The general rule of thumb is that you can't put more money into your 401k than the total income that your company pays you.
m 401k contribution in 2014
When you are young yo should put as much as you can reasonably afford to in your savings account.
Although the amount you may contribute to your 401k varies by year, in 2012 one could contribute up to $17,000 to their 401k. Remember that one's employer may not match your contribution up to this amount.
A 401k contribution changes every year along with other taxes we have. It has to do mostly with the certain amount you can put in and the matched amount by the employer.
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It is better to do a 401K if your company will match any money that you put in. Put in only what they will match and put the rest in a Roth ira for the best outcome.
First of all, determine how much you can safely budget for retirement. If your employer offers a 401K plan, begin now having some of your pre-tax income put in a 401K account. If a 401K is not an option, open an IRA (Individual Retirement Account). Your bank will be able to help you set this up.
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Most employers offer 401k plans where they will match a certain percentage of what you put aside. It is free for you to invest in your retirement. Every employer is different on their policies. You have to become familiar with your company's policy. As all policies it can be borrowed from, but I do not recommended.
The best option usually is to do a direct roll-over from the 401k to an IRA. You can get forms from your 401k company or the new financial institution where you want to put your money. If you do not already have an IRA, the 401k company can help you set up an account.
put extra money in their 401K plan
It all depends on the terms of your 401k. Typically there is no fee to borrow from it if you put it back in the time that you agree to. If you do not put the money back in time, there will be major fee and you could even be tax 50% on what you didnt put it.