3 Things to Know If You're Aiming to Max Out Your 401(k) This Year

3 Things to Know If You're Aiming to Max Out Your 401(k) This Year

The magic number for those planning to max out their 401(k)s this year is $19,500, though those 50 and older can bump this up to $26,000. You usually can't withdraw funds from your 401(k) before age 59 1/2 without paying an early withdrawal penalty. You can also make Substantially Equal Periodic Payments (SEPPs) where you withdraw regular amounts annually from your 401(k) for the longer of five years or until you turn 59 1/2.