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
experts 2023
Image By AZ-BLT From Envato Elements

Increase your withholding

If you are unable to fully fund your 401(k) now, you should try to increase your savings rate when you can. As you’ll get various raises and bonuses, you should consider redirecting a part of your pay increase to your 401(k) plan.

There are some 401(k) plans that will have an automatic escalation feature, which will further increase your savings rate over time, without additional action. Even the smallest savings increase will significantly improve your retirement finances. A worker who has $50,000 per year can save 1% more ($42 per month), but also earn 7% annual returns, which in the end means an extra $71,718 after 35 years.

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Your email address will not be published.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 *

Latest Posts

  • protect your wallet from inflation 6 Bills That Changed After Trump Returned to Office
  • Amazon Are You Eligible For a Refund From Amazon? Find Out Here!
  • social security, income 7 Social Security Benefits That Will Change SOON
  • Risks, Emergency Fund New Bill Could Send $600 Tariff Rebates to Millions (See If You Qualify!)
  • credit card Medical Debt Relief: States That Act vs. States That Don’t

Related Articles

most expensive antiques

Top 7 Most Expensive Antiques You Probably Own Too

6. Books and comics Old comics are a real treasure, and if you have some…

Read More →
stimulus check

8 Legit Ways to Get Free Money from the Government

6. Unclaimed Pension Benefits Remember pensions? Because most businesses have replaced them with 401(k) plans,…

Read More →
finance advice

15 Finance Rules That Worked for Baby Boomers but They Don’t Apply Today

The money advice you can skip: 15 financial tips to rethink It’s always smart to…

Read More →
Donald Trump Money Secrets tax plans tariff

12 Money Secrets from Donald Trump

What Are Donald Trump’s Secrets to Financial Success? Key Lessons from His Book ‘How to…

Read More →
side gig

15 Weekend Side Gigs That Pay You Enough for a Week

8. Teach English If you love kids and you’d rather work from home, consider teaching…

Read More →
A senior citizen sits at a desk, reviewing paperwork and ignoring a ringing phone, with a computer displaying a secure website.

7 Common Financial Scams Targeting Seniors and How to Avoid Them

Scam #5: Lottery and Sweepstakes Scams The dream of a sudden windfall is a powerful…

Read More →
consumer stocks, reduce credit card depression

7 Consumer Stocks That Do Best During Inflation

According to the US Bureau of Labor Statistics, inflation in the United States reached a…

Read More →
switching banks

Switching Banks? Here Are 8 Pros and Cons You Should Know

If you’re thinking of switching banks, you are not alone. According to a 2021 study,…

Read More →
summer road trips, frugal summer

Frugal Summer? See the 9 Tips for Summer Road Trips

Do you like to drive? Check out the best tips for summer road trips:  Road…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Explore

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2025 The Money Place. All rights reserved.