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There are some things that make 401k different from the other plans. The first difference is that you are free to decide how much money you want to be paid to your plan. You just need to tell your employer about this.

Generally, employees put up to 15 percent of their salary into the account each month, but the employer has the right to limit that amount. It might be worth while to rally for a higher limit if it isn’t as high as the employee would like it to be. The IRS limits the total annual contribution to $15,000 (in 2006).

maximum 401k contribution over 50

~admin

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