Last week the Internal Revenue Service (IRS) announced new limits on various tax advantaged saving vehicles, such as IRAs and 401(k) contributions, for 2023.
As expected, rising inflation increased these limits significantly. For example, the annual 401(k) contribution limit will increase to $22,500, from $20,500, while the annual IRA contribution will increase from $6,500 to $7,500.
Like the major attention paid to Social Security’s record high 8.7 percent cost-of-living adjustment for current retirees, it is important to pay attention to how these various retirement saving vehicles are evolving.
Tax changes mean brighter future for retirement savings
- by: Pinar Cebi Wilber
- 10-25-2022
- Source:
The Hill
- 10/25/2022
Start Thinking About Your Retirement by Marco Verch Professional P is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
Start Thinking About Your Retirement by Marco Verch Professional P is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
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