6 Frequently Asked 401(k) Questions
The 401(k) is one of the best retirement savings tools available to workers today. And with 79% of U.S. employees having access to a 401(k), participating is a great way for most adults to grow their nest eggs. Here are a few basic things you should know.
One great thing about 401(k)s is their generous annual contribution limit. Currently, workers under 50 can put up to $18,000 a year into a 401(k), while those 50 and older can contribute up to $24,000. Better yet, come 2018, these limits will increase by $500, so next year's thresholds are $18,500 for younger workers and $24,500 for the 50 and over set.
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Source: Fool.com
