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A Reddit poster with $273,000 saved recently asked when they’d become a millionaire Even without any additional savings, the poster could reach a 7-figure nest egg in 15 years thanks to compound ...
Million-dollar 401(k) accounts are pretty rare, for the record. There's usually just not enough time -- nor income -- to reach that mark. It's not entirely unheard of, however, for a 401(k ...
In this scenario, if you invest just $500 per month into your 401(k) account, it will take around 38 years to become a 401(k) millionaire. Better Returns Means 401(k) Millionaire Faster
And because traditional 401(k) plans are tax-deferred retirement accounts, contributing to them lowers my annual taxable income as well. For 2025, most individuals can contribute (pre-tax) up to ...
Image source: Getty Images. 1. Maximize your contributions. Each year, you have an opportunity to sock away money into your 401(k), and the contribution limits are generous. For 2024, employees ...
A 401(k) account is a tax-advantaged retirement saving tool offered by many employers these days. ... That's pretty good, and you can still become a millionaire with just an IRA. But a 401(k ...
Given that the average 401(k) balance for the 65-and-over crowd is in the ballpark of $270,000 (according to Vanguard), it's safe to conclude there aren't many 401(k) accounts worth $1 million or ...
Most employers offering 401(k) plans offer a match, so double-check to ensure you get the most easy money possible. A father and daughter put coins into a piggy bank. Image source: Getty Images.