How much did you contribute to your 401k in 2017?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Dottie57
Posts: 4507
Joined: Thu May 19, 2016 5:43 pm

Re: How much did you contribute to your 401k in 2017?

Post by Dottie57 » Fri Dec 15, 2017 3:58 pm

24k - max allowed byr mega corps 401k plan. No back door Roth allowed. No post tax contributions allowed.

SuperGrafx
Posts: 202
Joined: Sat Apr 05, 2014 11:36 pm

Re: How much did you contribute to your 401k in 2017?

Post by SuperGrafx » Fri Dec 15, 2017 4:05 pm

1) Maxed out ($18,000)

2) 40

jimmyrules712
Posts: 475
Joined: Thu Jan 06, 2011 11:36 pm

Re: How much did you contribute to your 401k in 2017?

Post by jimmyrules712 » Fri Dec 15, 2017 4:26 pm

JohnFiscal wrote:
Thu Dec 14, 2017 8:57 am
stoptothink wrote:
Wed Dec 13, 2017 4:32 pm
36 - would have been $18,000+ match but just found out a few minutes ago that they took 401k contributions out of our bonus and my last check of the year will take into account my annual review raise (two things which they did not do last year), so I am going to have to do some quick math to not overcontribute. Nice that I received another check with a match and a few extra dollars on the year's last paycheck, but it screwed up the plan.
Most payroll plans will (or should) automatically terminate 401K contributions once the cap has been reached. Just like they automatically terminate SS withholding once that cap has been reached.
My employer (large fortune 10 corp) automatically switches all contributions over the limit to after tax. Not sure what happens if you hit your after tax limit.

jimmyrules712
Posts: 475
Joined: Thu Jan 06, 2011 11:36 pm

Re: How much did you contribute to your 401k in 2017?

Post by jimmyrules712 » Fri Dec 15, 2017 4:32 pm

I only did the minimum to get the full match this year so about $5,300 however next year I'm really hoping to start maxing it out for the first time. Age early 30's. Wife is a SAHM at the moment so no contributions for her (couldn't afford it anyway).

jcpct
Posts: 24
Joined: Mon Feb 03, 2014 12:41 pm

Re: How much did you contribute to your 401k in 2017?

Post by jcpct » Fri Dec 15, 2017 4:50 pm

Retired now but I always maxed out my contribution for my 37 years at the company.

gluskap
Posts: 62
Joined: Mon Nov 13, 2017 2:07 pm

Re: How much did you contribute to your 401k in 2017?

Post by gluskap » Fri Dec 15, 2017 5:00 pm

Our family did the max $18k each for both me and my husband + our company match. I'm 38, he's 40.

majiaknight
Posts: 52
Joined: Tue Jan 26, 2016 2:55 pm

Re: How much did you contribute to your 401k in 2017?

Post by majiaknight » Fri Dec 15, 2017 5:14 pm

Me: $54,000 (Pre-tax + Match + After-tax)
Spouse: $18,000 (Pre-tax)
Age: both in mid-30s

Rockman
Posts: 3
Joined: Sun Aug 04, 2013 8:02 pm

Re: How much did you contribute to your 401k in 2017?

Post by Rockman » Fri Dec 15, 2017 5:23 pm

21k

Age: 59

User avatar
munemaker
Posts: 3467
Joined: Sat Jan 18, 2014 6:14 pm

Re: How much did you contribute to your 401k in 2017?

Post by munemaker » Fri Dec 15, 2017 5:23 pm

seawolf21 wrote:
Fri Dec 15, 2017 12:12 am
A lot of people posted they contributed max. What does that even mean? $18k? $53k?
From the IRS website, it appears $18,000 is the max for a 401k. That's all my employer allowed. You can add the catch up contribution to that, of course, if you qualify.
See "401(k) Contribution Limit Remains Unchanged at $18,000 for 2017" https://www.irs.gov/newsroom/irs-announ ... 0-for-2017

marcopolo
Posts: 1132
Joined: Sat Dec 03, 2016 10:22 am

Re: How much did you contribute to your 401k in 2017?

Post by marcopolo » Fri Dec 15, 2017 11:40 pm

munemaker wrote:
Fri Dec 15, 2017 5:23 pm
seawolf21 wrote:
Fri Dec 15, 2017 12:12 am
A lot of people posted they contributed max. What does that even mean? $18k? $53k?
From the IRS website, it appears $18,000 is the max for a 401k. That's all my employer allowed. You can add the catch up contribution to that, of course, if you qualify.
See "401(k) Contribution Limit Remains Unchanged at $18,000 for 2017" https://www.irs.gov/newsroom/irs-announ ... 0-for-2017
The $18k (plus $6k catch up) is the pre-tax employee contribution limit. Total limit is $54k, plus $6k catch up.

