Anonymous
Anonymous asked in Business & FinancePersonal Finance · 2 years ago

How many companies let U put the max annual contribution into your 401K? When do I finally get to control the money and pick my own stocks?

Update:

It's 18,000 for 2018, or $24,500 if you're over 50. So I want to take advantage of this. I don't want some company telling me my contribution limit is much less if I don't need the money now to live on, regardless of company contribution percentage offered, if any.

And I want to know when I finally get to pick my own stocks. Can 401k's be moved? Must the be moved? Can the rules change from company run rules to my own rules if I quit my job?

Update 2:

How many 401ks from how many different former employers can I have? When do I get the money to do with what I want? When can I sell out of whatever plan I had to choose from while working for that employer, go into cash, start picking my own stocks, or taking it out altogether and doing what I want with it without penalty? IRAs seem pretty clear on withdrawal rights, inclu. requirements for withdrawal after a certain age, depending on the type of IRA. 401Ks discussions never get into all that.

Update 3:

CORRECTION: $18,500 limit for 2018.

Update 4:

All I've ever heard is that company run 401K's offer a limited number of mutual funds to invest in, and that's it. THEIR fund company, THEIR fund manager, THEIR mgmt fees. You don't just get to put the money anywhere you want in a company sponsored 401K.

4 Answers

Relevance
  • 2 years ago

    EVERY company that offers a 401(k) allows you to contribute the maximum, which is limited by BOTH a % of your income AND a fixed $ amount.

    You can select from the fund options offered by the plan as soon as you begin contributing. MOST plans don't allow you to chose individual stocks within the plan.

  • 2 years ago

    They allow the max contribution.

  • 2 years ago

    They ALL do. They can't stop you. You allocate the amount. You should be picking your own stocks and allocating a percentage to each. It's hard to believe that you are being controlled by any employer this way. I've never heard of such a thing.

    Source(s): Certified Paralegal, with 25+ years' experience & with Employment law experience.
  • 2 years ago

    Any company with a sponsored 401k plan will probably allow you to contribute the maximum if you choose to.

    You cannot withdraw the money until you reach a certain age (retirement age) without severe penalties.

    You can divert the money into a self-directed fund any time you wish (the fund must also be a 401k or it will be considered a withdrawal). Once in a self-directed fund you can invest it however you choose.

Still have questions? Get your answers by asking now.