IRS Raises 401(K) Contribution Limit by Record Amount Amid Raging Inflation

The Internal Revenue Service (IRS) connected Friday announced it would rise the 401(k) publication bounds by a grounds 9.8 percent amid decades-high inflation. Starting successful 2023, Americans tin lend arsenic overmuch arsenic $22,500 into 401(k), 403(b), the national government’s Thrift Savings Plan, and astir 457 status plans, according to the IRS’s announcement. That’s $2,000 much than the existent publication bounds of $20,500, it said. In November 2...