After the first paycheck in December, my 401(k) contribution is up to $14,865.22, while the company match of 7% is $6,003.81.
With the last pay check on December 30th, I finally hit the 401(k) contribution limit of $16,500. Next year the 401(k) contribution limit increases to $17,000 due to the increase in cost of living. We plan to fully contribute to it again, provided that there’s no big unforeseeable event occurs in 2012.
Also, I’m helping to front the parents’ closing cost on their new home. As a result, our cash reserve deeps lower by $5,000. We don’t expect to get it back as it’s a gift to them.
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