To answer OP.
1) Age 50
2) 401K Contribution: $33k Employee Contribution + $27 Company Match = $60k Total. Company does not match catch up portion of contributions.
Once in a while you get shown the light, in the strangest of places if you look at it right.

DVMResident
Posts: 1257
Joined: Mon Aug 01, 2011 8:15 pm

Re: How much did you contribute to your 401k in 2017?

Post by DVMResident » Sat Dec 16, 2017 12:33 am

$38k with the after-tax portion being converted to roth IRA on Monday. ~$16k match for $54k total.
Another $9k into the 'top hat', AKA "409(a) Age: 35 working in a megacorp.

User avatar
CyclingDuo
Posts: 1734
Joined: Fri Jan 06, 2017 9:07 am

Re: How much did you contribute to your 401k in 2017?

Post by CyclingDuo » Sat Dec 16, 2017 1:29 am

56y Husband: $24K 403b + Roth IRA $6500
59y Wife: $24K 403b + Roth IRA $6500 + $11650 401a
"Everywhere is within walking distance if you have the time." ~ Steven Wright

User avatar
randomizer
Posts: 1526
Joined: Sun Jul 06, 2014 3:46 pm

Re: How much did you contribute to your 401k in 2017?

Post by randomizer » Sat Dec 16, 2017 2:17 am

18k

40s
87.5:12.5, EM tilt — HODL the course!

Jimmar
Posts: 17
Joined: Sat Jul 02, 2016 2:50 am
Location: Winter Park, FL

Re: How much did you contribute to your 401k in 2017?

Post by Jimmar » Sat Dec 16, 2017 5:36 am

401k $24000
Roth IRA's $13000
employer match $2500
58yrs
next year max out

frestyle
Posts: 4
Joined: Thu Jun 04, 2015 11:43 pm

Re: How much did you contribute to your 401k in 2017?

Post by frestyle » Sat Dec 16, 2017 5:49 am

$18k
Age: 30

corgimom11
Posts: 68
Joined: Fri Jul 03, 2015 8:46 pm

Re: How much did you contribute to your 401k in 2017?

Post by corgimom11 » Sat Dec 16, 2017 8:40 am

me (29) - 18k contribution + 4.5k employer match
husband (32) - 6.8k contribution

+ 2 maxed Roth IRAs at $11,000.

next year will be a bit tougher. husband lost access to his 401k mid-year and is working as a contractor to start at new gig.

plan to max both Roth IRAs in January, and have a bonus coming in January that should allow me to get at least $9K into the 401K early.

trueson1
Posts: 93
Joined: Mon Mar 13, 2017 11:40 am

Re: How much did you contribute to your 401k in 2017?

Post by trueson1 » Sat Dec 16, 2017 9:38 am

Age 61: will Max it at 60K. 24K pretax, Employer added 20K, I will add 16K post tax and mega back door it to a Roth at Vanguard.

stoptothink
Posts: 4405
Joined: Fri Dec 31, 2010 9:53 am

Re: How much did you contribute to your 401k in 2017?

Post by stoptothink » Sat Dec 16, 2017 9:46 am

jimmyrules712 wrote:
Fri Dec 15, 2017 4:26 pm
JohnFiscal wrote:
Thu Dec 14, 2017 8:57 am
stoptothink wrote:
Wed Dec 13, 2017 4:32 pm
36 - would have been $18,000+ match but just found out a few minutes ago that they took 401k contributions out of our bonus and my last check of the year will take into account my annual review raise (two things which they did not do last year), so I am going to have to do some quick math to not overcontribute. Nice that I received another check with a match and a few extra dollars on the year's last paycheck, but it screwed up the plan.
Most payroll plans will (or should) automatically terminate 401K contributions once the cap has been reached. Just like they automatically terminate SS withholding once that cap has been reached.
My employer (large fortune 10 corp) automatically switches all contributions over the limit to after tax. Not sure what happens if you hit your after tax limit.
Good to know. Pretty large employer (~4,000 employees), I immediately went and talked to payroll and nobody there had a clue, so I went on the Transamerica website and changed the contribution for the final paycheck of the year. I'll make sure to get a clear answer before I run into this same issue next December.

johnbarry
Posts: 28
Joined: Sun Dec 17, 2017 9:01 pm

Re: How much did you contribute to your 401k in 2017?

