The Internal Revenue Service (IRS) has announced a record increase in contribution limits for 401(k) and other tax-deferred retirement plans for 2023. Starting next year, retirement plan participants are allowed to contribute up to $22,500 to qualified plans such as 401(k)s, 403(b)s, most 457 plans or the Thrift Savings Plan for federal employees. The increase amounts to $2,000 more (roughly 10%) than the current $20,500 federal contribution limit for 2022. Contribution limits are indexed to…
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