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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 ...
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 ...
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.
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.
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 ...
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%.
Many employers offer a 401(k) match, which is essentially free money added to your retirement savings. For instance, if your employer matches 50% of your contributions up to 6% of your salary and ...
Here are eight ways you can become a 401(k) millionaire: ... 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. Focus on ...