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Want to Max Out Your 401(k) in 2024? Here's How Much You Must Set Aside Each Month.

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Want to Max Out Your 401(k) in 2024? Here's How Much You Must Set Aside Each Month.: https://g.foolcdn.com/editorial/images/761361/bearded-person-at-desk-by-computer-taking-notes.jpg

January 1 brought several important changes to your 401(k), including higher annual contribution limits. This is great news for those who hope to stash large sums away for retirement this year, but maxing out your 401(k) is a tall order.

Read on to see how much you'd need to save per month to do it and why you might not want to.

Maxing out your 401(k) means contributing up to your annual contribution limit for the year. There are actually two limits -- one for people under 50 and one for those who will be 50 or older by Dec. 31, 2024.

Source Fool.com

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