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The IRS recently announced new retirement savings contribution limits for 2023. The amount individuals can contribute to their 401(k) plans in 2023 will be $22,500 -- up from $20,500 for 2022 ...
As part of SECURE Act 2.0, passed in late 2022, individuals age 60, 61, 62 or 63 are now allowed to make “super catch-up contributions” to their 401(k) and other retirement plans. These ...
According to the agency’s news release, the maximum contribution that an employee can make to a 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan (TSP) is ...
The IRS rolled out major changes to 401(k) contribution limits last week, including catch-up contributions for workers aged 50 and older. In an Oct. 21 announcement, the tax agency said the amount...
Come next year, you will be allowed to save a little more in your 401(k) on a tax-deferred basis than you can this year, unless you’re in your early 60s, in which case for the first time you ...
Continue reading → The post 401(k) Contribution Limits for 2022 and 2023 appeared first on SmartAsset Blog. ... allowing for tax-deferred growth and, in some cases, employer matching ...
The IRS recently announced a much higher catch-up allowance when contributing towards employer retirement plans, including 401(k)s. This amount is almost double the “regular” catch-up ...
Continue reading → The post 2023 Retirement Contribution Limits appeared first on SmartAsset Blog. Funneling money into a tax-advantaged account, such as an IRA or a 401(k) is a must if you're ...