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Remember there’s an annual contribution limit for the amount you can invest in it each year. In 2023, the cap is $6,500 a year if you’re under age 50 and $7,500 a year if you’re age 50 or older.
Investing $31,000 in a 401(k) from age 50 to age 67 would net you over $1.2 million -- and since these contribution limits go up each year and you'd be eligible for the larger catch-up limits from ...
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Image source: Getty Images. This is how much you should have saved by age 50. According to Fidelity, you should aim to have around six times your current annual salary saved by the age of 50.
While both account types have contribution limits, you can make extra, catch-up contributions beginning at age 50. Max out your 401(k) first if your employer matches your contributions.
At age 50, you can start making extra contributions to your tax-sheltered retirement accounts (called catch-up contributions). Younger workers can only contribute $23,000 to their 401(k)s and ...
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