Make money work for you!

  • Home
  • Personal Finance
  • Budgeting
  • Shopping
  • Taxes

Ready to Max Out Your 401(k) in 2023? Here Are The Steps!

November 28, 2022 · Personal Finance
money mistake 2023
Photo by Twin Design from Shutterstock

Sign up for a direct deposit

Contributions to your 401(k) plan are usually withheld from your paycheck right before you even get the chance to spend the money. This is probably the fastest way to add money into your account and reduce the temptation to skip a deposit.

You could be asked to select a percentage of your salary to contribute to the 401(k) plan. A 50-year-old worker that earned $100,000 will need to contribute 22.5% of pay to a 401(k) plan, to max out the account in 2023.

Even so, if you choose a savings percentage that will let you max out your account, and then get a mid-year raise, then you might need to decrease your savings rate, so you can avoid exceeding the 401(k) contribution limit.

Pages: 1 2 3 4 5 6 7 8

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A retired couple reviews tax documents and a tablet together at a sunlit kitchen table in a candid, domestic scene. 6 Tax Breaks Retirees Almost Always Forget to Claim
  • A senior man looks concerned while checking his smartphone at a kitchen table in the early morning light. How to Spot a Financial Scam Targeting Seniors Before It's Too Late
  • A conceptual mixed-media collage showing a 2026 dollar bill being stretched between two drafting tools, symbolizing financial planning. 7 Ways to Stretch Your Retirement Dollar Further in 2026
  • A senior couple at a sunlit kitchen table reviewing Medicare documents and a laptop in a realistic, home setting. The Biggest Medicare Mistakes Seniors Make (and How to Avoid Them)
  • A person in their late 50s thoughtfully reviews Social Security paperwork at a sunlit kitchen table with a laptop and coffee. Social Security Mistakes That Could Cost You Thousands in Retirement
  • IRS refund IRS Pandemic Refund Window Extended: See If You Qualify!
  • disabilities Are You Eligible to Receive Disability SSA Benefits? (2026 Guide)
  • How the Iran War Could Impact Social Security and Senior Budgets
  • 10 Most Valuable American Dimes (And What Makes Them Worth So Much)
  • check Social Security SSI $994 Payment for May 2026: Deposit Date, Eligibility, and Who Qualifies

Newsletter

Get money-saving tips and personal finance advice delivered to your inbox.

Related Articles

inheritance mistakes

Inheritance 101: Mistakes You Must Avoid

Very few people are prepared to receive an inheritance. Most people don’t know what to…

Read More →
social security

Social Security: 6 Common Reasons Why You Cannot Receive Benefits

A person holds an open envelope and a calculator while reviewing documents to understand why…

Read More →
A senior couple reviews their household budget on a laptop in a bright, modern kitchen.

Social Security’s 2027 COLA Could Be the Smallest in Years

Early projections indicate the 2027 Social Security COLA could be the smallest in a decade.…

Read More →
americans spend

Here’s How Americans Spend Their Family Budget on a 100-Year Span

From handwritten ledgers and old coins to sleek credit cards, explore the evolution of American…

Read More →
A mature couple looking at a tablet together on a sunny patio, appearing confident about their financial future.

Married or Divorced? Don’t Miss This Social Security Tip That Could Increase Your Checks

Married, divorced, or widowed? You could be missing out on thousands in Social Security. Learn…

Read More →
low interest rates

15 Tips To Lower Your Interest Rates

A woman reviews documents and makes a call in a cafe, taking proactive steps to…

Read More →
cheaper clothes

9 Efficient Tips to Save Money on Clothes

While it’s completely understandable to feel the need to shop for new clothes every season,…

Read More →
christmas on a budget

Christmas on a Budget: 5 Ways to Keep Your Wallet Jolly

Create festive magic on a budget by decorating homemade gingerbread cookies with simple icing and…

Read More →
garage sale items to avoid

6 Garage Sale Items to Avoid at All Costs!

5. Intimate objects (yes, we mean it) It may seem like an obvious entry on…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.