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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While I totally agree with this, you need to be making quite a bit in order to have an effective tax rate of 30%. I make six figures and don’t even pay that much.
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