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Putting off your 401(k) contributions to conserve cash sounds logical. Don't fall into that trap. Suppose you graduate college and start your first job at 23, making a $30,000 salary.
One retirement rule of thumb suggests you’re wise to save at least 10% of your pre-tax salary in a 401(k). With an employer match and a slightly larger employee contribution, 10% can easily ...
The idea of becoming a 401(k) millionaire may seem unrealistic to some. ... At least max out your company's match. That $3,000 figure is an arbitrary one, of course. ... plans compared to $2,350 ...
401(k) Employer Match Your employer can also match those contributions — up to 25% of your total compensation for the year. So, if you make $100,000, your employer can add an additional $25,000 ...
Personally, I think the 401k should be a top priority over other investment accounts if there's a match to be had. Indeed, some employers offer some really generous matches (think more than 100% ...
In many cases, the most they'll match is 6% of your salary; mutual fund company Fidelity reports that last year's average employer contribution on behalf of workers was 4.5%.
For example, if you earn $40,000 a year and contribute just 3% of your salary, but your employer offers a 50-cent match up to 6% of your deferred salary, you’re missing out on $600 in free money. 3.
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 ...