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Your email address will not be published.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

  • snap Amazon Refund: How Much You Could Receive
  • amazon prime, money Here’s How to Get Your Refund From Amazon’s $2.5B FTC Settlement
  • social security, Social Security task Who Will Receive Social Security Payments on January 14, 21, and 28?
  • Holiday Scam 10 Holiday Tax Scams That Turn Your Ho-Ho-Ho Into Oh-No!
  • 5 Costco Products That Cost More Due to Trump’s Tariffs

Related Articles

overhyped collectibles

6 Overhyped Collectibles That Are Now Worthless

Most of us have that dusty shoebox of baseball cards or the old coins that…

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 →
Work From Home, change 2023

10 New Jobs That Pay You Daily (Anyone Can Do This!)

5. Handy If you’re good at cleaning or doing small home projects, it’s likely worth…

Read More →
household bills buffett

Think You’re Too Frugal? You ARE If You’re Doing These 8 Things

Is there such a thing as being too thrifty and frugal? Unfortunately for those of…

Read More →
social security

Social Security: 6 Common Reasons Why You Cannot Receive Benefits

Do you know why your Social Security is being rejected? Social Security benefits have long…

Read More →
prepare for a recession

6 Essential Steps to Prepare for a Recession!

Nowadays, with the rise of inflation and overall financial instability, it might be a good…

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 →
social security financial

7 Financial Rules to Follow if You Move Overseas

Whether you’re deciding to move or even retire overseas, you still need to have your…

Read More →
PayPal

7 PayPal Scams You Could Be Tricked Into

Digital payment systems such as PayPal have become more popular than ever. Even so, they…

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

© 2026 The Money Place. All rights reserved.