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A record number of Americans are 401(k) millionaires, thanks to a surging stock market. The tally of 401(k) millionaires reached 544,000 in the third quarter of 2024, up from 497,000 three months ...
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% ...
To get the match, you would elect to contribute $5,000 annually (5% of your salary). The match would be another $5,000, giving you a total contribution of $10,000.
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 ...
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) employer match is a financial incentive employers use to get employees to utilize their 401(k) plans. ... I plan on retiring as a 401(k) millionaire simply by contributing to my 401(k ...
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%.
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 ...