(Photo: Shutterstock)
Largely due to inflation, the amount that individuals can contribute to 401(k) plans will increase to $22,500 in 2023 (the largest increase on record), up from the current $20,500, according to the IRS. The new contribution limit, which is a 9.8% increase, includes employees who participate in 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plan.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
