How Many Years of Maxing Out a 401(k) Does It Take to Become a Millionaire?
If your retirement mission is millionaire or bust, your 401(k) can help you get there. And the fastest way to do it is to make the maximum allowed 401(k) contributions.
The question is: How many years of maxing out a 401(k) does it take become a millionaire? There are different answers because there are different contribution caps. You could max out your contributions. Or, you could max out total contributions, which applies to your own contributions plus your employer match. Once you turn 50, you could additionally make maximum catch-up contributions.
Read on for a closer look at these scenarios and the millionaire timeline for each.
Source Fool.com
