Maxing Out Your 401(k) Can Make You a Millionaire By 45

Christy Bieber, The Motley Fool
·3-min read
Maxing Out Your 401(k) Can Make You a Millionaire By 45
Maxing Out Your 401(k) Can Make You a Millionaire By 45

In 2020, you can contribute a maximum of $19,500 to your 401(k), or $26,000 if you're 50 or over. Most people don't contribute the maximum amount to these tax-advantaged retirement accounts. 401(k) contribution limits can change over time, so it's impossible to know exactly how much you'll be able to contribute going forward.