"IRS Announces Increased Retirement Savings Limits for 2024"
TL;DR
The IRS is increasing the contribution limits for retirement savings accounts in 2023, with the 401(k) limit rising to $23,000 and the IRA limit increasing to $7,000. Individuals aged 50 or older can make additional catch-up contributions, allowing them to save up to $30,500 in a 401(k) and $7,500 in an IRA.
Topics:businesspersonal-finance#401k#contribution-limits#ira#irs#personal-finance#retirement-savings
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- It's Official -- Here's How Much You Can Save in an IRA in 2024 The Motley Fool
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