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Your email address will not be published.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

  • Laptop showing an order return screen beside folded cardigans, a shipping box, and a return label on a table. 10 Store Return Tricks That Backfire on the Shopper
  • A senior couple sits at a wooden table, with the woman reading a retirement summary paper while the man drinks coffee. 7 Reasons Retirees Are Choosing Fixed Indexed Annuities
  • A mature man sits on a sunny terrace overlooking a hillside town, beside a steaming mug and a tablet displaying bank balances. 12 Countries Where American Retirees Can Bank Without Extra Fees
  • A woman sits at a wooden dining table reviewing retirement account paperwork alongside folders, mail, and eyeglasses. 10 Signs You Need to Update Your Beneficiaries Now
  • Man sitting at an outdoor café table examining a U.S. passport, tax documents, and an espresso cup. 12 Countries With Tax Treaties That Protect Retiree Income
  • Senior couple sitting at a wooden table in a sunlit kitchen, the man drinking from a mug and the woman reading a book. 11 Money Habits That Separate Relaxed Retirees From Anxious Ones
  • Senior man sitting at a wooden table looking thoughtfully at a financial portfolio on a digital tablet. 8 Reasons Retirees Are Ditching Traditional Banks
  • Watercolor illustration of a senior couple walking down a trail past milestone markers labeled 2027, Tax Policy, and 2028. What Are the Projected IRMAA Brackets for 2027 and 2028?
  • Senior man sitting at a wooden desk with paperwork, a pen, and a steaming mug, looking thoughtfully out a window. 12 Biggest Money Mistakes to Avoid in Your 70s
  • A senior couple reviews financial documents, a monthly budget, and a year-end planner at a dining table. 8 Ways Retirees Could Save $10,000 by the End of the Year

Newsletter

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

Related Articles

Senior woman sitting at a sunlit wooden table looking out the window near a benefit statement and coffee mug.

Why Your Social Security Raise Might Be Smaller Than You Think in 2027

Learn why your 2027 Social Security raise might shrink due to Medicare Part B deductions,…

Read More →
Donald Trump Money Secrets tax plans tariff

Trump’s Tariffs Hit Close To Home: Reevaluate These 10 Household Expenses

As you might have already guessed, President Trump’s trade wars, hugely defined by sweeping tariffs…

Read More →
work

No Tech Skills? These 10 Remote Jobs Are Perfect for You

7. Customer Support Representative Customer support representatives manage customer concerns and queries about a certain…

Read More →
Senior man sitting at a wooden desk with paperwork, a pen, and a steaming mug, looking thoughtfully out a window.

12 Biggest Money Mistakes to Avoid in Your 70s

Avoid these 12 critical money mistakes in your 70s to dodge IRS penalties, sidestep Medicare…

Read More →
lottery

Still Playing The Lottery? Here Are 10 Reasons to Stop

A happy couple laughs while preparing fresh vegetables in a sunlit kitchen, finding true richness…

Read More →
Editorial illustration of a glass container of liquid draining too quickly, symbolizing rapid retirement fund depletion.

5 Signs You’re Withdrawing From Your 401(k) Too Fast

Discover 5 clear warning signs that you are withdrawing from your 401(k) too fast and…

Read More →
The Great Depression

10 Signs The Great Depression Is Already Happening

How to prevent another economic depression: As all Americans are troubled by the idea of…

Read More →
Risograph illustration of a person relaxing on a medical cross bench under a large clock, symbolizing part-time hours with health benefits.

The Part-Time Jobs That Come With Unexpected Health Insurance

Discover which major companies offer comprehensive health insurance and benefits to part-time employees working as…

Read More →
An editorial illustration showing a tropical resort popping out of a legal contract locked with a heavy padlock.

9 Signs a Timeshare Isn’t the Investment It Was Sold As

Discover 9 clear signs a timeshare is an expensive consumer liability rather than a true…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Contact
  • Editorial Policy
  • Advertiser Disclosure
  • FAQ
  • Subscribe
  • Unsubscribe
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Do not sell my personal information
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.