It’s been a tough year for folks trying to put food on the table or pay rent. Stubbornly high inflation is making it harder to make ends meet.
But for certain taxpayers with money to spare, the higher cost of living has triggered a big bump in what they can save for retirement.
Next year, the contribution cap for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan (TSP) is going up by almost 10 percent.
Here’s what you need to know about the new limits coming in 2023.