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.

  • Salamendacious@lemmy.worldOP
    2·
    1 year ago

    I’m sorry to hear about your medical condition. That’s a rough hand to have been delt. I’m happy for you that you’re planning ahead and I hope it goes as well as it can for you. My 401k is pretty on par for my age (in terms of a multiple of my annual income based on goggle research). I’ve been putting as much as I can in but no where even close to the limit. What’s pretty sad is most of my co-workers are only putting 5% maybe 10% away and they think that’ll be enough. I try to explain but the vast majority don’t care.