A bit late to this but I learned this oddly enough.

I am late to the 401k game. Very late (mid 30s I started it and get no match at past 2 jobs). Up to that point was just bad events in life and unfortunate things.

However, I can now contribute that much. I make 110k per year and put in 16% now (so 17600/yr) and my current company gives no match. I learned that putting in 16% I actually get the same paycheck in my pocket as if I contributed 12% and that is how I learned it was possible. I was just losing money in taxes. I remembered I bumped it a percent per paycheck and kept going huh.... I get more in my pocket.

Second part is I paid off all my debt as fast as I could during that unfortunate event part in life by using any bonuses, etc to try to get to a better situation. Now all I have is my mortgage left to pay off.