You Won't Believe What an Extra $1,000 in Your 401(k) Can Do

You Won't Believe What an Extra $1,000 in Your 401(k) Can Do

In 2018, you'll be able to contribute up to $18,500 to a 401(k). However, chances are good you won't actually contribute the maximum.

Only about one in 10 workers in the U.S. maxed out their 401(k) contributions in 2016, according to Vanguard. Many of those super savers took steps most people aren't willing to take, like forgo vacations, drive old cars, and skip time with loved ones to put in more hours at work. 

If you aren't ready to take such drastic steps, the good news is that you don't have to do much to make a big impact on your nest egg, especially if you're still young. Contributing just $1,000 extra to your 401(k) could give your savings a major boost.

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Source: Fool.com