A 68 year old is making about 70K a year and would like to put as much away as possible to lower their taxes. How much can the person put into a 401K? What about a regular IRA on top of that?
Posted: 1/14/2006 5:07:13 PM EDT
[#1]
Send 25% of your pretax income to me, and I will invest it wisely.
Posted: 1/14/2006 5:07:53 PM EDT
[#2]
Since he is over age 50, he can put $20,000 in a 401(k) as an employee deduction. Or he can o put in 25% in as a p/s contribution. Any IRA contribution would be non-deductible if he participated in a 401(k) plan.
