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Maximize Your 401(k) According to budgeting expert Andrea Woroch, another critical step to take is to contribute as much of your salary as possible to employer-sponsored retirement plans like a ...

These plans save you taxes today: Money pulled from your take-home pay and put into a 401 (k) lowers your taxable income so you pay less income tax. For example, let's assume your salary is ...

The set-it-and-forget-it approach of 401(k)s provides employees with a sure and steady wealth-builder. The focus on pre-tax contributions also lowers the contributor’s taxable income, though ...

The higher contribution limit applies to employees who participate in 401(k) and 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan.