Recently started a new job and joined their 401k. I'm trying to decide how much to contribute each paycheck and wanted to know if there is a way to calculate how much to deduct to maximize the tax benefit. I am able to adjust the payment for each paycheck, and have the availability to work a lot of overtime (10 - 40 hrs of OT each paycheck). I've noticed in the past that some of that OT gets eaten up in taxes (I know I get it back at the end of the year) so I thought it might be a good idea for the times I know I'm going to be recieving a bigger check to make a bigger contribution. Or is it better to just look at my average annual salary and make a payment plan from that?
Background info: I'm single, no kids, early 40s, on a very tight budget but really need to build up my retirement. My company has a very low matching rate so it's pretty much all on me.
Submitted January 13, 2019 at 11:09AM by OtherCat1 http://bit.ly/2sosvMk
