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It s probably the easiest and smartest way to save for retirement. Federal law allows workers under 50 years old to contribute $19,500 to their company plan. If you are 50 or older, you can contribute $26,000.
If you are not on track to contribute the maximum amount, you still should have one or two pay periods left before the end of the year, so make the most of them. And remember, if you elect your contribution to go into the before-tax 401(k), those funds will not be taxable as part of your 2020 federal tax return. The more you put in, the less in taxes you will pay this year.