Maxed out my 403(b)

[zygote]

Today's paycheck was slightly higher than usual. When I looked at my paystub to see the breakdown and figure out why, I realized that my 403(b) withholding was half the usual amount because I hit the max limit for the year. Though I'd prefer it to be even for every 2023 paycheck (we are only allowed to withhold an exact percentage of our salary, so there is little room for nuance/customization), it's nice to a) know that I did indeed fully max out in time and b) I'll get a little extra after-tax cash to save at the end of the year.

Anyone else join the 401(k)/403(b)/457(b) max out club?

(I am also eligible for a separate 457(b) contribution, but I've never been able to save that much on my public institution salary in a HCOL city. That'll be my next goal! For various reasons, the 403(b) has been a better option for me personally, but I do reevaluate periodically and am open to switching over in the future if I'm getting close to leaving the job and want easy access to the funds.)

[midweststache]

Today's paycheck was slightly higher than usual. When I looked at my paystub to see the breakdown and figure out why, I realized that my 403(b) withholding was half the usual amount because I hit the max limit for the year. Though I'd prefer it to be even for every 2023 paycheck (we are only allowed to withhold an exact percentage of our salary, so there is little room for nuance/customization), it's nice to a) know that I did indeed fully max out in time and b) I'll get a little extra after-tax cash to save at the end of the year.

Anyone else join the 401(k)/403(b)/457(b) max out club?

(I am also eligible for a separate 457(b) contribution, but I've never been able to save that much on my public institution salary in a HCOL city. That'll be my next goal! For various reasons, the 403(b) has been a better option for me personally, but I do reevaluate periodically and am open to switching over in the future if I'm getting close to leaving the job and want easy access to the funds.)

WOO HOO! Congrats!

I hit the "max out per pay period" milestone mid-year, with a promotion and raise, so I'll officially be in the "max out a year's worth of contributions" club in 2024. I'm not in the public sector, but NPO, and also in a M to HCOL city, so I totally get what a milestone this is - congrats!

[JupiterGreen]

That's fantastic. Yes I max out a 403b and 457 and the remainder goes into another tax deferred account. My salary is not high enough to max out all three, but essentially my entire paycheck is deposited into these tax deferred accounts. We live off of partner's paycheck. He also contributes to two tax deferred accounts. It's crazy seeing it typed out like that, but we have plenty of money to live on and the best way to save is to automate.

You are doing great!

[cannotWAIT]

Way to go! I have a 401(a) with a mandatory contribution and match from my employer, then I max out my 403(b) and allllmost max out my 457(b). I also max out my HSA and Roth IRA. I have a little pile of cash that I use for my very low expenses while dumping all of my paycheck into these retirement accounts. I feel lucky to have these options available to me (although a pension would be better still) and that plus the ability to WFH in a pretty easy position are the reasons I stay in this job that I do not love.

[Turtle]

Congrats!  Feels good, doesn't it?  I had a similar thing happen with my very last paycheck being a couple hundred higher than usual.

[maizefolk]

Congratulations!

You're on a great path. The single biggest positive decision I made for my own FI was maxing out my contributions to 403(b) and 457 accounts when started my first "real" job (but I'm in a LCOL city).

[Silrossi46]

Doing double catch-up in my 457b. Going into year 3 of 3 now for 2024 doing 46,000.   2023 was 45000. 

[J.P. MoreGains]

I started a job in August and I contributed 23,676 between 401k and 457b in 2023.

For 2024 I'm putting 1,250 every two weeks into 401k and 1,250 every two weeks into 457b.

I should max in September-ish. Plus HSA max for the year.

I really like seeing the progress that comes with having big contributions.

[Sandi_k]

I started a job in August and I contributed 23,676 between 401k and 457b in 2023.

For 2024 I'm putting 1,250 every two weeks into 401k and 1,250 every two weeks into 457b.

I should max in September-ish. Plus HSA max for the year.

I really like seeing the progress that comes with having big contributions.

If there is a match - do they "true up" if you max out early? Or do you only get a match when you're actively contributing?

[evanc]

I started a job in August and I contributed 23,676 between 401k and 457b in 2023.

For 2024 I'm putting 1,250 every two weeks into 401k and 1,250 every two weeks into 457b.

I should max in September-ish. Plus HSA max for the year.

I really like seeing the progress that comes with having big contributions.

If there is a match - do they "true up" if you max out early? Or do you only get a match when you're actively contributing?

This is an extremely important consideration, and it differs by employers. Mine stops matching if employee maxes out earlier in the year, whereas my DW's employer automatically contributes regardless. Always worth double checking with HR, if you are unsure. Could be leaving tons of money on the table.

[EarlyInJourney]

Nice work!  I have access to a 457b and a 401k at my government job, and I was able to max both in 2021 and 2022 (thanks, Covid?) - those were some sweet saving years!  2023 I could just max the 457b, but that still feels good, too.