– When      you start a new job and sign up for your company's 401(k) plan,

– you      will need to decide how much to contribute to the account.

– This      seemingly simple decision will affect how much is withheld from your      paychecks,

– your      annual income tax bill and how much money you will have in retirement.

Here's how to determine the amount to save in your 401(k) plan:

– The      401(k) contribution limit is $22,500 in 2023.

– Workers      age 50 and older can contribute an additional $7,500 in 2023.

– Qualifying      for a 401(k) match is the fastest way to build wealth for retirement.

– Many      financial advisors recommend saving more than 10% of your income for      retirement.

– Remember      to increase your savings rate over time.

– Starting      to save at a young age gives your investments more time to compound.

– Maxing      out your 401(k) helps reduce your current tax bill.