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.

  • mortalic@lemmy.world
    62·
    8 months ago

    Strange that we aren’t asking why it’s so hard for people to put in the maximum. Seems like that’s the better question. What measures could we put in place that make it easier for poverty wages to better set them selves up for retirement?

    • CmdrShepard@lemmy.oneEnglish
      51·
      8 months ago

      If you’re earning poverty wages there’s not a lot you can do. They’re called poverty wages for a reason. Considering you can’t really bring spending down at this income level, the only path is to increase income somehow.