How much money can I contribute annually to a regular 401(k) or a Roth 401(k)?

In the Video above, Scott Farnsworth, Central Florida's Tax-Free Retirement Expert answers a frequently asked question:  How much money can I contribute annually to a regular 401(k) or a Roth 401(k)?

"The amount of contribution an employee can make to a regular or a Roth 401(k) is the same. Of course it requires that you have income up to this amount. The limit for a worker under the age of 50 is $18,000 per year. After the age of 50, an employee may contribute an additional $6,000 of catch-up contribution. These rules are a little bit complicated because if you're spouse is working and has an employee plan of his or her own, there may be other limitations."

To see more videos by Scott Farnsworth, see our Frequently Asked Questions Videos page, Tax-Free News page, or our YouTube channel.