Home NewsFinancial News Inflation relief checks by state, live online: Student loan forgiveness, 401k limit increases & SSA payment | California, Florida…

Inflation relief checks by state, live online: Student loan forgiveness, 401k limit increases & SSA payment | California, Florida…

by WOOWinvest
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Inflation relief checks by state, live online: Student loan forgiveness, 401k limit increases & SSA payment |  California, Florida…


Inflation pushes up 401k contribution limits

Tens of millions of Americans pay into a tax-deferred retirement plan, alongside their employer, with most utilizing a 401k plan. Each year there is a maximum amount that individuals can be required to contribute and with inflation continuing to run high the limits for 2023 will be raised substantially.

A statement from the IRS confirms: “The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $22,500, up from $20,500.”

Axios reports that this 9.8% jump is the largest increase ever seen, both in terms of dollars and percentage rise.

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