Any "Latest & Greatest" about Delta?
Gets Weekends Off
Joined APC: Feb 2015
Position: 73na
Posts: 286
I note the smiley face face emoji, but do you really see that as an issue? My family and I have been thru Paris 6 times in the last 4 years, and have sat up front every time without issue.
Gets Weekends Off
Joined APC: Jun 2015
Posts: 1,637
So I turn 50 next year, little confused on the mechanics of age 50+ catch up.
Google tells me that in 2020 the income limit on employer contributions is 285,000.
Employees are limited to 19,500
Age 50+ are allowed a 6,500 catch up contribution.
Total combined employee/employer limit is [for 50+] is 63,500.
So an employee could put in a max of 26,000 and Delta a max of 45,600 (16% of 285,000), but of course the total cannot exceed 63,500.
My confusion lies in the 6,500, does it matter who contributes it? Let's say I make 285,000 next year (sadly, the MEC's new war on greenslips combined with better weather next summer renders this scenario unlikely) such that Delta contributes the full 45,600. Does that mean to max it out I 'only' have to contribute 17,900 to meet the limit? In effect, Delta adds the 6,500 catchup?
I realize in many respects it doesn't actually matter, but its still annoying me that I can't figure it out. Let's say that [regardless of the financial wisdom of doing so] I want to make all of my 2020 401k contributions from my profit sharing check on Feb 14. If I think I will make >= 285,000 from Delta next year, how much should I contribute from PS?
I am clearly deep in the realm of very good problems to have. Appreciate any help
Google tells me that in 2020 the income limit on employer contributions is 285,000.
Employees are limited to 19,500
Age 50+ are allowed a 6,500 catch up contribution.
Total combined employee/employer limit is [for 50+] is 63,500.
So an employee could put in a max of 26,000 and Delta a max of 45,600 (16% of 285,000), but of course the total cannot exceed 63,500.
My confusion lies in the 6,500, does it matter who contributes it? Let's say I make 285,000 next year (sadly, the MEC's new war on greenslips combined with better weather next summer renders this scenario unlikely) such that Delta contributes the full 45,600. Does that mean to max it out I 'only' have to contribute 17,900 to meet the limit? In effect, Delta adds the 6,500 catchup?
I realize in many respects it doesn't actually matter, but its still annoying me that I can't figure it out. Let's say that [regardless of the financial wisdom of doing so] I want to make all of my 2020 401k contributions from my profit sharing check on Feb 14. If I think I will make >= 285,000 from Delta next year, how much should I contribute from PS?
I am clearly deep in the realm of very good problems to have. Appreciate any help
Gets Weekends Off
Joined APC: Nov 2017
Posts: 350
Gets Weekends Off
Joined APC: Mar 2007
Position: Petting Zoo
Posts: 2,073
Only you can make the catch up contribution. Essentially the only thing that changes in the year you hit 50 (other than aches and pains ) is that you have the ability to designate a catch up contribution on fidelity and stuff that money in on top of everything else you were already doing.
You should be able to elect a percentage to go towards catch up contributions by going to the NetBenefits site and selecting the option to change your contribution amount. If you don't see it there, it may be that you have to wait until the beginning of the year you turn 50 (ie Jan 1) for it to populate.
Gets Weekends Off
Joined APC: Mar 2007
Position: Petting Zoo
Posts: 2,073
Hillbilly I sent a PM
Can someone explain why we have the technology in place to stop our 401k contributions automatically when they reach the limit, but it's beyond the capability of Optum HSA to stop those contributions (even though I set the contribution to $0 two weeks ago), thus necessitating old-fashioned snail-mail to fix?
Rant over.
Rant over.
Can someone explain why we have the technology in place to stop our 401k contributions automatically when they reach the limit, but it's beyond the capability of Optum HSA to stop those contributions (even though I set the contribution to $0 two weeks ago), thus necessitating old-fashioned snail-mail to fix?
Rant over.
Rant over.
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