If You Put Just $500 in Your 401(k) Every Month for 10 Years, You Could Have This Much Cash by Retirement
If you put $500 into your 401(k) every month for 10 years, that's a total of $60,000 that you're saving. And unless you're using a Roth 401(k), which has its own tax benefits, you've likely received a tax deduction for every dollar you contributed.You might be surprised at the nest egg this contribution rate can produce between now and retirement. And that's especially true if your employer matches your contributions.Image source: Getty Images.Continue reading
If you put $500 into your 401(k) every month for 10 years, that's a total of $60,000 that you're saving. And unless you're using a Roth 401(k), which has its own tax benefits, you've likely received a tax deduction for every dollar you contributed.
You might be surprised at the nest egg this contribution rate can produce between now and retirement. And that's especially true if your employer matches your contributions.
Image source: Getty Images.
