For 2013 the maximum contribution allowed into a 401(k) account is $17,500. Since you are over 50 years old, you can also do a catch contribution of $5,500 making the total $23,000. Congratulations on considering maximizing your 401(k) contributions. As a side note, you can also contribute to an IRA with 2013 limits being $5,500 plus an additional $1000 as a catch up for those people over 50 years of age, which may be deductible depending on your income. Check with a tax professional to determine what makes sense for you.
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The maximum that you can contribute would be $23,000. This is a combination of the standard maximum deferral for 2013 of $17,500 and your catch-up contribution amount of $5,500 for being over age 50.
For 2013 you can contribute $17,500, and since you are over age 50, you can participate in what is called a "catch up" contribution of an additional $5500, for a total of $23,000 for 2013
Kevin - In 2013, the contribution limit for 401(k)s is $17,500. Since you are over 50 years old, you can add an additional $5,500 which is known as a catch-up contribution, and it's the government's way of encouraging people nearer to retirement to put a little extra savings aside. So for those age 50 or older, the maximum amount you can contribute in 2013 is $23,000. I hope you are able to save the full amount. You will be glad you did in your 80's.
For 2013 the maximum is $17,500 ($23,000 if age 50 or older)
Hi Kevin, I'm not sure if you got a response to the question of the employer match. The employer's contribution is in addition to your contributions. Your employer could provide a match and even a profit sharing contribution that would take yoru maximum allowable combined contribution all the way up to $51,000
The maximum for 2013 is $17,500 plus $5,500 on the catch-up provision because you are over 50.