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Your email address will not be published.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 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)
  • A person in their late 50s thoughtfully reviews Social Security paperwork at a sunlit kitchen table with a laptop and coffee. Social Security Mistakes That Could Cost You Thousands in Retirement
  • IRS refund IRS Pandemic Refund Window Extended: See If You Qualify!
  • disabilities Are You Eligible to Receive Disability SSA Benefits? (2026 Guide)
  • How the Iran War Could Impact Social Security and Senior Budgets
  • 10 Most Valuable American Dimes (And What Makes Them Worth So Much)
  • check Social Security SSI $994 Payment for May 2026: Deposit Date, Eligibility, and Who Qualifies

Newsletter

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

Related Articles

A graph showing the rising cost of groceries, gas, and utilities over time, alongside a relatively flat line representing fixed retirement income.

The Sneaky Ways Inflation is Eroding Your Retirement Savings

Social Security’s COLA: A Lifeline That Might Not Keep You Afloat For millions of retirees,…

Read More →
budget

How to Create a Budget for Anything in 6 Easy Steps

Creating a budget has never been an easy task, and sometimes it might become a…

Read More →
money-wasting mistake

8 Money-Wasting Mistakes Retirees Should Avoid

A smiling senior woman enjoys her sunlit garden, proving that avoiding financial mistakes leads to…

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

5. Strengthen Your Family Ties and Secure Your Legacy Sometimes, the best use of money…

Read More →
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)

Learn how to avoid the most costly Medicare mistakes in 2026, from missing enrollment deadlines…

Read More →
books

10 Personal Finance Books That Will Change Your Perspective

A stack of books, a warm coffee, and a succulent create the perfect atmosphere for…

Read More →
An older adult sits at a desk reviewing paperwork, a calculator, and other financial documents in a sunlit room.

The Pros and Cons of Reverse Mortgages Explained in Simple Terms

Is a Reverse Mortgage a Good Idea for Seniors? Asking the Right Questions So, we’ve…

Read More →
A person sits at a desk reviewing documents related to retirement planning, with a calculator and smartphone visible.

How to Maximize Your Social Security Payout: A 10-Step Checklist

Step 5: Consider Working a Few More Years One of the most direct ways to…

Read More →
social security

Social Security: 6 Common Reasons Why You Cannot Receive Benefits

A person holds an open envelope and a calculator while reviewing documents to understand why…

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.