Retirement Planning

How to Invest In Your 401(k) - Even If You've Maxed Out Your Contribution

10/24/2022

Many investors don't know that investing in a 401(k) retirement account is possible after its annual contribution has been maxed out.

While this isn't possible in all situations, some plans allow after-tax deposits above the deferral limits. The Plan Sponsor Council of America estimates that 21% of American companies allow after-tax contributions to employer-sponsored plans, up from about 20% at the height of the pandemic in 2020.

This increase could be attributed to various factors, such as reduced costs as more and more companies nationwide move to a fully-remote model, and rising inflation costs that necessitate people to save more for retirement than they originally intended.

After-tax accounts vs. Roth 401(k) accounts

In 2022, if you're under 50 years old, you can defer up to $20,500 of your salary into your 401(k)'s regular pretax or Roth 401(k) account.

But it's important to note that certain plans offer additional after-tax contributions to your standard 401(k), meaning you can save money above the $20,500 cap. CNBC explains that if, for instance, you defer $20,500 and your employer matches $8,000, plus profit-sharing, you could potentially save an additional $32,500 before hitting the $61,000 plan limit for this year.

If you work for a large corporation, it is more likely that you will have the ability to contribute after-tax money to your plan - small businesses offer this option less frequently.

Consider the "backdoor Roth" strategy

The "backdoor Roth" strategy is described as "a technique used by high-income earners--who exceed Roth IRA income limits--to convert their traditional IRA to a Roth IRA."

This strategy is NOT a form of tax evasion. When a high-net-worth individual transfers assets from a traditional IRA to a Roth IRA, they owe taxes on any funds -- principal, earnings, and appreciation -- that have not previously been taxed.

CNBC explained that some investors choose to use a "mega backdoor Roth" strategy to increase their annual retirement account contributions. This option includes paying levies on growth to date and moving the funds for future tax-free growth opportunities.

Dan Galli, a CFP and owner at Daniel J. Galli & Associates in Norwell, Massachusetts, told the financial news platform that "there's a fair number of professionals -- from CPAs, attorneys, wealth managers and financial planners -- who don't understand or are not familiar with in-plan Roth [401(k)] rollovers," so it is imperative to choose a tax pro who understands this tactic.

Get help when you need it

Although 401(k) plans might seem straightforward, there is more that can be done with these accounts than most people know. If you aren't sure exactly what you should do with the funds in your plan, contact a qualified professional.

Working with a tax expert who understands all the ins and outs of 401(k) management is the easiest way to stop stressing and feel confident about your financial future.

How are you saving for retirement? Do you have a 401(k), an IRA, both?

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Steward Financial

Jon Osborn is a tax preparer based in San Dimas, California. His company, Steward Financial Services, offers a broad range of tax preparation, accounting and business consulting for small businesses. He loves to work with clients who are looking for answers to complex tax and business planning issues. He has owned several small businesses and worked with over one hundred small business owners. He helps his individual and business tax clients find the best ways to spend their money in order to minimize IRS tax. Small businesses looking to grow, sell or just increase cash flow are one of Jon's specialties.

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