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Level 1
posted Mar 14, 2025 5:44:13 PM

401(k) regular contribution after 50

Via regular payroll deductions my total 401(k) contribution is about 25K. As somebody that turned 50 this year,  my understanding is that this amount is fine as it is below regular (23.5K) + catchup (7.5k) limit. Is this correct?

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1 Best answer
Expert Alumni
Mar 14, 2025 5:56:47 PM

Yes, If you're employed, you can make 401(k) contributions up to $23,000 in 2024, with an extra $7,500 in catch-up contributions if you're 50 years old or older. In addition, some employers offer matching contributions.

 

Here's more info Retirement Plans.

 

@taxqn24 

1 Replies
Expert Alumni
Mar 14, 2025 5:56:47 PM

Yes, If you're employed, you can make 401(k) contributions up to $23,000 in 2024, with an extra $7,500 in catch-up contributions if you're 50 years old or older. In addition, some employers offer matching contributions.

 

Here's more info Retirement Plans.

 

@taxqn24