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Your email address will not be published.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 *

Latest Posts

  • protect your wallet from inflation 6 Bills That Changed After Trump Returned to Office
  • Amazon Are You Eligible For a Refund From Amazon? Find Out Here!
  • social security, income 7 Social Security Benefits That Will Change SOON
  • Risks, Emergency Fund New Bill Could Send $600 Tariff Rebates to Millions (See If You Qualify!)
  • credit card Medical Debt Relief: States That Act vs. States That Don’t

Related Articles

The Great Depression

10 Signs The Great Depression Is Already Happening

In the midst of all the concerns about the bank’s stability, some venture capital funds,…

Read More →
moving

You Need to Know About These 8 Fantastic Low-Income Moving Assistance Programs

When was the last time you moved? Moving can easily become a stressful experience for…

Read More →
pool

Pool Regret Is Real! 7 Reasons Not to Invest in One

Do not fall prey to pool regret! Avoid making the mistake of getting one! Pool…

Read More →
social security

Social Security Cheat Sheet: Maximize Benefits With These 7 Tips

What do you know about Social Security? Understanding how to maximize your benefits as a…

Read More →
Airbnb

Have an Airbnb? Raise Your Profits in 8 Easy Steps!

Find out some easy ways to make extra cash through Airbnb! Airbnb (Air Bed and…

Read More →
inheritance mistakes

Inheritance 101: Mistakes You Must Avoid

Very few people are prepared to receive an inheritance. Most people don’t know what to…

Read More →
hobbies

5 Surprising Hobbies That Make Money in Retirement

Proofreader and copyediting If one of your hobbies is reading and you are passionate about…

Read More →
Debt Free Lifestyle Habit

10 Best Debt Relief Programs for Seniors

6. Mortgage Assistance & Reverse Mortgages Housing costs are one of the highest expenses seniors…

Read More →
money mistake 2023 credit card, costly habits

Top 8 Money Mistakes Most People Make

Think back…How many money mistakes have YOU made in your lifetime? Money mistakes made in…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Explore

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2025 The Money Place. All rights reserved.