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Your email address will not be published.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

  • Illustration of a U.S. Treasury check balanced on an arm connected to clockwork gears above an age timeline. 8 Social Security Check Mistakes Retirees Should Avoid
  • Travel insurance document, US passport, first aid kit, boarding pass, watch, water bottle, and sunglasses on a wooden floor. 10 Signs You Need Travel Insurance
  • An older man working in a woodworking shop pauses and looks back suspiciously at a ringing landline wall phone. 10 Phone Calls Claiming to Be From Medicare That Are Really Scams
  • Screenprint illustration of the continental United States map with ten stepped, rocky plateaus rising from different regions. These 10 States Will Get the Largest Social Security Increases From the 2027 Trump Bump COLA
  • Watercolor illustration of an older woman on a garden bench handing a lemon to an outstretched arm over a stone wall. 10 Money Mistakes Grandparents Make When Helping Family
  • A smiling woman wearing a museum staff docent badge gestures toward a glass display case inside a sunlit botanical conservatory. 9 Jobs for Retirees That Pay Better Than Minimum Wage
  • Watercolor illustration of an older couple walking in an autumn park past a kiosk poster reading 2026 Tax Relief. What the 2026 Senior Tax Deduction Means for You
  • Infographic showing four retail quarters with seasonal goods like bedding, patio furniture, winter gear, and a television. 9 Store Sale Cycles Every Shopper Should Know
  • Illustration of a hand cutting paper ribbons labeled with household fixed expenses using scissors before a new year timeline. 11 Ways to Trim Fixed Expenses Before the New Year
  • Man crouching in a pharmacy aisle selecting skincare lotion near a red basket filled with bandages and medicine. 7 Products Worth Buying at Drugstores

Newsletter

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

Related Articles

An editorial illustration of a gold fountain pen signing a contract where the ink turns into a complex maze, trapping a tiny figure.

The Annuity Pitch Retirees Should Always Question First

Learn the truth behind aggressive annuity pitches, capped market gains, hidden costs, and smarter strategies…

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 →
An editorial ink and watercolor illustration of a person pulling scattered financial assets from distant clouds into one central account.

8 Signs You Should Consolidate Old Retirement Accounts

Learn 8 clear signs you should consolidate old retirement accounts to eliminate hidden fees, avoid…

Read More →
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

Discover 12 low-stress part-time jobs for retirees offering flexibility and steady pay. Learn key Social…

Read More →
work

Here Are 10 Places Where You Can Work in Retirement

A smiling senior man with a leather messenger bag walks through a modern campus, exploring…

Read More →
A mature couple looking at a tablet together on a sunny patio, appearing confident about their financial future.

Married or Divorced? Don’t Miss This Social Security Tip That Could Increase Your Checks

Married, divorced, or widowed? You could be missing out on thousands in Social Security. Learn…

Read More →
A retired couple relaxing on a stone terrace overlooking a Mediterranean coastal village during sunset, captured in warm film photography.

The 30 Best Countries to Spend Your Retirement In – Which One Is Your Favorite?

Explore the 30 best countries for retirement in 2026, complete with current visa requirements, healthcare…

Read More →
stimulus check

8 Legit Ways to Get Free Money from the Government

5. Supplemental Security Income (SSI) SSI, formally known as Supplemental Security Income, is a federal…

Read More →
A senior man in a garden thoughtfully reviewing financial data on a tablet during sunset.

8 Social Security Changes Retirees Need To Watch Before 2027

Navigate the crucial 2026 Social Security updates, including the new COLA projections, Medicare Part B…

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.