Your 401(k) can be an incredibly powerful tool for saving for your retirement. Between the automatic contributions from your paycheck, the possibility for an employer match, the tax benefits, and the fairly high annual investment limits, 401(k)s are very tough to beat.

Yet there is one key drawback to a 401(k) plan: Money in your 401(k) must be contributed directly from your paycheck, and it must be in the plan by December 31 to count as a contribution for 2023. As a result, time is running out. You must contribute to your 401(k) by the end of this year to have the money count toward your 2023 limits.

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Source Fool.com