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Your email address will not be published.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

  • snap Amazon Refund: How Much You Could Receive
  • amazon prime, money Here’s How to Get Your Refund From Amazon’s $2.5B FTC Settlement
  • social security, Social Security task Who Will Receive Social Security Payments on February 11, 18, and 25?
  • Holiday Scam 10 Holiday Tax Scams That Turn Your Ho-Ho-Ho Into Oh-No!
  • 5 Costco Products That Cost More Due to Trump’s Tariffs

Related Articles

A graph showing the rising cost of groceries, gas, and utilities over time, alongside a relatively flat line representing fixed retirement income.

The Sneaky Ways Inflation is Eroding Your Retirement Savings

The Tax Bite: When Inflation Pushes You into a Higher Bracket Taxes are another area…

Read More →
protect your wallet from inflation

Don’t Let Inflation Drain Your Wallet – Follow These 9 Tips!

Do you know how to protect your wallet from inflation? After the COVID-19 pandemic, it…

Read More →
insurance

8 Basic Things to Know About Insurance

What to Know About Insurance: Financial security? Where do I sign? I think it’s safe…

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 →
social security

Social Security Could Slash Benefits by 2035 If No Action is Taken!

Are your Social Security benefits safe? The federal retirement program announced recently that it may…

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 →
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 →
money 2023 buffett income

9 Financial Lessons From Warren Buffett and Charlie Munger

Index funds are a great invention Even if markets might go crazy, it’s still very…

Read More →
cost of living

Top 11 US States Rated by the Cost of Living

New Jersey Another not-so-friendly state for retirement is New Jersey. The state marks a high…

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

© 2026 The Money Place. All rights reserved.