There's a reason workers are often advised to try to max out their IRAs or 401(k)s: The more money you put into one of these accounts, the more retirement wealth you stand to grow. And because these accounts are tax advantaged, maxing out allows you to shield more income from the IRS.

Now, maxing out a retirement plan means something different depending on how old you are and the type of savings plan you have. This year, IRAs max out at $6,500 for workers under age 50. In 2024, that limit will rise to $7,000.

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Source Fool.com