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
retirement 2023
Photo by Rawpixel.com From Shutterstock

Don’t stick with the default savings rate

Lots of employees are usually enrolled in their workplace 401(k) plan. In this case, the default savings rate is usually 3% of pay. The low savings rate isn’t likely to produce enough nest egg for you to retire comfortably, and it will also stop you from getting the entire 401(k) match.

Make sure you choose a savings rate that will give you the needed retirement income. Lots of financial advisors would recommend saving more than 10% of your income for retirement.

A gouache illustration of a scale balancing a 401k piggy bank against daily living expenses like groceries and housing.
A scale balances a green 401(k) piggy bank against daily essentials like groceries and housing costs.

Should you max out your 401(k)?

By deciding to fully fund your 401(k), you make a worthy financial goal that will only help you save more money on taxes. Even so, there are a couple of circumstances where you might have to tackle more immediate financial goals first, like creating an emergency fund or even paying down high-interest debt.

If you’re unable to max out your retirement account, you should try to save enough to get that 401(k) match. When your financial situation gets better, make sure you resume saving for retirement as soon as you can.

If you enjoyed reading this article, we also recommend reading: 6 Best Money Saving Tips For Amazon Shoppers

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Your email address will not be published.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 woman in her late 50s joyfully works on a woodworking project in her sunlit garage, representing a vibrant lifestyle. 5 Smart Ways to Use Your Life Insurance While You're Still Alive
  • An infographic titled 'The Subscription Leak' showing a funnel of money with data points about household subscription costs. 8 Subscription Services Americans Are Quietly Replacing With Cheaper Alternatives
  • Ink drawing of a person cutting a giant price tag to reveal a lower price underneath, symbolizing the power of negotiation. 10 Things You Should Always Negotiate but Most People Never Do
  • A person in a cozy sweater holding a ceramic mug in a sunlit breakfast nook, evoking a sense of quality and comfort. 10 Things You Should Always Pay More For (They're Worth Every Penny)
  • A senior couple smiles while reviewing a map of the US and financial papers on an oak table in a sun-drenched room. 7 States Where Retirees Are Paying Zero Tax on Their Pension in 2026
  • A person at a kitchen table comparing a digital stock app on a smartphone to an old handwritten ledger book. 8 Money Habits Americans Learned From Their Parents That No Longer Work
  • A retiree in her sun-drenched home studio packing a ceramic vase for shipping next to a laptop showing business sales. 7 Retiree Hobbies That Accidentally Turned Into Full Businesses
  • A mixed media collage of vintage childhood items like toys and coins spilling out of an attic box, representing hidden value. 9 Childhood Items Retirees Still Own That Are Worth Serious Money
  • A hand holding an opened chocolate bar with large empty spaces in the tray on a kitchen counter next to a grocery bag. 8 Everyday Products That Quietly Shrank Without Most Americans Noticing
  • A person organizing a folder labeled 2026 Financial Master on a sunlit wooden table surrounded by legal documents and a coffee mug. 9 Financial Documents Every Adult Should Update This Year

Newsletter

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

Related Articles

money hacks

10 Money Hacks To Thrive Financially in 2025

A happy couple laughs while using a laptop in their kitchen to discover smart ways…

Read More →
overhyped collectibles

6 Overhyped Collectibles That Are Now Worthless

Most of us have that dusty shoebox of baseball cards or the old coins that…

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 →
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 →
social security stealth return, tax your social security

These 6 Things Will Cut Down Your Social Security Payments

6. Living arrangements The living situation of current Supplemental Security Income (SSI) users may affect…

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 →
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

Protect your retirement savings by learning to identify and avoid the most devastating financial scams…

Read More →
No-Spend Challenge

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

Neatly stacking linens into a wooden drawer is a great way to appreciate your belongings…

Read More →
A woman smiles while holding a check, surrounded by old paperwork and photographs.

Are You Leaving Money on the Table? Unclaimed Pensions and How to Find Yours

Your Next Steps to Financial Peace of Mind You now have a complete roadmap for…

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.