Maxing Out Your 401(k) Can Make You a Millionaire By 45
In 2020, you can contribute a maximum of $19,500 to your 401(k), or $26,000 if you're 50 or over. Most people don't contribute the maximum amount to these tax-advantaged retirement accounts. But if you're able to do so and start contributing at the age of 25, you should have well over $1 million in your account by the time you hit the age of 45.
401(k) contribution limits can change over time, so it's impossible to know exactly how much you'll be able to contribute going forward.
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Source Fool.com
