I am 29 years old and have a 401(k) already with my company. I just started contributing 10% to my 401(k), up from my 8%. My company does not match but they do put 10% of my salary into my 401(k) as their contribution every February, once per year. I make between 95k and 110k a year and as stated started to put 10% of my pay into my 401(k). My current 401(k) balance is at $53k-ish.
My question is: When do I max out in the year 2012? I read at $17,000, but does that cover only my contributions, or both mine and my employer's? If I do max out with mine and my employer's, how do I know that, and how will I be notified? If I do max out, what do I do with the extra funds beyond the max? Should I put that into a Roth IRA? I am concerned as I get paid more year after year when I will be maxed out. What penalties or options do I have?
Thanks in advanced for the information and I look forward to reading more on this forum!