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Brown Cafe UPS Forum
UPS Retirement Topics
Exceeding Maximum 401k in 2020
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<blockquote data-quote="AKCoverMan" data-source="post: 4607325" data-attributes="member: 17867"><p>If you are 50, or will turn 50 by the end of the year, you can also do “catch up” contributions of another $6,500 (in 2020). However, you have to turn this on separately from the “regular” contribution at the 401k website. I wanted to just do 35% till I hit the max including the catch up (total of $26k in 2020) so I set both to 35%. Don’t do that! It tries to take both out st the same time! I had zero take home pay one week <img class="smilie smilie--emoji" loading="lazy" alt="🤬" title="Face with symbols on mouth :face_with_symbols_over_mouth:" src="https://cdn.jsdelivr.net/joypixels/assets/6.6/png/unicode/64/1f92c.png" data-shortname=":face_with_symbols_over_mouth:" /> So I will let regular hit max of $19,500, then I’ll turn on the catch up till it maxes, then I’ll put that extra money in a Roth IRA. <img class="smilie smilie--emoji" loading="lazy" alt="🤑" title="Money-mouth face :money_mouth:" src="https://cdn.jsdelivr.net/joypixels/assets/6.6/png/unicode/64/1f911.png" data-shortname=":money_mouth:" /></p></blockquote><p></p>
[QUOTE="AKCoverMan, post: 4607325, member: 17867"] If you are 50, or will turn 50 by the end of the year, you can also do “catch up” contributions of another $6,500 (in 2020). However, you have to turn this on separately from the “regular” contribution at the 401k website. I wanted to just do 35% till I hit the max including the catch up (total of $26k in 2020) so I set both to 35%. Don’t do that! It tries to take both out st the same time! I had zero take home pay one week 🤬 So I will let regular hit max of $19,500, then I’ll turn on the catch up till it maxes, then I’ll put that extra money in a Roth IRA. 🤑 [/QUOTE]
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