Investing nearly $20,000 per year can equal a lot of money when it comes time for you to retire decades in the future.
Most people are allowed to contribute up to $19,500 to their 401(k) in 2021, but the limit often changes from year to year to keep up with inflation.
CNBC crunched the numbers, and we can tell you how much you will have for retirement if you max out your 401(k).
Here’s a case study.
The numbers do not account for future changes to contribution limits, employer matches, taxes or any curveballs that life may throw at you. So plan accordingly.
Check out this video for a full breakdown.
More from Invest in You:
How Walmart and other big companies are trying to recruit more teenage employees
Americans are more in debt than ever and experts say ‘money disorders’ may be to blame
How much money do you need to retire? Start with $1.7 million
SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.
CHECK OUT: Grow with Acorns+CNBC.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.