Does empower automatically cut off excess 401K contributions ?
8 replies (most recent on top)
You prob do. I maxed mine to the irs limit one year when I was making $16/hr. You can do it.
What is a 401k?
same goes for social security, once you reach the cap at Wells within a given year, payroll stops taking it out
Wish I made enough to have this problem.
OFFS.
Yes, once you hit the cap, you are done. Back in the day, eventually I got to the point where I would hit my limit in late November.
Seriously, do you NOT pay ANY attention to how you save/invest?
If you are interested in retiring, you have to have some knowledge about this. It IS important.
Sigh. lecture over, be ignorant and poor.
Cheers!
Yes
Unless you’ve been working somewhere else with 401(k) during the year. One hand won’t know the other.
Yes. Once you reach the limit they will not deduct the 401k amount from your pay until the next year.