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Your email address will not be published.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

  • 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

car insurance rate

Alert! Here’s Why Your Car Insurance Rate Is Rising in 2024!

A hand holds a tablet displaying an insurance policy beside a rising arrow, illustrating the…

Read More →
An ink and watercolor illustration of a senior couple happily engaging in physical therapy exercises surrounded by warm botanical accents.

The Medicare-Covered Therapies Retirees Often Don’t Realize Are Included

Discover underused Medicare-covered therapies and wellness services for retirees, including physical, occupational, pelvic floor, and…

Read More →
retire

Money Talk: The Best 7 Things To Teach Your Grandkids About Finances

A grandfather and granddaughter sit on a sofa, sharing a lesson about money with a…

Read More →
A woman in her 60s reviews financial paperwork at a sunlit kitchen table, captured in a candid, documentary-style photograph.

9 Financial Perks Many Retirees Overlook

Discover 9 powerful financial perks for retirees in 2026, including the new $2,100 Medicare cap,…

Read More →
veteran financial benefits work

Don’t Miss Out on These 4 Military Veteran Financial Benefits!

A smiling man and young boy walk through a sunlit forest, discovering how veteran benefits…

Read More →
A retired couple reviews physical financial statements together at a sun-drenched wooden table in a cozy home setting.

9 Signs Your Investment Portfolio Needs Rebalancing in Retirement

Discover 9 clear signs your retirement portfolio needs rebalancing to manage risk, optimize RMDs, protect…

Read More →
An active retiree in his late 60s working part-time at a sunlit plant nursery greenhouse, watering green seedlings.

The Part-Time Jobs With a 401(k) Match That Most Retirees Don’t Know Exist

Discover how retirees can leverage part-time jobs with 401(k) matches to boost their savings, understand…

Read More →
cheapest gas

Where to Find the Cheapest Gas in the US! Top 6 States

A driver fills their tank at a budget station, keeping a close eye on the…

Read More →
Risks, Emergency Fund

New Bill Could Send $600 Tariff Rebates to Millions (See If You Qualify!)

Who benefits and how much If eligible, an individual under the income threshold ($75k) would…

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.