Looking for ways to save money this year? Don't forget your 401(k) plan. After several years of stagnant limits, the maximum amount a person can contribute to their 401(k) has been on the increase since 2012.
You can contribute $17,500 to a 401(k) retirement plan in 2013 - that's an increase of $500 from 2012. If you are 50 or older, you can add another $5,500 as a catch-up contribution.
Only about 5% of 401(k) plan participants make the maximum allowable contribution. Review your personal budget to find ways to increase your contributioneven if you are not able to put away the maximum amount.
Making 401(k) contributions can be more affordable than you think. With each contribution coming from your pre-tax pay, you're reducing income taxes deducted from your paycheck. Saving on income tax is now more important than ever with workers paying higher Social Security taxes on their income.
If you're considered a "highly compensated employee" in 2013, additional limits apply to you. No matter what category you fall in, contact People Lease today to find out more about how to maximize your 401(k) savings.
You can contribute $17,500 to a 401(k) retirement plan in 2013 - that's an increase of $500 from 2012. If you are 50 or older, you can add another $5,500 as a catch-up contribution.
Only about 5% of 401(k) plan participants make the maximum allowable contribution. Review your personal budget to find ways to increase your contributioneven if you are not able to put away the maximum amount.
Making 401(k) contributions can be more affordable than you think. With each contribution coming from your pre-tax pay, you're reducing income taxes deducted from your paycheck. Saving on income tax is now more important than ever with workers paying higher Social Security taxes on their income.
If you're considered a "highly compensated employee" in 2013, additional limits apply to you. No matter what category you fall in, contact People Lease today to find out more about how to maximize your 401(k) savings.
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