2023 401(k) Contribution Limits: Can You Set Aside $30,000 for Retirement?
For most American taxpayers, the 401(k) is potentially the largest tax break available. Not only can you deduct your contributions, but many employers add on a matching contribution to boost your retirement savings even further.
One big advantage of the 401(k) is that contribution limits tend to be high. Indeed, that's truer than ever in 2023, with retirement savers seeing a big boost in the 2023 401(k) contribution limits.
Taxpayers are getting a larger tax break in 2023 for their 401(k) contributions. Contribution limits for those who will be younger than 50 at the end of 2023 will be $22,500, up by $2,000 from the 2022 limit.
Source Fool.com
