Eight Weeks left in 2023… Wow… That was Fast …. Great Time of the Year to Check Run Rate of Contributions to Retirement Plans or the Like, Here are the Numbers of where we should be!

Today is November 6, 2023….Would you believe there are only EIGHT full weeks left in the year? In some ways we do, others it seems like we just turned the calendar….digressing…

Great time to review your contribution levels

Now is a good time for all of us to review our retirement contribution levels. If our intent is to max out your 401(k), or other retirement plan, take a peek and see if you’re on track to achieve this goal.

If you have any questions certainly shoot us your latest paycheck and we can do the calculations, but here are roughly where we should be on our contributions to the regular and catchup 401(k) levels.

Ideally your year to date (YTD) contribution levels for your 401(k) regular withholding by yourself should be at least $19k in order to meet the $22.5k regular filing maximum by the end of the year and if our goal is to achieve the $30K catchup for those 50 and older we should be at least at the $25k level today. Both of these should be our individual YTD withholding amounts. We know there are matching and employer contributions … but the rules are set for us as an individual at the $22,5k regular maximum and $30k catch-up maximum. Catch ups are the usual problems, so make sure if you are 50 or turning 50 this year, your employer knows you want to do a catch up contribution!

Two quick reminders… if you have changed employers it is our job to keep up with the maximum amounts as mentioned here because our new employer will not know our prior contributions…

There are variances in certain situations, most of which we have already discussed, but the above covers the great majority of plans …. Reach out if you are in the middle for some reason!

This is your friendly reminder!

Reach out if Question… We got you!

Have a Great “Retirement Run Rate” Reminder Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



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