IRS Raises 401(k) Contribution Limit To $23,000

Key Takeaways

  • The Internal Revenue Service (IRS) raised the amount you can contribute to 401(k) retirement plans by $500.
  • The agency also raised the limits on contributions to Individual Retirement Accounts (IRAs) by $500.
  • This adjustment reflects the cost of living, which has tamed over the past year, resulting in a smaller increase to the limits.
  • Because of the limit increases, you can stash more money away into your retirement accounts.

Here’s an upside to inflation: You can…

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