For many, saving for retirement is one of many competing goals. A handful of taxpayers managed to make it a priority and save the maximum to their 401(k) in 2016, according to IRS data.
More than 4.6 million taxpayers maxed out their retirement plan contributions in 2016, the latest data from the IRS. At the time, the most you could defer was $18,000, plus $6,000 if age 50 and over.
We all want to max out our 401 contributions — and a select handful of taxpayers are doing just that. Older workers were among the most ambitious savers. In all, the over-60 crowd accounted for more than 1 million taxpayers who were able to save the maximum to their retirement plans that year.
"You don't want to make decisions that are detrimental," Landsberg said. "You're paying off loans, you have credit card debt accruing – you don't want to have too low of a take-home check."
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