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Hi All,
I am a little confused please help me. I work for a school and contribute to my Deferred Compensation plan. I also contribute the max to my Roth. I am over 50 so I get to contribute more. Are the max limits net or gross pay? I inherited some money so I don't need my paycheck at all for monthly money, so I want to contribute the most I can. My net pay from school is 1600. a month so that comes to 19,200 a year. Does the total contributed to Roth and Deferred have to equal that. I don't want to over fund it and get in trouble, but I want to max it out since I am a little late in the savings game. I appreciate your help. Thanks
I am a little confused please help me. I work for a school and contribute to my Deferred Compensation plan. I also contribute the max to my Roth. I am over 50 so I get to contribute more. Are the max limits net or gross pay? I inherited some money so I don't need my paycheck at all for monthly money, so I want to contribute the most I can. My net pay from school is 1600. a month so that comes to 19,200 a year. Does the total contributed to Roth and Deferred have to equal that. I don't want to over fund it and get in trouble, but I want to max it out since I am a little late in the savings game. I appreciate your help. Thanks