The IRS recently announced its increasing the contribution limits to 401(k) as well as other retirement plans beginning in 2023.
into their 401 as well as 403, most 457 plans, or the Thrift Savings Plan for federal-level workers.
Currently, employed individuals can only contribute up to $20,500, meaning the limit in 2023 is going up by $2,000 ,The contributions are indexed based on inflation. Since inflation has increased, so will the contribution limit in 2023. The increase in the limit will allow those who want to supercharge the contributions to their retirement savings. Though according to
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