Post by johnbarry » Mon Dec 18, 2017 9:22 pm

Age 31;
34k to my 401k, nothing else (IRA or post-tax) except for paying off about 70k of mortgage debt.

chuppi
Posts: 138
Joined: Sat Jun 16, 2012 9:47 am

Re: How much did you contribute to your 401k in 2017?

Post by chuppi » Mon Dec 18, 2017 9:36 pm

curmudgeon wrote:
Wed Dec 13, 2017 10:05 pm
munemaker wrote:
Wed Dec 13, 2017 5:15 pm
Retired March 1st, but managed to get the max + full catch up in before I left, greatly reducing my 2017 taxable income. This was part of my strategy for minimizing my MAGI for ObamaCare.
Did pretty much the same thing, though I worked till Apr 1. Maxed 401K, HSA+catchups, and spousal IRA. Started maxing my 401K in my early 40's when the cash flow situation got easier.
Both me and my wife have been maxing it since 2005. Will continue to do so until we retire.

PFInterest
Posts: 2264
Joined: Sun Jan 08, 2017 12:25 pm

Re: How much did you contribute to your 401k in 2017?

Post by PFInterest » Mon Dec 18, 2017 9:39 pm

Max.
30.

kerplunk
Posts: 773
Joined: Sun Apr 17, 2011 9:58 pm

Re: How much did you contribute to your 401k in 2017?

Post by kerplunk » Mon Dec 18, 2017 10:38 pm

Me:
Roth 401(k): 18,000
Roth IRA: 5,500
HSA: 3,400

Employer:
401(k) match: 1,000
Profit sharing plan: 5,000
ESOP: 2,000

Grand total: 34,900

Age: 31

rick0
Posts: 61
Joined: Thu Jan 31, 2013 10:54 pm

Re: How much did you contribute to your 401k in 2017?

Post by rick0 » Tue Dec 19, 2017 1:29 am

$0. (retired)
Age 62

User avatar
jharkin
Posts: 1830
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: How much did you contribute to your 401k in 2017?

Post by jharkin » Tue Dec 19, 2017 12:29 pm

For 2017 I put in something like 15k. We were still single income with 2 young children up until September of this year.

Since then my wife has started working full time again and I am now maxing out, which puts me on track to get 21k-22k in next year with company match.

feh
Posts: 1251
Joined: Sat Dec 15, 2012 11:39 am

Re: How much did you contribute to your 401k in 2017?

Post by feh » Tue Dec 19, 2017 12:34 pm

Wife and I both maxed out: $48K (not including company match)

Both 51 years old.

User avatar
Clever_Username
Posts: 1046
Joined: Sun Jul 15, 2012 12:24 am
Location: Southern California

Re: How much did you contribute to your 401k in 2017?

Post by Clever_Username » Tue Dec 19, 2017 12:42 pm

$0.

But I contributed the max, I think (one paycheck to go) to my 403(b) at work. I asked HR to do it and I'm on track to do it from other paychecks.

I'm under 50 so that's $18000 plus uni's contribution.
"What was true then is true now. Have a plan. Stick to it." -- XXXX, _Layer Cake_

User avatar
goodenyou
Posts: 1377
Joined: Sun Jan 31, 2010 11:57 pm
Location: Skating to Where the Puck is Going to Be..or on the golf course

Re: How much did you contribute to your 401k in 2017?

Post by goodenyou » Tue Dec 19, 2017 2:23 pm

Always max (now with catch-up for past few years) for wife and me. Remember, your catch-up begins the year you turn 50, not after you turn 50.
"Ignorance more frequently begets confidence than does knowledge" | "The best years you have left are the ones you have right now"

kgressler
Posts: 86
Joined: Wed Dec 16, 2015 3:58 pm
Location: St Louis MO

Re: How much did you contribute to your 401k in 2017?

Post by kgressler » Tue Dec 19, 2017 2:42 pm

Wife 44: 18k plus employer match @ about 1k
Myself 44: I have until Tax day in April to Max my Simple 12.5 plus my 3% match which should be around 3500 to 4k and I have already maxed out my Roth @ 5.5k.
So 40k between the both of us. This is the second year in a row we've been able to max her 401k and my simple and Roth. We've been trying the play catch up the last 4 years. Looking at adding a roth for her but we just arent sure is in the budget.

Stormbringer
Posts: 583
Joined: Sun Jun 14, 2015 7:07 am

Re: How much did you contribute to your 401k in 2017?

