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<<Just a note of clarification. The amount you can put into a 401 K is up to 15% of income or a maximum of $10,500 per year. >>

As a further note of clarification, under current law for defined contribution plans the overall percentage limit is 25% of compensation, not 15%. The plan documents and the type of plan itself, though, may limit the percentage. Thus, plan participants always need to check plan limits with the plan administrator. For details, see my Foolish Retirement Plan Primer at

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