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IRS increases retirement savings amount in 2023, boosting 401k power

Por: WPTV Nation October 22, 2022

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In an unprecedented move, the Internal Revenue Service (IRS) boosted contribution limits for tax-deferred, and tax-advantaged retirement savings accounts like the 401K for 2023. Beginning next year, taxpayers will be able to contribute up to $22,500 into a 401K account. That accounts like the 403(b) and most 457 plans or the Thrift Savings Plan, which is used by federal employees. That's a $2,000, or 9.8%, boost from the current $20,500... + full article



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