Answer: $24,000 (If you’re under 50 and employer offers a 401(K))
$5,500 (If you’re under 50 and employer has no 401(K))
While you’re on a ship you are housed, fed and sometimes clothed for free. Every single cent flies into a bank account far far away. The numbers on the statement go forth and multiply. Three figures become four, four figures become five and now suddenly you’re in the money.
Now the first thing you should do is take your last payout in cash. Second, lay the cash on the floor of your hotel room. Third, roll around in the money. As you lie on the ground, surrounded by smug Benjamin Franklins, take a moment to remember: It’s not what you make, it’s what you keep.
Working 6 months a year cost free grossing between $40,000-$90,000 opens doors. Here are three ways a single mariner can stash away money and max out their money.
401K: $18,500 max pre-tax contribution