As awful as 2022's inflation has been to all of our abilities to cover our costs, it did bring with it one big benefit for those of us trying to save for our retirements. Thanks to an automatic inflation adjustment, 401(k) contribution limits are rising by a record amount for 2023. The general limit for people under age 50 increases by $2,000 to $22,500. Those aged 50 and up can potentially contribute as much as $30,000 to their 401(k) plans for 2023, thanks to a $7,500 catch-up amount, a catch-up increase of $1,000. 

Whether or not you've passed your 50th birthday, if you've got a 401(k) available to you, it probably offers you a substantial opportunity to sock away money for your future. Indeed, the limits on 401(k) contributions are generous enough that it raises a key question: Can the new 2023 401(k) limits make you a fortune?

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Source Fool.com