens
  • Man kneeling in a suburban front yard planting autumn flowers in a garden bed beside a brick home. 12 Cities With Retirement Homes Under $250,000
  • Illustration of a torn umbrella shielding a hospital and clinic while rain falls on dental, vision, and hearing items. 9 Things Original Medicare Doesn't Cover
  • Illustration split between busy city commuters on the left and a retired couple hiking along a sunny coastline on the right. 10 Spending Categories Where Retirees Say They Saved the Most
  • Senior man in an apron repairing a bicycle wheel mounted on a stand inside a sunlit workshop. 9 Ways Retirees Use Part-Time Income to Delay Withdrawals
  • Screenprint illustration of a small town square with a clock tower and gazebo, flanked by a beach and green mountains. 10 Cities Where $2,500 a Month Still Covers Everything
  • Older couple holding a large golden key to a stone archway overlooking a scenic coastal landscape. 10 Questions Couples Should Answer Before Filing Joint Retiree Taxes

Newsletter

Get retirement tips and senior living advice delivered to your inbox.

Related Articles

volunteer opportunities

8 Meaningful Volunteer Opportunities for Retirees

A smiling senior man examines a map at home, discovering new paths to a more…

Read More →
income tax, truth

8 Uncomfortable Truths About Retirement People Don’t Speak About

We are all looking forward to what has been dubbed the “golden retirement age,” and…

Read More →
mountain

Mountain Paradise! 4 Perfect Retirement Spots

Two couples stroll past rustic wooden storefronts in a sunny mountain town, enjoying the fresh…

Read More →
myths

Stop Believing These Weird 10 Retirement Myths – Here’s Why

A thoughtful man sits on a porch with a mug, reflecting on the truth behind…

Read More →
Tuition-free colleges

10 Free Colleges for Seniors Citizens

Once you retire, you become a bona fide graduate of your decades of full-time work.…

Read More →
worst states for retirees to be healthy

10 Worst States For Retirees to Be Healthy

Worst States For Retirees to Be Healthy Retirement life is all about a slower pace…

Read More →
Spending Strategies

5 Best Spending Strategies in Retirement

Surrounded by travel guides, a man thoughtfully considers how his spending preferences will fund his…

Read More →
us cities that are expensive for retirees

9 US Cities That Are Way Too Expensive For Retirees

Retirees frequently choose year-round sunny weather and stunning landscapes when choosing a retirement place. US…

Read More →
Taxes in retirement. sign

Taxes in Retirement: 7 Questions Retirees Need to Ask Themselves

There’s never too much..

Read More →
Retired in USA

Your golden years are your best years! Make them shine!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Contact
  • Editorial Policy
  • Advertiser Disclosure
  • FAQ
  • Subscribe
  • Unsubscribe
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Do not sell my personal information
  • Request to Know
  • Request to Delete
  • CA Privacy Policy

Categories

  • Enjoying Retirement
  • Personal Finance
  • Saving & Spending

© 2026 Retired in USA. All rights reserved.