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Your email address will not be published.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

credit card, save

Choose The Right Credit Card With These 4 Tips!

Have you ever wondered if there was a sure-fire way to tell if the credit…

Read More →
Spaving Trend Social Security

4 Reasons Why the Spaving Trend Is a HUGE Mistake

Spending more to save more is an all-too-common pitfall. Don’t be fooled by the spaving…

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 →
cheapest gas

Where to Find the Cheapest Gas in the US! Top 6 States

Do you know where to find the cheapest gas in the US? These are the…

Read More →
Trump presidency tax plans tariff

Millionaires Share 5 Reasons a Trump Presidency Could Boost Your Wealth!

Could a second Trump presidency improve your wealth? Millionaires say yes! As elections are just…

Read More →
money mistakes boomers make Social Security

Biggest 2025 Changes to Social Security and Medicare

Retirees should expect to see pretty big shifts in 2025, at least as far as…

Read More →
Social Security checks, money mistakes and retirees buffett

Retirees Can’t Afford These 9 Money Mistakes

If you’ve been building your nest egg for retirement, you’re well aware of how difficult…

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 →
home

7 Reasons Why It’s Better To Rent a Home Than To Own It

5. Less expensive Up until this point, we’ve said that being a homeowner will cost…

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.