Post by Stormbringer » Tue Dec 19, 2017 2:46 pm

Me (48): $54,000 in Solo 401(k) plus $5,500 backdoor Roth IRA.
Wife (50): $24,000 in employer 401(k) plus match and $6,500 backdoor Roth IRA.
"Compound interest is the most powerful force in the universe." - Albert Einstein

FootballFan5548
Posts: 160
Joined: Mon May 01, 2017 2:20 pm

Re: How much did you contribute to your 401k in 2017?

Post by FootballFan5548 » Tue Dec 19, 2017 3:06 pm

18k + 15k employer match = $33k

Wife and I backdoor roth 5.5k each = $11k

34 year old

gougou
Posts: 83
Joined: Thu Sep 28, 2017 7:42 pm
Location: San Francisco Bay Area

Re: How much did you contribute to your 401k in 2017?

Post by gougou » Tue Dec 19, 2017 3:17 pm

me, 27: $18K + $9K employer match
wife, 28: $0 because her employer has no 401k match

Grt2bOutdoors
Posts: 19177
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: How much did you contribute to your 401k in 2017?

Post by Grt2bOutdoors » Tue Dec 19, 2017 3:44 pm

gougou wrote:
Tue Dec 19, 2017 3:17 pm
me, 27: $18K + $9K employer match
wife, 28: $0 because her employer has no 401k match
Passing up on tax deferral because of no match is a mistake. The plan would need expense ratios exceeding 2% to make it not worthwhile to consider investing in it. What is your tax bracket?
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

limine
Posts: 14
Joined: Sun May 07, 2017 12:55 pm

Re: How much did you contribute to your 401k in 2017?

Post by limine » Tue Dec 19, 2017 4:05 pm

$18k each for my wife and I, plus $8k in employer contributions for her.

We’re 32 and 31.

gougou
Posts: 83
Joined: Thu Sep 28, 2017 7:42 pm
Location: San Francisco Bay Area

Re: How much did you contribute to your 401k in 2017?

Post by gougou » Tue Dec 19, 2017 4:25 pm

Grt2bOutdoors wrote:
Tue Dec 19, 2017 3:44 pm
gougou wrote:
Tue Dec 19, 2017 3:17 pm
me, 27: $18K + $9K employer match
wife, 28: $0 because her employer has no 401k match
Passing up on tax deferral because of no match is a mistake. The plan would need expense ratios exceeding 2% to make it not worthwhile to consider investing in it. What is your tax bracket?
33% Federal tax bracket. We live in California. Maybe we will start contributing to her 401k in 2018. She is planning to switch company that probably will have some 401k matching. 2017 is the first year I started contributing to 401k.

BW1985
Posts: 1750
Joined: Tue Mar 23, 2010 6:12 pm

Re: How much did you contribute to your 401k in 2017?

Post by BW1985 » Tue Dec 19, 2017 4:28 pm

max $18k, wife max $18k = $36k

employer contribution $10.5k, not vested though

32
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

Grt2bOutdoors
Posts: 19177
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: How much did you contribute to your 401k in 2017?

Post by Grt2bOutdoors » Tue Dec 19, 2017 4:31 pm

gougou wrote:
Tue Dec 19, 2017 4:25 pm
Grt2bOutdoors wrote:
Tue Dec 19, 2017 3:44 pm
gougou wrote:
Tue Dec 19, 2017 3:17 pm
me, 27: $18K + $9K employer match
wife, 28: $0 because her employer has no 401k match
Passing up on tax deferral because of no match is a mistake. The plan would need expense ratios exceeding 2% to make it not worthwhile to consider investing in it. What is your tax bracket?
33% Federal tax bracket. We live in California. Maybe we will start contributing to her 401k in 2018. She is planning to switch company that probably will have some 401k matching. 2017 is the first year I started contributing to 401k.
Every dollar deferred is a 33% tax savings. There are two benefits in deferring dollars today, possibly 3. The first is the upfront tax savings, a $1 saved today in the 401K saves you 33 cents, the same equivalent amount saved in an after tax account requires you to earn $1.49 (after-tax equivalent is $1). The second benefit is the tax deferred gains, a taxable index fund is efficient but not as efficient as a tax deferred account. Finally, at retirement, you may be in a lower tax bracket, you will pay less taxes on earnings in retirement. Each year you don't contribute is a tax year lost forever, you can only contribute what is permitted by the plan per year, there is no make up for lost years of contributions. The earliest years of savings will have the biggest effects on compounding in your later years.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

lazydavid
Posts: 1824
Joined: Wed Apr 06, 2016 1:37 pm

Re: How much did you contribute to your 401k in 2017?

