At 41, I only have $40k in my 401k-how much should I contribute moving forward?

A 41-year-old Redditor reveals they have just $40,000 in their 401(k) and seeks advice on future contributions. Commenters overwhelmingly suggest maximizing contributions to their 401(k) as a strategy to boost savings and tax benefits. They recommend making the most of tax-deferred growth options. Other options mentioned include the possibility of using a Roth IRA for further savings, provided income limits are met. The article highlights that even those who start saving later can enhance their retirement prospects significantly by leveraging these accounts properly.

The best strategy for late retirement savers includes maxing out a 401(k) to benefit from tax deductions and utilizing a Roth IRA to maximize savings.

At 41, starting to save aggressively can significantly impact retirement capability, utilizing employer contributions and tax-advantaged accounts effectively.

Read at 24/7 Wall St.