Maxing out your 401(k) can go a long way toward improving your retirement preparedness. In 2023, you'll be allowed to set aside a record $22,500 ($30,000 if you're 50 or older). That could turn into hundreds of thousands of dollars after it's been invested for a couple of decades.

But let's be honest. Most of us can't spare $22,500 or anything close to that. But that doesn't mean you should give up on your 401(k) altogether. Try making this your new retirement savings goal instead.

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Source Fool.com