Here’s how to Take Advantage of the new 401k Contribution Increase Golie Mark

Inflation may be ruining everything from bond coupon interest payments to holiday travel plans but being able to put more away for retirement is one unexpected positive.

On Friday, the Internal Revenue Service raised the amount of money one can put away into a 401(k), 403(b) and most 457 plans to $22,500–up approximately  9.8% from the current $20,500 limit, the hike is the largest increase ever made by the revenue service’s history.

Alongside new tax brackets also introduced by the IRS this week, the larger contribution room is meant to offset the rising cost of living that is chipping away at many people’s retirement plans.

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Written by moz

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