U.S. Internal Revenue Service building in Washington, D.C. May 14, 2013. (Photo: Diego M. Radzinschi/THE NATIONAL LAW JOURNAL.)

Retirement savers will be able to put away an additional $500 in 2024.

The Internal Revenue Service announced Wednesday it will increase the individual 401(k) contribution limit to $23,000 from a limit of $22,500 in 2023, in line with expectations. At 2.22%, the increase is smaller than last year’s record-breaking increase of 9.8%.

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