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Your email address will not be published.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 *

Latest Posts

  • 5 Costco Products That Cost More Due to Trump’s Tariffs
  • 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!)

Related Articles

cheapest gas

Where to Find the Cheapest Gas in the US! Top 6 States

Do you know where to find the cheapest gas in the US? These are the…

Read More →
warehouse

10 Things You Should Always Buy in Bulk at Warehouse Clubs

Discounted movie tickets If there’s anything I love more than food, it is buying discounted…

Read More →
car insurance rate

Alert! Here’s Why Your Car Insurance Rate Is Rising in 2024!

Have you noticed your car insurance rate going up this year? There’s a lot at…

Read More →
Debt Free Lifestyle Habit

10 Best Debt Relief Programs for Seniors

6. Mortgage Assistance & Reverse Mortgages Housing costs are one of the highest expenses seniors…

Read More →
An interior shot of a modern, well-lit, smaller home, showcasing minimal furnishings and a sense of calm and spaciousness.

Should You Downsize Your Home in Retirement? The Financial Pros and Cons

Beyond the Finances: The Lifestyle Impact of Downsizing While this guide focuses on the financial…

Read More →
low interest rates

15 Tips To Lower Your Interest Rates

Stop Overpaying. Learn How to Lower Your Interest Rates! In the first place, let’s understand…

Read More →
social security

Social Security Could Slash Benefits by 2035 If No Action is Taken!

Are your Social Security benefits safe? The federal retirement program announced recently that it may…

Read More →
christmas on a budget

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

Here are our best tips and tricks on how you can do Christmas on a…

Read More →
A photograph depicting a senior couple happily relaxing together, symbolizing financial security in retirement.

Your Complete Guide to 2025 Social Security Spousal Benefits

How to Apply for Spousal Benefits: A Simple Walkthrough Once you have determined that you…

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.