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3 Benefits of Powering-Up Your 401(k)

In some good news for 2022, contribution limits have increased for 401(k)s. For those looking to max out their 401(k)s in 2022, you can contribute $20,500—an increase of $1,000. For workers over the age of 50, the catch-up 401(k) contribution is still an additional $6,500 per year. Contributions to your 401(k) are made on a pre-tax basis, meaning you don’t pay income taxes this year on money put into the fund. This can help lower your overall taxes. Additionally, saving for your retirement now will help you have a better retirement later. Here are some of the major benefits:

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