Last week the Internal Revenue Service (IRS) announced new limits on various tax advantaged saving vehicles, such as IRAs and 401(k) contributions, for 2023. As expected, rising inflation increased these limits significantly. For example, the annual 401(k) contribution limit will increase to $22,500, from $20,500, while the annual IRA contribution will increase from $6,500 to $7,500. Like the major attention paid to Social Security’s record high 8.7 percent cost-of-living adjustment for current retirees, it is important to pay attention to how these various retirement savings vehicles are evolving. And not just the contribution limits, but also how the design of these plans has changed
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