The IRS said Wednesday that it lifted the amount that workers can set aside for retirement in their 401(k), IRA and other tax-deferred plans next year.

Beginning in 2024, workers will be allowed to contribute up to $23,000 to their 401(k), an increase of $500 from this year. The increase applies to other retirement savings accounts, including the 403(b) plan, most 457 plans and the federal government’s Thrift Savings Plan.

  • @paultimate14
    1•1 year ago

    It’s $460k to max out at 5%.

    The $23,000 is just the limit for how much pre-tax an individual can contribute. Employer matches are not subject to Federal income tax.