What Employees Need to Know About 401(k)s

Joel Johnson, CFP® discusses 401(k)s on this segment of Better Money Boston on WCVB Channel 5.

Not all 401(k)s are the same, but most companies will make contributions based on a percentage. For instance, some plans require employees to put in 6% to get a 3.5% match.

Contributing to Your 401(k)

The IRS set the annual maximum limit to $20,500 for those under 50 and $27,000 for ages 50 and up.

Ideally, it is recommended that you contribute at least 15% of your salary to your 401(k). If that is not possible, try to force yourself to do at least 10%. Your contribution in addition to your employers’ will benefit you with a great retirement.

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.

Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.

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