Dark Mode
  • Thursday, 29 February 2024
How much can I contribute to my 401(k)? When can I withdraw from it?

How much can I contribute to my 401(k)? When can I withdraw from it?

The amount you can contribute to your 401(k) depends on a few factors, such as your age and your employer's plan. For 2021, the contribution limit is $19,500, with an additional $6,500 catch-up contribution allowed for those aged 50 or older. However, your employer may set a lower limit or have other restrictions on contributions.

When it comes to withdrawals, you generally cannot withdraw funds from your 401(k) before age 59 ½ without incurring a penalty. There are some exceptions, such as for certain medical expenses or if you become disabled, but in general, it's best to leave your funds in your 401(k) until you reach retirement age.

In other news, the United States is continuing to grapple with the COVID-19 pandemic. The Delta variant is causing particular concern, as it is more contagious than previous strains and is driving up case numbers in many areas of the country. Health officials are urging Americans to get vaccinated as soon as possible to protect themselves and others, and some employers are even offering incentives for employees who get vaccinated.

Meanwhile, the debate over infrastructure continues in Congress. President Biden has proposed a $1.2 trillion infrastructure plan that would invest in everything from roads and bridges to broadband and electric vehicle charging stations. However, Republicans have criticized the plan as too expensive and are pushing for a more limited approach focused on traditional infrastructure projects.

Finally, in international news, the Taliban has seized control of Afghanistan's capital city, Kabul, after a rapid advance that took many by surprise. The United States and other countries are scrambling to evacuate citizens and personnel from the country, and there are concerns about the safety of those who are left behind. The situation in Afghanistan remains fluid, and it's unclear what the future holds for the country and its people.

 

The amount you can contribute to your 401(k) depends on a few factors, such as your age and your employer's plan. For 2021, the contribution limit is $19,500, with an additional $6,500 catch-up contribution allowed for those aged 50 or older. However, your employer may set a lower limit or have other restrictions on contributions.

Comment / Reply From