Lisa has a monthly salary of $14,000. Her company allows her to put up to 25% of her salary into her 401(k) plan. Her company matches the first 6% she contributes to the plan on a dollar for dollar basis (100% match). The IRS limit for contributions to 401(k) plans is $20,000. Lisa plans to contribute the full IRS limit to her 401(k). In order to maximize the amount of money Lisa collects in company matching funds, how much should she contribute (in dollars) each month to the 401(k) plan?

Answer rating: 100% (QA)

To calculate the monthly contribution to Lisas 401k plan we n... View the full answer