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Retirement savers got some surprising news
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS also issued guidance regarding the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2023. Dan Caplinger gives a brief overview of the contribution limits for 2023. Read Mr. Caplinger’s article here…
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