Maxing Out Your 401(k) Can Make You a Millionaire by 45
To max out your 401(k) in 2020 or 2021, you'd need to contribute $19,500. If you're 50 or older, you're allowed to make a $6,500 catch-up contribution, so $25,000 is your maximum.
Let's face it: $19,500 a year is a lot of money, particularly if you're just starting your career. But if you can contribute the maximum to your 401(k) plan each year, it's shocking just how fast you can become a millionaire.
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Source Fool.com
