Can You Retire a Millionaire Using Only a 401(k)?
Many people have the goal of retiring with $1 million or more. And to be clear, that goal may be more than attainable regardless of the retirement plan you save in. But if you have a 401(k), you have a solid opportunity to meet that objective, even if it's the only savings plan you have access to. The key, however, is to manage that 401(k) wisely.
The great thing about 401(k)s is that they come with generous annual contribution limits -- much higher limits than what IRAs allow for. Currently, you can contribute up to $19,500 a year in a 401(k) if you're under 50, or up to $26,000 if you're 50 years of age or older.
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Source Fool.com
