Contribution limits for 401(k) plans increases for tax year 2023. For those looking to max out their plans, the most you can contribute will be $22,500—an increase of $2,000. For workers over the age of 50, the catch-up contribution increased additional $1,000 to $7,500 per year. Now is great time to power up your savings plan and reap the benefits discussed in this video.
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