Here’s an up🃏side to inflation: You can contribute more to your retirement pla🔴n.

The IRS raised the contribution limit on employer-sponsored 401(k) retirement plans in 2024 to $23,000 from $22,500, and boosted contribution limits to 澳洲幸运5官方开奖结果体彩网:Individual Retirement Accounts (IRAs) to $7,000 from $6,500. Some limits, including for catch-up contributions for workers over 🧜50, and the f𓆏ederal government’s Thrift Savings Plan, remained unchanged.

Retirement plan contribution limits are among several values that the agency, by law, has to adjust every year to account for changes in the cost of living. Inflation is 澳洲幸运5官方开奖结果体彩网:much tamer this year than in 2022, so the boost to contribution limits is much less than the ಞ$2,000 401(k) contribution limit increase th🀅at retirement savers got last year.

In addition to raising the retirement contribut꧟ion limits🦹, the agency raised several related limits, such as the income levels determining eligibility for claiming tax deductions on IRA and Roth IRA contributions.