If You Can't Max Out Your 401(k), Do This Instead
One of the nice things about 401(k) plans is that they come with very generous annual contribution limits. This allows savers to sock away a nice amount of money for retirement and, at least in the case of a traditional 401(k), shield a lot of income from near-term taxes.
But maxing out a 401(k) is a pretty tall order. As of the third quarter of 2023, U.S. workers earned a median weekly wage of $1,118. That's roughly $58,000 a year for those working 52 weeks.
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Source Fool.com
