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The IRS has announced increases as to how much you can toss into your 401k next year

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Assuming you know your 401k is still around and all after the disastrous last year or so. According to the IRS, the Internal Revenue Service has announced a series of upgrades to 401k plans and how much each person can contribute to them for the upcoming taxable year next year. The hike applies to 2023 and also includes a brief hike for similar plans like IRA ‘s and what not.

The new cap is one of the highest ever recorded per the agency’s Friday announcement. It is $22,500, a $2,000 hike from the current federal contribution—or a record 9.8% increase, reports CNN Business.

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