Employer Sponsored 401k

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Topic Author
Robertj86
Posts: 9
Joined: Sat Nov 14, 2020 3:17 am

Employer Sponsored 401k

Post by Robertj86 »

With an employer sponsored 401k that only allows contribution by payroll deductions, how do I contribute more/catch-up for the year if my remaining pay is less then what it would take to get to the max allowed?
Example...
Pay for rest of year is 5k and I've only contributed 1k of the allowed 19.5k. How do I contribute extra or is this even possible? The extra would come from savings.
I plan to increase my contribution to 100% for the remainder of the year but I will fall short.

Thanks and sorry for the newbie questions.
Carl53
Posts: 1984
Joined: Sun Mar 07, 2010 8:26 pm

Re: Employer Sponsored 401k

Post by Carl53 »

I do not believe you can. Chalk it up to experience and do better job of planning next year.
Topic Author
Robertj86
Posts: 9
Joined: Sat Nov 14, 2020 3:17 am

Re: Employer Sponsored 401k

Post by Robertj86 »

That's what I figured.
Thank you!
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