A 401(k)account means that the maximum amount of savings that can be deposited is $401,000.

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A 401(k) account is a type of retirement savings plan that allows individuals to contribute pre-tax income up to a certain annual limit set by the IRS. In 2021, the annual contribution limit for 401(k) accounts is $19,500, with an additional catch-up contribution of $6,500 allowed for individuals age 50 or older. Therefore, the maximum amount of savings that can be deposited in a 401(k) account is not $401,000.

A 401(k)account Means That the Maximum Amount of Savings That