Post by lazydavid » Tue Dec 19, 2017 4:38 pm

$18k each. Wife hit the cap in October, I will on Friday. Unfortunately I have a sneaking suspicion that some of it is going to get returned to us due to HCE rules though. :(

mrtiger
Posts: 22
Joined: Sun Nov 13, 2016 9:35 pm

Re: How much did you contribute to your 401k in 2017?

Post by mrtiger » Tue Dec 19, 2017 4:57 pm

Just started contribution this year, 6400 so far this year.

Glasgow
Posts: 63
Joined: Fri Feb 25, 2011 2:24 am

Re: How much did you contribute to your 401k in 2017?

Post by Glasgow » Tue Dec 19, 2017 4:59 pm

Max + matched amounts.
Age: Less than 100.

User avatar
Cycle
Posts: 701
Joined: Sun May 28, 2017 7:57 pm
Location: USA

Re: How much did you contribute to your 401k in 2017?

Post by Cycle » Tue Dec 19, 2017 5:00 pm

34/35 yo. 18kea plus 8k of match, so 44k total for 401k.

Also, 11k backdoor Roths, 7k HSA

kenoryan
Posts: 158
Joined: Tue Sep 12, 2017 7:11 pm

Re: How much did you contribute to your 401k in 2017?

Post by kenoryan » Tue Dec 19, 2017 6:08 pm

Me: 53k Age 58
Wife 30k Age 53

Plus 11k to IRAs

patrick
Posts: 1614
Joined: Fri Sep 04, 2009 3:39 am
Location: Mega-City One

Re: How much did you contribute to your 401k in 2017?

Post by patrick » Tue Dec 19, 2017 8:48 pm

1) $33637.7 so far, should be $36387.7 by the end of the year. Including non-Roth after tax contributions of course :)

2) 35

User avatar
packet
Posts: 796
Joined: Sun Nov 23, 2014 11:23 am
Location: The pub

Re: How much did you contribute to your 401k in 2017?

Post by packet » Wed Dec 20, 2017 12:37 pm

Thanks for the reminder!
I turn 50 next year and just upped my contribution to take advantage of the $6,000 catch-up allowance (not to mention catching the $500 increase for 2018). I need to contribute each pay period to receive the company match, so I spread contributions equally throughout the year.

For whatever it's worth...

403(b) max'd ($18,000) in 2017.

:beerCheers,
packet
First round’s on me.

User avatar
Thrifty Femme
Posts: 319
Joined: Sun Apr 12, 2015 1:54 pm

Re: How much did you contribute to your 401k in 2017?

Post by Thrifty Femme » Wed Dec 20, 2017 12:39 pm

40k
Late 30's

gatorade10
Posts: 8
Joined: Wed Oct 19, 2016 1:00 pm

Re: How much did you contribute to your 401k in 2017?

Post by gatorade10 » Wed Dec 20, 2017 7:09 pm

Age 29
Contributed max to 401k and Roth IRA

IRT
Posts: 44
Joined: Mon Dec 11, 2017 1:38 pm

Re: How much did you contribute to your 401k in 2017?

Post by IRT » Wed Dec 20, 2017 7:44 pm

18,000 (employee)
11,900 (employer)
36

snoopdoug1
Posts: 247
Joined: Mon Jul 23, 2007 10:53 am

Re: How much did you contribute to your 401k in 2017?

Post by snoopdoug1 » Wed Dec 20, 2017 7:49 pm

36, will contribute 54k. Will also roll all the after tax to Roth 401k in Janurary.

soc2003
Posts: 20
Joined: Tue Aug 05, 2014 10:46 am

Re: How much did you contribute to your 401k in 2017?

Post by soc2003 » Wed Dec 20, 2017 8:04 pm

Both wife and me each contributed the max limit, 18K. Employer contributions are are about 5K each.

beefey
Posts: 9
Joined: Wed Dec 20, 2017 8:26 pm

Re: How much did you contribute to your 401k in 2017?

Post by beefey » Wed Dec 20, 2017 9:03 pm

Of all you fellas with 403b and 457b's putting away $70k+ per year with self-employed income (SEP contributions) I'm trying to figure what kind of job that is...

Are you selling government secrets to earn that kind of dough in that kind of way?

I should have been a government employee...

Hope
Posts: 16
Joined: Tue Dec 30, 2014 1:57 pm

Re: How much did you contribute to your 401k in 2017?

Post by Hope » Wed Dec 20, 2017 9:04 pm

1) Max + Employer match.
2) 36

Post Reply