Saving $500 monthly can significantly grow retirement funds

Saving $500 monthly in a 401(k) for 10 years totals $60,000. Contributions may offer tax deductions, and employer matches can significantly increase savings. With a 7% average return, savings can grow substantially. For example, after 15 years, it could reach $124,135, or $248,269 with employer matching. Longer investment periods yield higher returns. After 40 years, savings could grow to $673,732, or $1,347,463 with employer contributions. Actual returns may vary.