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Your email address will not be published.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

  • 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
  • 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

Related Articles

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

What Are the Alternatives to Traditional Downsizing? Selling your home and moving is a big…

Read More →
Utility Bill

High Utility Bills? Here Are 9 Hacks To Solve This Problem!

Are utility bills burning a hole in your pocket? It doesn’t have to cost much…

Read More →
gig economy

10 Interesting Things to Know About the Gig Economy

Everything You Need to Know About the Gig Economy: Over the years, the way people…

Read More →
A senior citizen sits at a desk reviewing financial documents, surrounded by elements suggesting financial security and well-being.

5 Smart Ways to Use Your Stimulus Check for a Better Future

Frequently Asked Questions About Your Stimulus Check It’s natural to have questions about how a…

Read More →
A smartphone displaying a mobile payment app interface, with a physical wallet and cash visible nearby.

Navigating the Digital Wallet: A Senior’s Guide to Zelle, Venmo, and PayPal

Comparing Them Side-by-Side: Which is Right for You? Now that we’ve looked at each service…

Read More →
veteran financial benefits work

Don’t Miss Out on These 4 Military Veteran Financial Benefits!

Do you know about these veteran financial benefits? Post-service life is not easy, and many…

Read More →
Amazon

Are You Eligible For a Refund From Amazon? Find Out Here!

How Refunds Will Be Distributed Refunds will be issued in phases, depending on eligibility group:…

Read More →
Costco product

11 Popular Products Costco Won’t Sell Anymore This Year

Kirkland Signature five-pocket jeans As we all know, fashion trends change, return, and then disappear…

Read More →
scams

8 Dangerous Financial Scams Targeting Seniors

While this may make your stomach turn, lots of senior citizen scams happen every day.…

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.