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Your email address will not be published.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 *

Search

Latest Posts

  • 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
  • An older East Asian man walks along a coastal dirt path lined with green foliage and ocean waves at sunset. 13 States Where Retirees Have the Longest Lives
  • Senior couple relaxing in wooden rocking chairs on a porch overlooking a sunny yard. The Only 10 States Where Retirees Likely Won’t Run Out of Money (and Why)
  • Mature woman in a cardigan holding a steaming mug on a sunny outdoor deck beside a patio table with glasses and a notebook. 7 Expenses You Should Eliminate When You Retire
  • An older man sits thoughtfully at a wooden kitchen table, looking down at paperwork beside a coffee mug and eyeglasses. 15 Things Retirees Confess They're Most Financially Bitter About
  • Illustration of stepped colored paper tabs labeled Schedule 1 Adjustments and Standard Deduction beside a tax form. 5 Expenses You Can Still Deduct in 2026 - Even If You Take the Standard Deduction

Newsletter

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

Related Articles

books

10 Personal Finance Books That Will Change Your Perspective

A stack of books, a warm coffee, and a succulent create the perfect atmosphere for…

Read More →
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

Social Security’s COLA: A Lifeline That Might Not Keep You Afloat For millions of retirees,…

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 →
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

Protect your wealth and secure your legacy by updating these 9 essential financial documents, including…

Read More →
An older man sitting at a sunlit kitchen table, marking dates on a paper calendar next to a coffee mug.

Social Security Updates Taking Effect in July 2026 – What Retirees Should Expect

Discover the critical Social Security changes taking effect in July 2026, including payment schedule shifts,…

Read More →
protect your money in a divorce

6 Ways to Protect Your Money in a Divorce

Organizing a stack of case files and a digital calendar is the first step toward…

Read More →
Money

Wondering If You’re Losing Money? You ARE by Throwing Away These 7 Things

Books Books are known to be one of the biggest antique goldmines out there. Collectors…

Read More →
A senior citizen reviews Medicare documents at a table, with a Medicare card, calendar, and magnifying glass nearby.

An Introduction to Medicare: Parts A, B, C, and D Explained

The Combination: Original Medicare (Parts A & B) When you have both Part A and…

Read More →
home-selling mistakes

6 Home-Selling Mistakes That Make You Lose Money

5. Not waiting to negotiate We know that everyone thinks that the price they list…

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.