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Inflation hike: IRS is raising the 401(k) contribution limit by record amount
Hat tip, WTOP
MONEYWATCH
Inflation hike: IRS is raising the 401(k) contribution limit by record amount
BY AIMEE PICCHI
OCTOBER 21, 2022 / 2:26 PM / MONEYWATCH
The IRS on Friday said it is boosting the 2023 contribution limits for 401(k)s by a record $2,000 due to the high pace of inflation, which will allow workers to sock away more money in 2023.
Individuals will be able to save up to $22,500 in their 401(k)s next year, an increase of 9.8% from the current year's limit of $20,500, the agency said in a statement. The new limit also applies to other types of defined contribution plans, including 403(b), most 457 plans and the federal government's Thrift Savings Plan.
{snip}
Inflation hike: IRS is raising the 401(k) contribution limit by record amount
BY AIMEE PICCHI
OCTOBER 21, 2022 / 2:26 PM / MONEYWATCH
The IRS on Friday said it is boosting the 2023 contribution limits for 401(k)s by a record $2,000 due to the high pace of inflation, which will allow workers to sock away more money in 2023.
Individuals will be able to save up to $22,500 in their 401(k)s next year, an increase of 9.8% from the current year's limit of $20,500, the agency said in a statement. The new limit also applies to other types of defined contribution plans, including 403(b), most 457 plans and the federal government's Thrift Savings Plan.
{snip}
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