The maximum dollar amount an employee can contribute to their 401(K) is increasing $500 to $17,500 for 2013. Those who are 50 and older can contribute as much as $23,000.
Let?s break down $17,500.
That?s?
$1,453.33 per month.
$47.95 per day.
$1.9977 per hour (based on 8,760 hours per year).
$.0333 per minute.
Better get to saving.
Oh, and in case you?re interested?
The geometric average monthly rate of return for the S&P 500 Index since 1926 is .779%. If a person invests the maximum of $1,453.33 per month for 25 years and gets that kind of return, they could have $1.75 million.
Something to think about.
Source: http://allfinancialmatters.com/2012/11/02/401k-dollar-limit-raised-to-17500-in-2013/
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