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.
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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.
I wish we could pin it to some objective measure and stop dealing with this set of decisions. Same with other forms of support.
