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.

  • CmdrShepardEnglish
    1·
    1 year ago

    While I totally agree with this, you need to be making quite a bit in order to have an effective tax rate of 30%. I make six figures and don’t even pay that much.