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How much can I save? Should I consider Roth 401(k) contributions? How can I save more? What's next?

Nice work! Let's summarize the steps to consider.

You made it to the end of this path! You’ve learned that the IRS lets you and Cisco contribute a total of $66,000 to the 401(k) in 2023 ($73,500 if you’re 50 or older). And you know ways to make the most of your 401(k)’s tax advantages and savings opportunities.

3 steps to consider.

  • Aim for the IRS limit.

    First save up to $22,500 in any combination of pretax/Roth 401(k) contributions ($30,000 if you’re 50 or older).

  • Explore Roth 401(k).

    Roth 401(k) contributions offer potentially tax-free retirement income. Talk to a retirement planning consultant to see how this can complement your tax-planning strategy.

  • Consider after-tax contributions.

    After-tax contributions give you a chance to increase your Cisco 401(k) contributions. And you can convert them to Roth 401(k) to build potentially tax-free retirement income.*

*In general, Roth distributions are federally tax-free and penalty free when withdrawn at least five years from the first day of the year in which you made your first Roth contribution or conversion and one of the following conditions is met: age 59½, disability or death.

Have a 401(k) from your old job?

Consider rolling it in to the Cisco 401(k). Your money still has the potential to grow tax deferred, as it did in your old plan, but it’s easier to manage when it’s all under one roof.

Want to dive deeper? Try these tools.

  • Roth Contribution Modeler

    View hypothetical scenarios showing some differences between Roth 401(k) and pretax contributions. From the 401k.com Library, click Calculators & Tools and scroll down to Roth Contribution Modeler.

    Try it now

  • Fidelity's Planning & Guidance Center

    Use Fidelity’s online Planning & Guidance Center to create your holistic financial plan, or call 800 603-4015 to speak with representatives who can provide one-on-one help at no cost to you.

    Explore