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IRS raises contribution limits for retirement savings plans
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FILE - A sign is displayed outside the Internal Revenue Service building May 4, 2021, in Washington. The Internal Revenue Service announced Friday that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. - photo by AP Photo/Patrick Semansky, File
Americans will be allowed to contribute more of their money to 401(k) and similar retirement saving plans next year. The IRS said Friday that the maximum contribution that an individual can make in 2023 to a 401(k), 403(b) and most 457 plans will be $22,500. That's up from $20,500 this year.