What is the 2024 401(k) contribution limit?

For 2024, the 401(k) contribution limit is $23,000 annually. If you are 50 or older, you can make an additional catch-up contribution of $7,500, bringing the total to $30,500.

How does employer matching work in 401(k) plans?

Employer matching is when your company contributes to your 401(k) based on your contributions. Common formulas include 50% of the first 6% you contribute or 100% of the first 3% you contribute. This is essentially free money for your retirement.

Can I roll over my 401(k) when I change jobs?

Yes, you can roll over your 401(k) to your new employer's plan, roll it into an IRA, or leave it with your former employer (if the balance is over $5,000). Rolling over helps maintain tax-deferred status and avoid penalties.

What investment options are available in 401(k) plans?

Most 401(k) plans offer a variety of investment options including mutual funds, index funds, target-date funds, and sometimes company stock. The specific options depend on your employer's plan and provider.

Retirement Planning

401(k) Retirement Plans

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Key Benefits

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Tax-advantaged retirement savings

Potential employer matching contributions

Automatic payroll deductions for consistent saving

Wide range of investment options

Portability when changing jobs

Loan provisions for financial emergencies

Coverage Amount

$22,500 annual contribution limit (2025)

Protection Type

Retirement Planning

Application Process

Simple 15-minute consultation

Coverage Features

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Traditional 401(k) with pre-tax contributions
Roth 401(k) for tax-free withdrawals in retirement
Safe Harbor 401(k) for small businesses
Individual 401(k) for self-employed individuals
Comprehensive plan design and implementation
Ongoing support and education for participants

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