Mark Kohler explains how to maximize your 401(k) before year-end. First, contribute enough to capture your employer match. If you have extra money and no solo 401(k), max out contributions by December 31 to get the full tax benefit.
Matching out or maxing out. For those of you that have a day job 401k, or your spouse, you can also have a solo 401k on top of a day job 401k, you can have both. But for those of you that have the company group 401k, make sure you're deferring your maximum amount or at least enough to get the match. So we call that match and output enough to get the match. And if you can and want to do more and don't have a solo 401k, let's max it out. Be thinking about this and you've got until December 31st. Let's get that done.
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