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401k contribution limits increase when you turn 50 y.o. Does that apply during calendar year, even before turning 50 or only starting on the actual day?
401k contribution limits increase when you turn 50 y.o. Does that apply during calendar year, even before turning 50 or only starting on the actual day? How does it work (in more detail) besides the general guidance that your 401k limits increase when you reach 50 years old? Are you allowed to start contributing more from Jan 1 in the year you are going to turn 50? (everyone turns 50 at some point during the year, what's the rule?) Or only starting on the day you turn 50 your limit increases? ...
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