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
experts 2023
Image By AZ-BLT From Envato Elements

Increase your withholding

If you are unable to fully fund your 401(k) now, you should try to increase your savings rate when you can. As you’ll get various raises and bonuses, you should consider redirecting a part of your pay increase to your 401(k) plan.

There are some 401(k) plans that will have an automatic escalation feature, which will further increase your savings rate over time, without additional action. Even the smallest savings increase will significantly improve your retirement finances. A worker who has $50,000 per year can save 1% more ($42 per month), but also earn 7% annual returns, which in the end means an extra $71,718 after 35 years.

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Your email address will not be published.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

  • 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
  • An ink and watercolor illustration of a balance scale weighing a glass tip jar against a document labeled federal programs. Here's Who Won and Lost Under Trump’s "Big, Beautiful Bill" (Where Do You Stand?)
  • Split-screen watercolor illustration showing an older man in a library with a $5,181 check and an older woman in a kitchen with a $2,076 che Morgan Freeman vs. the Average American: Who Gets More in Social Security?
  • An editorial illustration of a person guided through a bank-wall maze away from a basic account door toward a premium fee-paying door. These Banks Are Accused of Pushing Customers Away From Basic Accounts
  • An ink and watercolor illustration of an older couple entering a cozy, sunlit neighborhood diner. The SNAP Restaurant Meals Program: Which States Allow Seniors to Use Benefits at Restaurants
  • A mid-century gouache illustration of a relaxed retired man sitting in a lounge chair with a tablet, balancing work and leisure. 12 Stress-Free Jobs for Retirees With High-Salaries
  • 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?
  • 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
  • A woman sits on a moving box in her urban apartment, looking at a laptop showing scenic mountain relocation programs. These US Towns Will Pay You to Move There
  • An editorial illustration of a mailbox with a Social Security check inside, having a 32% slice snipped off by scissors labeled Medicare. Medicare Part B Ate 32% of Last Year's COLA. Will It Happen Again in 2027?

Newsletter

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

Related Articles

Don’t Keep These 9 Things in a Safe Deposit Box—You’ll Regret It

A passport, cash, and sealed documents sit beside a safe, but some essentials are better…

Read More →
consumer stocks, reduce credit card depression

7 Consumer Stocks That Do Best During Inflation

According to the US Bureau of Labor Statistics, inflation in the United States reached a…

Read More →
credit cards for amazon purchases, cyber monday, money

10 Best Credit Cards to Use for Amazon Purchases

With millions of interesting things at your fingertips, it’s no wonder that people spend a…

Read More →

Social Security Alert: Up to $5,181 Hitting Accounts This Week

Planning for the Future While Social Security provides essential support, it is rarely enough on…

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 →
Airbnb

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

A smiling woman relaxes on a green sofa with her tablet, discovering easy ways to…

Read More →
worrying about money, financial stability

I Stopped Worrying About Money Thanks to These Trustworthy 7 Tips

Simplify your finances using a digital budget and notebook in a bright workspace to eliminate…

Read More →
A senior citizen reviews paperwork and a smartphone showing a website at a sunlit table.

Beyond Social Security: Other Government Benefits You May Qualify For

Common Questions and Concerns It’s natural to have questions when exploring new financial territory. Here…

Read More →
Financial freedom

These 8 Habits Will Make You Reach Financial Freedom

Whilst every individual’s idea of financial freedom is unique, there are some things that tend…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Subscribe
  • Unsubscribe
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.