Next year, you can put more money away for retirement and get a tax break

Boost your retirement savings in 2024! The IRS has announced an increase in the 401(k) contribution limit to $23,000, up from the current $22,500. Individuals aged 50 or older can take advantage of an additional $7,500 in ‘catch-up contributions,’ bringing the total to $30,500. These higher limits also apply to 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, offering enhanced opportunities for those looking to bolster their retirement funds.

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Source Article: https://krdo.com/news/2023/11/02/next-year-you-can-put-more-money-away-for-retirement-and-get-a-tax-break/

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