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Your email address will not be published.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 senior woman sits peacefully in her sunny kitchen, symbolizing the comfort of aging in place. 9 Free Programs That Help Seniors Stay Independent at Home
  • A senior man at a sunny kitchen table highlights a credit card benefits guide near travel brochures and his smartphone. 8 Credit Card Perks Seniors Forget to Use
  • A retiree in a cardigan sits at a sunny kitchen table, carefully reviewing bank statements with a red pen and a magnifying glass. 9 Bank Fees Retirees Still Pay Without Realizing It
  • A senior couple sits at a wooden table in a sun-drenched room, calmly organizing their financial documents and laptop. 10 Things Every Senior Must Do Before the End of the Tax Year
  • A calm retiree sitting at her kitchen table looking out a rainy window, symbolizing peace of mind during market volatility. 8 Ways Retirees Are Protecting Their Nest Egg From Market Swings
  • Close-up of a person's hand on a wooden table, circling 'Net Benefit' on a bank statement next to a morning cup of coffee. 9 Social Security Rules That Could Quietly Reduce Your Monthly Check
  • 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)

Newsletter

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

Related Articles

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 #4: The Romance Scam The romance scam is a particularly cruel form of financial…

Read More →
Tariff Grocery Item

9 Essential Tariff Grocery Items to Buy Before They Go Up In Price

Tariff grocery item: Lettuce Lettuce and leafy greens will also be greatly impacted by Trump’s…

Read More →
Donald Trump Money Secrets tax plans tariff

Trump’s Tariffs Hit Close To Home: Reevaluate These 10 Household Expenses

As you might have already guessed, President Trump’s trade wars, hugely defined by sweeping tariffs…

Read More →
Financial freedom

These 8 Habits Will Make You Reach Financial Freedom

Whilst every individual’s idea of financial freedom is unique, there are some things that tend…

Read More →
home-selling mistakes market

Signs the Housing Market Will Crash at The End of 2024

With high mortgage rates and even higher home prices, many homebuyers witnessed their hopes sink…

Read More →
A person thoughtfully choosing a card from their wallet at a checkout counter.

5 Places to Avoid Using Your Debit Card and 3 Safe Spots

Protect your money by avoiding these 5 high-risk places for debit cards. Learn about skimming,…

Read More →
work

Here Are 10 Places Where You Can Work in Retirement

A smiling senior man with a leather messenger bag walks through a modern campus, exploring…

Read More →
SNAP Benefits

Who Is Eligible for SNAP Benefits in 2025?

As we move further into 2025, the landscape of public assistance programs in the United…

Read More →
Donald Trump Money Secrets tax plans tariff

12 Money Secrets from Donald Trump

Architectural blueprints and a rising financial graph on a tablet illustrate the strategic foundations of…

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.