Did you know that you can contribute more money to your 401(k) plan once you reach the age of 50? These catch-up contributions also come with tax savings! <\/p>\n\n\n\n
US News posted an article this week that will give you all the details, but to hit the highlights:<\/p>\n\n\n\n
For 2021, you can make catch-up contributions to your 401(k) for up to $6500. You can also defer paying income tax on as much as $19, 500. That gives you as much as $26,000 that gets a temporary pass on taxation.<\/p>\n\n\n\n
If you’re currently contributing to your 401(k) using a percentage of your income, be sure you adjust the percentage to meet the new minimum once you turn 50.<\/p>\n\n\n\n
Want to know more about the tax benefits of this or how to make these catch-up payments, check out the article on USN<\/a>e<\/a>ws.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Did you know that you can contribute more money to your 401(k) plan once you reach the age of 50? These catch-up contributions also come with tax savings! US News posted an article this week that will give you all the details, but to hit the highlights: For 2021, you can make catch-up contributions to […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,4,6,40],"tags":[],"_links":{"self":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts\/1422"}],"collection":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/comments?post=1422"}],"version-history":[{"count":3,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts\/1422\/revisions"}],"predecessor-version":[{"id":1488,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts\/1422\/revisions\/1488"}],"wp:attachment":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/media?parent=1422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/categories?post=1422"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/tags?post=1422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}