The IRS said Wednesday that it lifted the amount that workers can set aside for retirement in their 401(k), IRA and other tax-deferred plans next year.

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.

  • @RGB3x3@lemmy.worldEnglish
    7•1 year ago

    Oh wow, THANK YOU. I don’t know what I would have done without an extra measly $500 to save each year. There shouldn’t be limits in the first place. But that must people are hitting that anyway.

    401(k)s are a goddamn scam and we should be able to get company contributions put into whatever savings account we want.