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