IRS Increases 401(k) Limit By Record Amounts

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IRS Increases 401(k) Limit By Record Amounts-

On October 21st, the Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to

$22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost-of-living adjustments affecting dollar limitations for pension plans and other retirement related items for tax year 2023.

IRS Increases 401k Contribution Limit

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