How does the catch up contribution work for combined limits?
For 2016, the employee limit is $18,000 and the combined limit is $53,000
If I were 50, I would increase my contribution to 24,000. Would the combined limit be $59,000 or does the combined limit stay at $53,000?
I'm turning 49 next month, which means in January I'll increase my contribution to 401k. Yup, excited about getting closer to 50!