The IRS said Wednesday that it lifted the amount that workers can set aside for retirement in their 401(k), IRA and other tax-deferred plans next year.

Beginning in 2024, workers will be allowed to contribute up to $23,000 to their 401(k), an increase of $500 from this year. The increase applies to other retirement savings accounts, including the 403(b) plan, most 457 plans and the federal government’s Thrift Savings Plan.

  • ryathal
    16·
    1 year ago

    It’s a tough spot for the IRS, they should increase it that much, but it’s basically a handout to upper classes that more commonly contribute the maximum. Too many people aren’t contributing enough for the increase to matter.