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 $460k to max out at 5%.
The $23,000 is just the limit for how much pre-tax an individual can contribute. Employer matches are not subject to Federal income tax.
Ahh good point.
