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UPS Retirement Topics
Just started my 401k, thoughts?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 1218204" data-attributes="member: 12570"><p>The IRS sets an annual limit for contributions----this year it is $17,500 with a "catch-up" contribution limit of $5,500 for employees 50 or older. The most that can be set aside is 40% (35% pre- and post-tax and an additional 5% post-tax) up to the limits. If you reach the limits prior to the end of the year the contributions will stop. IMO if you are going to focus on the Roth it would make no sense to contribute to the traditional. I have had the traditional for so long that it would make no sense for me to start on the Roth.</p><p></p><p>If I were the OP I would focus on the Roth with a minimum of a 5% contribution rate.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 1218204, member: 12570"] The IRS sets an annual limit for contributions----this year it is $17,500 with a "catch-up" contribution limit of $5,500 for employees 50 or older. The most that can be set aside is 40% (35% pre- and post-tax and an additional 5% post-tax) up to the limits. If you reach the limits prior to the end of the year the contributions will stop. IMO if you are going to focus on the Roth it would make no sense to contribute to the traditional. I have had the traditional for so long that it would make no sense for me to start on the Roth. If I were the OP I would focus on the Roth with a minimum of a 5% contribution rate. [/QUOTE]
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Just started my 401k, thoughts?
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