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Reply to "How do people have massive retirement accounts if it's a $19,500 (or whatever) limit per year?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I feel like I'm not grasping the basics here... From my read, assuming you don't have your own business and are just an employee, and make enough savings to max out your retirement account, we can only give $19,500 a year, right? Plus $6,000 to Roth. So how do people end up with these gagillion dollar retirement accounts? Did they start saving from age 20? Is there a way to give more than $19,500 plus $6,000 if you have the income/savings to do so? [/quote] Employer match. Compounding investments. My 401(k), which I started contributing to in 1991, is worth $1.8 million now. I have maxed probably 26 of the 30 years, and even when the max was like $7,500, the time value of money takes over.[/quote] This sounds really really low for 30 years, especially for someone with an employer match. I've been maxing shorter than you and have a slightly higher balance. [/quote]
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