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Your email address will not be published.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

  • tax deduction Bigger Refunds Ahead? What the New SALT Cap Means
  • Trump's Signature Is About to Appear on U.S. Dollar Bills — Here's What That Means
  • Drowning in $10,000+ of Credit Card Debt? Here’s the "No-Shame" Way Out in 2026
  • Social Security Alert: Up to $5,181 Hitting Accounts This Week
  • A senior couple reviews their household budget on a laptop in a bright, modern kitchen. Social Security's 2027 COLA Could Be the Smallest in Years
  • A person showing a digital discount coupon on their phone to a pharmacist at a bright, modern pharmacy counter. TrumpRx Is Here - But Will It Actually Lower Your Drug Costs?
  • A happy couple shopping with a full cart at a warehouse club in 2026. Top 10 Sam's Club Deals You Can't Ignore in 2026
  • A couple shopping for high-end deals at a modern warehouse store. 12 Costco Deals Shoppers Are Jumping on for 2026
  • A high-end desk setup with a Social Security card and a gold pen, representing presidential financial benefits. Is Trump on Social Security? A Look at Presidential Benefits
  • 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

Newsletter

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

Related Articles

social security stealth return, tax your social security

These 6 Things Will Cut Down Your Social Security Payments

5. Early or late fillings A lot of people hurry to claim their benefits earlier…

Read More →
small business

Top 7 Best Small Business Ideas to Start After 50

6. Invest in Real Estate Another small business idea that might work is real estate,…

Read More →
A woman looks thoughtfully at a tablet in a modern kitchen, representing financial planning for rising costs.

Unfortunately, We’ll Pay More for These 6 Things in 2026

While general inflation has cooled, 2026 brings sharp price hikes in 6 key areas—from health…

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 →
Spaving Trend Social Security

4 Reasons Why the Spaving Trend Is a HUGE Mistake

A red shopping cart overflowing with luxury goods teeters precariously on the sharp edge of…

Read More →
best foreclosure sites

6 Best Foreclosure Sites for Finding a New Forever Home

Paid foreclosure sites: Foreclosure.com Sometimes it is better to pay to use a site, even…

Read More →
traditional

Looking for Traditional Pensions? Here Are 10 Jobs to Apply For

Insurance The BLS reports show that no less than 41% of workers in the insurance…

Read More →
A shopper looking at a grocery checkout screen with the New York City skyline in the background.

10 US Cities Where Grocery Prices Are Highest in 2026

Discover the 10 US cities with the highest grocery prices in 2026, from Honolulu to…

Read More →

Social Security Alert: Up to $5,181 Hitting Accounts This Week

Why Timing Matters For many Americans, Social Security payments are the primary or sole source…

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.