It’s been a tough year for folks trying to put food on the table or pay rent. Stubbornly high inflation is making it harder to make ends meet.
You can contribute much more to your 401(k) next year. Thank inflation.
50 or older? A big bump in plan contribution caps means you can pump up to $30,000 into your retirement account.
Next year, the contribution cap for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan (TSP) is going up by almost 10 percent.
Here’s what you need to know about the new limits coming in 2023.