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Your email address will not be published.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

  • Smiling senior man in a plaid shirt and apron tending to potted plants outside a greenhouse. 10 Jobs That Require Zero Prior Experience and Hire Retirees on the Spot
  • An older man wearing a denim apron and gloves tends to potted plants on wooden shelves inside a greenhouse. 12 Low-Stress Part-Time Jobs Perfect for Retirees
  • A senior man wearing glasses sits at a wooden kitchen table reviewing a financial statement beside an open notebook. Can I Stop My Social Security and Restart Later?
  • Illustration of a Social Security card featuring a heavy gold bank vault door in the center. 10 Riskiest Places to Give Your Social Security Number
  • A woman in a sunroom looks at her phone next to a Social Security statement with the age 62 circled in yellow. Social Security COLAs at Risk for Millions — Here's Who the New Proposal Protects (and Who It Doesn't)
  • Mature couple sitting at a wooden kitchen table reviewing retirement planning documents and budget folders. 6 Key Risks That Could Drain Your Retirement Savings
  • A woman and an elderly man sitting at a wooden dining table reviewing a medical care and budget binder together. Can You Actually Get Paid to Care for an Aging Parent?
  • An older woman sits at a kitchen table writing in a ledger surrounded by receipts and a steaming mug. Latest Inflation Data Drives Down 2027 Social Security COLA Forecast
  • Donald Trump Money Secrets tax plans tariff Social Security Now Poised For Big 'Trump Bump' in 2027
  • 8 Signs You Need a Trust, Not Just a Will 8 Signs You Need a Trust, Not Just a Will

Newsletter

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

Related Articles

home-selling mistakes market

Signs the Housing Market Will Crash at The End of 2024

With high mortgage rates and even higher home prices, many homebuyers witnessed their hopes sink…

Read More →
Close-up of house keys on a wooden table with moving boxes and a sold sign in the blurred background.

7 Signs It Might Be Time to Downsize

Discover the seven undeniable signs that it is time to downsize your home, cut monthly…

Read More →
Work From Home

11 Best Work From Home Jobs for Retirees

Work From Home Job: Online Teacher Assisting students with their homework can be quite a…

Read More →
A retired man in a knit sweater sits at a wooden kitchen table in soft morning light, reviewing a financial paper statement.

The Hidden Inflation Categories Hitting Seniors Harder Than Headline CPI

Discover why official inflation metrics fail retirees and learn how skyrocketing healthcare, home insurance, and…

Read More →
kitchen staples that are worth the splurge

11 Kitchen Staples That Are Worth the Splurge

Steam rises as golden broth pours into a rustic pot, showing why high-quality staples are…

Read More →
A retired couple sits at a sunny kitchen table, thoughtfully reviewing financial papers together with coffee mugs nearby.

Married and Retiring? Here’s How to Claim Thousands More in Social Security Benefits

Learn how married couples can maximize their Social Security benefits in 2026 by coordinating claiming…

Read More →
credit card scams

7 New Credit Card Scams You Didn’t Know About

Tapping your credit card against a payment terminal was meant to make your life easier.…

Read More →
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

Discover seven common retirement hobbies that can easily become profitable businesses, plus essential 2026 tax…

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 →
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.