Maxing out a 401(k) is a beneficial strategy for retirement savings, leading to a potentially substantial nest egg. For 2023, the contribution limit is $24,500 for those under 50 and $32,500 for individuals aged 50 and older. Additionally, a new rule allows workers aged 60 to 63 to make a special catch-up contribution of $11,250, raising the total possible contribution to $35,750 this year.
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