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Best 2021 Money Moves: Max Out Your 401(k)

This tried-and-true retirement money booster improved in 2020, when the maximum yearly contribution increased $500 for a total of $19,500. There’s no increase this year. Still, that’s a lot of pre-tax income sheltered from Uncle Sam until you can begin withdrawals after age 59 ½. If you are over 50, you can also set aside $6,500 in “catch-up” contributions, which the IRS lets older workers make to beef up their accounts.
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