{ "media_type": "text", "post_content": "How do I max out my 2020 401k contribution of $19.5k before it ends (does it end 12/31/20)? I wasn’t tracking my contribution rate before but now I realized I can definitely put in a lot more but if it’s pay check to pay check contribution, I won’t be able to max out by year end since not many weeks left to the year to make up.... can I drop a lump sum somehow to max out and reach $19.5k?", "post_id": "5fb852f84a2fa8001aa033dd", "reply_count": 4, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

How do I max out my 2020 401k contribution of $19.5k before it ends (does it end 12/31/20)? I wasn’t tracking my contribution rate before but now I realized I can definitely put in a lot more but if it’s pay check to pay check contribution, I won’t be able to max out by year end since not many weeks left to the year to make up.... can I drop a lump sum somehow to max out and reach $19.5k?

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I think you can deposit up to 50% of your paycheck in the account. Max out the Dec payments. Maybe talk to your HR department about it as well.

Highly unlikely that your plan allows for lump sum. Increase the % contribution right now to the max allowed by your plan (a lot of places allows up to 65%) so that it takes effect asap.

It depends on your plan. Ask your benefits person.

Also, it sometimes take a while for the changes to go through. So you might put in for an increase now but it might take a pay cycle or so to happen. Be sure to check that out.

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