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Your email address will not be published.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

  • 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!)
  • credit card Medical Debt Relief: States That Act vs. States That Don’t

Related Articles

A senior citizen reviews Medicare documents at a table, with a Medicare card, calendar, and magnifying glass nearby.

An Introduction to Medicare: Parts A, B, C, and D Explained

Medicare Part C: The Medicare Advantage Alternative Medicare Part C, more commonly known as Medicare…

Read More →
summer road trips, frugal summer

Frugal Summer? See the 9 Tips for Summer Road Trips

Do you like to drive? Check out the best tips for summer road trips:  Road…

Read More →

Don’t Keep These 9 Things in a Safe Deposit Box—You’ll Regret It

What shouldn’t you put in a safe deposit box? In this digital world, much of…

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 →
christmas on a budget

Christmas on a Budget: 5 Ways to Keep Your Wallet Jolly

Here are our best tips and tricks on how you can do Christmas on a…

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 →
Social Security

The Average Social Security Check by Age (2025)

Understanding the typical Social Security check by age can really assist you in refining your…

Read More →
credit card scams

7 New Credit Card Scams You Didn’t Know About

Tapping your credit card against a payment terminal was meant to make your life easier.…

Read More →
prepare for a recession

6 Essential Steps to Prepare for a Recession!

Nowadays, with the rise of inflation and overall financial instability, it might be a good…

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.