This week we have information from the IRS. If you want to save more for retirement in 2023, I have good news for you. The employee contribution limit for 401(k) plans is increasing to $22,500 in 2023, up from $20,500, and catch-up deposits for savers age 50 and older will jump to $7,500, up from $6,500. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans. The agency has also increased contribution limits for IRAs, allowing investors to save $6,500 in 2023, up from $6,000 in 2022. The catch-up deposit will remain at $1,000. For more information go to yoursafemoneyshow.com.
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