The IRS said Wednesday that it lifted the amount that workers can set aside for retirement in their 401(k), IRA and other tax-deferred plans next year.

Beginning in 2024, workers will be allowed to contribute up to $23,000 to their 401(k), an increase of $500 from this year. The increase applies to other retirement savings accounts, including the 403(b) plan, most 457 plans and the federal government’s Thrift Savings Plan.

  • XbSuper@lemmy.worldEnglish
    33·
    1 year ago

    As a Canadian, I don’t know much a out how a 401(k) works. I’m hoping for your sakes it isn’t like Canada’s CPP, which is basically just the worlds largest ponzi scheme, and will likely collapse before anyone under 40 today retires. My whole life I’m essentially paying to prop up boomers in their retirement, and will see nothing when my time comes. But if I stop paying I go to prison.