{ "media_type": "text", "post_content": "New to US, how does maxing out 401k work? Can I do 19500 by giving most of my paycheck for just few months of the year? Or is there a monthly limit? (Didn’t contribute anything yet this year)", "post_id": "608e072520ef21002a9e54d5", "reply_count": 15, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

New to US, how does maxing out 401k work? Can I do 19500 by giving most of my paycheck for just few months of the year? Or is there a monthly limit? (Didn’t contribute anything yet this year)

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Depends on your plan rules. Some limit it to an percentage of your comp.

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OP, at BCG you can contribute 75% per paycheck until you hit 19.5 PSRF at fixed % regardless of contribution

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IRA is individual retirement account, so you’ll have to open it on your own. Go to vanguard, fidelity, or another brokerage firm and open it. To get around the income limit, contribute to a traditional IRA, then immediately roll it over into a Roth IRA. You can call the brokerage for help or look online for instructions

We don’t have any matching. Is that what you meant?

I know op said they have no match, but if you do make sure there is a true up of you want to fund early.

FYI contributions are calculated as a percentage of gross paycheck, even if they’re Roth/after-tax contributions. So even with a 50% cap, you’d probably be able to get there quickly. The IRS doesn’t have a monthly cap.

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