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
    6•8 months ago

    If you’re earning poverty wages there’s not a lot you can do. They’re called poverty wages for a reason. Considering you can’t really bring spending down at this income level, the only path is to increase income somehow.