IRS updates 401(k) limits and more for 2023
Get ready for an update because the Internal Revenue Service (IRS) released its cost-of-living adjustment caps for pension plans and other retirement-related items for 2023. One adjustment made was a big one. For 2023, employees can contribute $22,500 to their 401(k), 403(b) and 457 plans, as well as the federal government’s Thrift Savings Plan. That’s…
