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IRS Boosts 401(k) Contribution Limit By a Record Amount

The annual limit on what retirement plan participants can contribute to their 401(k) accounts has gone up by an unprecedented sum for 2023. So reports CNN.

arrow up iconThe IRS has lifted the cap on most tax-deferred retirement plans by $2,000, to $22,500 for next year.

IRA contribution limits will rise too, up $500 to $6,500.

Read the full article from CNN.

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