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Your email address will not be published.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

  • 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
  • Risks, Emergency Fund New Bill Could Send $600 Tariff Rebates to Millions (See If You Qualify!)

Related Articles

Social Security checks, money mistakes and retirees buffett

10 Worst States to Live on Just a Social Security Check

6. Maryland Cost-of-living index: 124.0 Average one-bedroom rent (January 2022): $1,397 Hugging the Chesapeake Bay…

Read More →
No-Spend Challenge

Are There Benefits to a No-Spend Challenge? We’ll Give You 3!

A no-spend challenge can be a lifesaver for your wallet! Curious about a no-spend challenge…

Read More →
work

No Tech Skills? These 10 Remote Jobs Are Perfect for You

5. Transcriptionist A transcriptionist is someone who listens to audio recordings and transcribes what they…

Read More →
Home-Selling Tip

10 Home-Selling Tips to Get More Money on Your Property

These home-selling tips could mean extra cash in your wallet! When looking for a new…

Read More →
A senior citizen reviews paperwork and a smartphone showing a website at a sunlit table.

Beyond Social Security: Other Government Benefits You May Qualify For

How to Find and Apply for Senior Benefits Now that you know more about the…

Read More →
lottery

Still Playing The Lottery? Here Are 10 Reasons to Stop

Why Play the Lottery When You Can Live a Better Life? The temptation of playing…

Read More →
hobbies

5 Surprising Hobbies That Make Money in Retirement

Proofreader and copyediting If one of your hobbies is reading and you are passionate about…

Read More →
earn-extra

11 Ways to Earn an Extra $1k a Month

Graphic designer This industry will require a certain combination of skills and creativity. You will…

Read More →
minimum wage

11 States Where the Minimum Wage Gets Raised in 2022

11 States That Will Raise Wages in 2022: Even though many of them have been…

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

© 2025 The Money Place. All rights reserved.