when people talk about maxing our their 401k on here - is it the $19.5k contribution, or are y’all reaching the $56k yearly limit? i’m maxing out at $19.5k contribution, but only get a 3% employer match and feel so behind... don’t quite understand how some folks get to that $56k/year number

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Most mean the $19.5, because not every plan offers after tax contributions

And don’t worry about being behind - just the fact you’re hitting the 19.5 puts you waayyyyy ahead of the vast majority of people. The ones on this board who max the 56 are outliers who make an absurd amount of money

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Whoever is putting 56K a year in a 401K should probably retire in the next 5 years. That is not normal. 19.5K a year is extremely ambitious in my opinion as well. I aim for 10-15% of my gross income in retirement accounts (usually contribute to 401K up to employer match and then put the rest in Roth IRA). Right now I’m closer to 10% because money is a bit tighter with my husband’s recent unemployment.

Might be a dumb question but How can you put $56k/year ?

Also profit sharing (which we have at BCG) contributes to a 56k max.

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