Jan 8

My employer only allows 17% contrubition to 401K and they do not match anything right now (0%) so I will not reach the $15K limit. Anyway to help me get the max tax deferral of $15K?


7 comments so far...

  • Mike C Said on January 8th, 2010 at 6:46 pm:

    open an individual IRA at any bank/brokerage firm

  • words_smith_4u Said on January 8th, 2010 at 7:15 pm:

    Check with your 401k company and see if you can add $$ to the fund.

    If you’re that overpaid, maybe you’d like to open a Roth? That’s another $5k a year.

  • Ravi Said on January 8th, 2010 at 7:44 pm:

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  • Richard Said on January 8th, 2010 at 8:23 pm:

    I don’t believe you can. If 17% doesn’t get you to $15K, then your max is whatever 17% gets you to. Sorry. It’s nice that you can sock away that much.

    Bear in mind, you can also contribute to an IRA. You would have to check to see if you can make a deductable contribution or a Roth contribution based on your own personal situation.

  • Jessiels1 Said on January 8th, 2010 at 8:50 pm:

    Most 401K’s allow you to contribute more money in to the account…contact your agent and tell them what results you are looking for..you will probably have to transfer money from an existing account into your 401K

  • â–ºGardenerdâ—„ Said on January 8th, 2010 at 9:44 pm:

    Their plan basically prohibits you from putting in the full limit of $15,000.00 by limiting your contribution to 17% (unless of course you gross $88,235.29 or more per year…then $15k would be 17% in that case).

    You can put money into an IRA, or other retirement plan, but not into your employer’s 401(k) plan. You will not be able to max the 401(k) tax deferral limit, however, you can open other tax exempt retirement accounts.

  • altonbi Said on January 8th, 2010 at 10:17 pm:

    The only exception to adding more than the 17% is if you are 50 yrs old or older. You are allowed to put in extra money to catch up retirement funds. Check with your 401K administrator for more details.

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