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401k plans, what is the maximum you can contribute in 2013, I am 59 years old.

Aug 05, 2013 by kevin from Longmont, CO in  |  Flag
7 Answers  |  6 Followers
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7 votes
Peter C. Karp Level 20

Kevin,

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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Comment   |  Flag   |  Aug 07, 2013 from San Francisco, CA

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4 votes

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.

Comment   |  Flag   |  Aug 05, 2013 from St. Louis, MO

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3 votes

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

3 Comments   |  Flag   |  Aug 05, 2013 from Malvern, PA
kevin

thxs david, and my company match would it be based on the total contribution, reg plus catch up?

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Flag |  Aug 05, 2013 near Longmont, CO
David A. Kring, CFP®

you would receive the match either way

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Flag |  Aug 05, 2013 near Malvern, PA
Ken Krausman

Hi Kevin, Your company match most likely has a maximum, so the match is generally satisfied before the catch up. However, I've seen some that match all the way up to the limit. If you want to message me direct, I'll be happy to review with you. Thanks!

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Flag |  Aug 13, 2013 near Bloomfield Hills, MI

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3 votes

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.

Comment   |  Flag   |  Aug 05, 2013 from Allendale, NJ

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3 votes
Jim Hyre, CFP® Level 7

For 2013 the maximum is $17,500 ($23,000 if age 50 or older)

Comment   |  Flag   |  Aug 05, 2013 from Columbus, OH

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3 votes
Ken Krausman Level 9

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

Comment   |  Flag   |  Aug 09, 2013 from Bloomfield Hills, MI

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0 votes

The maximum for 2013 is $17,500 plus $5,500 on the catch-up provision because you are over 50.

Comment   |  Flag   |  Aug 13, 2013 from Delray Beach, FL

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