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.