IRS Raises 401(k) Contribution Limit Due to Inflation

SlateStone Wealth chief market strategist Kenny Polcari surveys the U.S. economy as the 10-year treasury yield continues to climb to record rates, on ‘Varney & Co.’ The IRS on Friday raised the amount that Americans can set aside for retirement in their 401(k) and other tax-deferred plans next year.  Beginning in 2023, workers will be allowed to contribute up to $22,500 to their 401(k), an increase of $2,000, or about 9.8% — the biggest jump since 2007, when the limit was $15,500. The IRS makes …

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