More than $19,500 in 401k or other retirement account

[JBME]

Once you get to the year where you are 50 you can contribute more via catch up contributions

[Daustin]

Thanks for the advice! After spending some time with HR on the phone (new job), they confirmed that after-tax contributions are not allowed. However, they do allow for up to 80% of income to be deferred to a later date. As my wife will retire in a couple of years (OB/GYN), and I want to retire in 7 years (48 years old now), this might be a good way to bridge the gap between 55 and 59 1/2 while, spacing out our income over time to maintain a lower tax bracket. I will definitely set up back door Roths for my wife and me (after I roll over the traditional/SEP IRAs I have currently into my 401k).

[JBME]

see here to learn limits: https://www.irs.gov/retirement-plans...-contributions

others at your work? or others you are reading on the forum? it depends on the rules of your employer and where you get your compensation.

building off this, see if your place of employment offers a 401a or a 457b plan. those are additional retirement plans with their own max contribution limits

[Peds]

I am new to the Forum..so be kind! I now know how much I don't know. All my debts are paid and I am trying to max out my retirement contributions. I have always maxed out my retirement each year. My new job has a 401k with 6% match. I can contribute a max of $19,500/year. Others I have heard of are contributing up to $54,000/year. What type of retirement account can I contribute this additional money in?

see here to learn limits: https://www.irs.gov/retirement-plans...-contributions

others at your work? or others you are reading on the forum? it depends on the rules of your employer and where you get your compensation.

[Tim]

Your employment offers plans. Check out everything available.
IF you generate IC (1099) income, then you have additional options.
You can do a backdoor Roth every year on your own.

[Larry Ragman]

Building on JBME’s point, you may find at work most people have not heard of the $57k max on the 401k account. Don’t be concerned. The key thing is to speak with your compensation section’s pension person. Ask if the plan allows after tax contributions. Again, even if it does it will be rarely taken advantage of because not well known. Great if the plan allows it though. Good luck!

And, If you use the WCI search function for megabackdoor Roth, also do the same for Backdoor Roth. Same principle, but two different accounts and mechanisms. You will almost certainly be able to do a backdoor Roth for you and your spouse, if there is one one in the picture.

[JBME]

well first the max is $57k, not $54k. I assume you are a W2 amployee. You can contribute $19,500 to your 401k this year. Your match will mean that in the end you'll have more than $19,500 in there this year. But you probably won't come near the $57k max. Most people in W2 jobs cannot max a 401k up to $57k. Likely the only way you can is if your 401k at work allows for after-tax contributions (search on this website for the mega backdoor Roth). Hopefully you are contributing $6k to your Roth IRA in addition to this

[Daustin]

I am new to the Forum..so be kind! I now know how much I don't know. All my debts are paid and I am trying to max out my retirement contributions. I have always maxed out my retirement each year. My new job has a 401k with 6% match. I can contribute a max of $19,500/year. Others I have heard of are contributing up to $54,000/year. What type of retirement account can I contribute this additional money in?