Maxing out a 401(k) means contributing the highest amount allowed by law each year. In 2024, the maximum contribution rises to $23,000, with catch-up provisions for those aged 50 and over allowing a total of $30,500.
With soaring healthcare and benefits costs, employers have increasingly dropped defined benefit plans, leading to a significant shift towards defined contribution programs like the 401(k), which now covers nearly 57% of workers.
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