How much can you and your employees contribute to your 401(k)s next year? The IRS recently announced the 2023 cost-of-living adjustments. The amounts increased more than in recent years due to inflation. The 2023 contribution limit for employees who participate in 401(k) plans will increase to $22,500 (from $20,500 in 2022). This amount also applies to 403(b) plans, most 457 plans and the federal government’s Thrift Savings Plan. The catch-up contribution limit for employees age 50 and over who participate in 401(k)s and the other plans mentioned above will increase to $7,500 (from $6,500 in 2022). That means those age 50 and older can contribute up to $30,000 to their 401(k)s in 2023. https://bit.ly/2NMIz4g
