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Your email address will not be published.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

  • IRS refund Tax Refund Alert: Americans May See a $1,000 Increase in 2026
  • Are You a Homeowner? Here Are 5 Trump Tax Bill Changes That Could Affect You
  • social security The 2026 Schedule of Social Security Offices – What You Need to Know
  • 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

Related Articles

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 →
pay

Never Pay for These 14 Things With Your Credit Card

“SALE” items If you feel like you will miss out on savings if you don’t…

Read More →
protect your wallet from inflation

6 Bills That Changed After Trump Returned to Office

5. Medical and Insurance Bills: The Quiet Climb Medical expenses rarely get the same attention…

Read More →
Recession

A Recession Is Upon Us! Here Are 8 Things You Don’t Know About Them!

IS A Recession Upon Us? Two consecutive quarters of negative market value readings have sparked…

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 →
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 →
retire

Free Tuition? 8 Colleges That Offer This to Seniors

You do not have to give up learning just because you have reached retirement age!…

Read More →
A person sits at a desk in a home office, working on a laptop, with sunlight illuminating the room.

Part-Time Jobs That Won’t Affect Your Social Security Benefits

Your Top Questions About Work and Social Security The rules around Social Security can bring…

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

© 2026 The Money Place. All rights reserved.