Inflation in 2022 has been the highest since the early 1980s. In general, this is bad news as the cost of everything goes up. One rare silver lining is that contribution limits for 401(k)s and IRAs is linked to inflation. This means that contribution limits are increasing substantially in 2023. The table below shows some of these increases.
If you would like to take advantage of these increased limits, make sure to increase your 2023 payroll withholdings.
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