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Your email address will not be published.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

  • 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
  • Debt Free Lifestyle Habit 10 Best Debt Relief Programs for Seniors

Related Articles

side gig

15 Weekend Side Gigs That Pay You Enough for a Week

6. Become a Rideshare Driver If you have a car and you’re OK with driving…

Read More →
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

Beyond the Finances: The Lifestyle Impact of Downsizing While this guide focuses on the financial…

Read More →
Amazon

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

Who Is Eligible to Receive a Refund? Consumers may qualify for a refund if they…

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 →
most expensive antiques

Top 7 Most Expensive Antiques You Probably Own Too

5. Paintings and drawings If you have paintings and drawings in your home, please don’t…

Read More →
small towns to retire in

5 Amazing Small Towns to Retire In for Only $2,300 a Month

West Virginia: Wheeling Small towns to retire in are all over the United States, but…

Read More →
money mistakes boomers make Social Security

11 Money Mistakes Boomers Make with Their Finances

These money mistakes boomers make will cost their children’s future!  Life is full of decisions…

Read More →
Social Security

The 4 Worst Ages to Claim Social Security (—and What to Do Instead)

Deciding when it’s the right time to start your Social Security must be one of…

Read More →
budget-friendly

6 Amazing Budget-Friendly Hobbies

Are you looking for some new and lively budget-friendly hobbies that won’t wreak havoc on…

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.