A 401(k) is one of the most powerful savings accounts for retirement.

In 2024, workers can contribute up to $23,000 ($30,000 if age 50 or older) to their workplace retirement plan. That money will grow tax-free, allowing your savings to compound year after year. That could lead to a massive sum of cash by the time you retire.

If you can't contribute the maximum to your 401(k), that's OK. You can still get the biggest benefit of the account with a much smaller contribution.

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Source Fool.com