Here’s an upside to i🎶nflation: You can cont༒ribute more to your retirement plan.

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开奖号码历史查询:Individual Retirement Accounts (IRAs) to $7,000 from $6,500. Some limits, including for catch-up contrib♊utions for workers over 50, and the federal🦂 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开奖号码历史查询:much tamer this year than in 20𓃲22, so the boost to contribution limits is much less🥃 than the $2,000 401(k) contribution limit increase that retirement savers got last year.

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