How Many Years of Maxing Out a 401(k) Does It Take to Become a Millionaire?
It's pretty difficult to retire these days without at least $1 million in the bank, but saving that kind of cash takes time. If you invest your money, you can get there a lot faster, especially if you max out your 401(k) every year. Here's a closer look at what that entails and how long it'll take you to get to $1 million.
For those of you who don't know, the government restricts how much you can contribute to a 401(k) each year. In 2022, you're allowed to set aside up to $20,500 if you're under 50 or $27,000 if you're 50 or older.
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Source Fool.com
