If you and your partner had maxed out your 401k and IRA accounts every year for the last 10 years, you would have over $1.2 million in your 401K/IRA accounts right now!
See the chart below. To the left shows the maximum amount you are allowed to invest into a 401k/IRA account for that year. To the right shows how much that amount would be worth on 1/1/2022.
Your account would have $607,691.
As a couple you would have $1,215,382!*
* This assumes you and your partner invest everything into a S and P 500 index fund into your 401K and IRA.
You can use portfolio visualizer to backtest this. www.portfoliovisualizer.com
If you have a company match, your total amount in your 401K/IRA would be even higher!
Imagine how much money you will have in another 10-20 years!