I'm putting $20,500 away into my 401K but my employer is still contributing their match beyond that limit. Isn't there a penalty to overcontributing? Hope I'm wrong here but noticing it only now that it's November.

@KristieD7M, the max you can contribute is $20,500 but the total contribution limit which also includes your employers contribution is $61,000. So you should be good!

@KristieD7M, Ali's right but there's more: After hitting your pre-tax contribution limits, you can see contribute post-tax contributions on top if the plan allows for it. That's not considered to be over contributing. If you're also contributing post-tax contributions you can go up to a max contribution limit of $61,000, but if you're over 50, you can go up to $67,500. And don't forget that depending on your income level, you might also be able to put away pre-tax contributions via a traditional IRA too.