Maxing Out Your 401(k) Can Make You a Millionaire by 45

Robin Hartill, CFP, The Motley Fool
·3 min read
Maxing Out Your 401(k) Can Make You a Millionaire by 45

Regardless of age, very few 401(k) savers actually do contribute the max. According to Vanguard's 2020 How America Saves report, just 12% of plan participants made the maximum contribution in 2019, when the limit was $19,000. In a lot of situations, maxing out a 401(k) shouldn't even be a priority.