In 2016, more than 4.6 million people were able to make the maximum contribution to their retirement plans at work, according to data from the IRS. Here's what you should know if you're trying to do the same.
In 2019, you can defer up to $19,000 in your retirement plan at work. If you’re 50 and over, you can save an additional $6,000.
Don’t throw every dollar into your 401. Be sure to manage cash flow and diversify your tax treatment.Stashing the maximum amount into your 401 plan is no easy feat — but a handful of taxpayers are making it work. Among the aggressive savers, the greatest concentration of them were in the 45 to 55 age group: More than 1.4 million taxpayers in that cohort put away the maximum in their accounts.
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