Quote:
Originally Posted by Halon1211
as far as the 401(k) not even close.
you said Legacy.
a legacy pilot is getting a 15-16% DC depending on the airline.
lets say a top captain making $350,000 at 15%
is $52,500 plus the IRS limit ($19,500) of what they contribute is $72,000.
heck even a top Spirit captain this year, can put more away in their 401(k) than that range you mentioned.
that’s not how 401k limits work. It’s a combined total of company and you. For 2021:
you can do up to = 19,500
if over 50 you can do = 26,000
company can do up to, if a 16% DC = 46,400 (IRS contributions capped when income hits 290k)
the combined total cannot exceed = 58,000
unless over 50. you can do = 64,500
most places pay anything over the limits as normal income