Think you can only save $22,500 in the 401(k) in 2023? Guess again.

Here's the deal.

You can use after-tax contributions to save even more. Between your contributions and the Cisco match, you can contribute up to a total of $66,000 to your 401(k) in 2023. Plus, if you’re 50 or older, you can make additional catch-up contributions.

Great news! You can save even more in the 401(k).

You’re already a saver and probably know that you can contribute up to $22,500 in pretax/Roth 401(k) contributions for 2023. But did you know that you and Cisco together can also contribute up to $66,000 in 2023 (provided you have not made contributions elsewhere in another employer’s plan this year)?

Here's how it works.

You can use Cisco’s after-tax contribution feature to save more in the 401(k). If you are 50 or older, you can contribute an additional $7,500 in pretax/Roth catch-up contributions.

Here's an example, assuming annual pay of $100,000

$22,500

Your 2023 pretax/Roth contributions

$7,500

(if age 50+)

Your 2023 pretax/Roth catch-up contributions

$4,500

Cisco Match
(100% on 1st 4.5% of pay contributed)

$39,000

Your 2023 after-tax contributions

Total 2023 limit for you and Cisco combined

$66,000

($73,500 if age 50+)