A 401(k) can be a valuable resource in your retirement savings strategy. The government has gradually increased the annual 401(k) contribution limit over the years, and it's likely that it will continue to do so. If you routed as much as you're legally allowed to contribute to your 401(k) for 30 years, and your investments generated an average annualized rate of return of 7%, your balance at the end of that period would be $1,970,924.
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