"Maximizing Retirement Savings: 401(k) Contribution Strategies for 2024"

The 401(k) contribution limits for 2024 have increased, allowing savers to defer up to $23,000 into their plans, with an extra $7,500 for those aged 50 and older. While maximizing contributions can provide tax advantages, financial experts advise considering affordability and other financial goals before doing so. It's important to prioritize short- and long-term goals, including emergency savings, and to consider a "trial and error" approach to finding the right contribution percentage.