Ugh, I just checked for this year and I netted about 17% on my 403b, decent returns for me... That isn't the issue...
At this point I've put in $18k already, and the terms for it which is below
Limitations on Contributions
The Internal Revenue Service has imposed specific limitations on the amounts that highly paid plan participants can contribute to plans like the [Removed company name for privacy] 403(b) Plan. The 403(b) Plan has been designed in such a way that there should not be any effect on the amounts you decide to save.� However, some highly paid employees may have to lower the amount of their deferral contribution to the plan.� You will be notified if you are affected by this limitation.
Federal tax law also places an overall limit on the amount of contributions (and allocated forfeitures) that may be credited to your accounts for any one year.� The current maximum amount is the lesser of 100% of your annual pay or $51,000 for 2013.� The maximum dollar limit will be adjusted in future years for cost of living expenses.
I know the pre-tax contribution limit is $17,500 this year... but since I've met that, should I just keep contributing? I'm already maxed out the roth ira...
I had no idea I could contribute up to $51,000 (I don't make that much but still). Did anyone else know you could keep contributing to a retirement plan after hitting the $17,500? I had expected them to stop taking contribution money after hitting the $17,500 but it kept pulling on the last pay check. I'm having it take out $1,000 each bi-weekly paycheck. I don't need the money but would I be better off just pocketting it and putting it into a taxable account? I put in about $10,000/year for that.