While my employment has changed slightly (new ownership) over the last few years, I've been with my new company for a little over 2 years now. When I was re-hired by my new company, one of the benefits that I was most excited about was the opportunity to participate in a company 401K plan. Prior to that, I had a trivial amount of savings and only contributed a little bit into my Roth IRA.
I started contributing to my first 401(k) account in October 2011.
Currently, any employee can contribute up to a maximum of $17,500 a year into their 401(k) or 403(b) if your employer offers it.
Wow, sounds like a ridiculous amount of money doesn't it?
When I first read about my 401(k) contribution limit of $17,000 (limit was lower in the past, recently increased to $17,500), I rolled my eyes and scoffed.
“I will NEVER be able to contribute THAT much.”