Starting next year, you will be allowed to contribute up to $22,500 into your 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees.
The catch-up contribution in the 401 and other workplace plans -- the amount plan participants who are 50 and older may save on top of the federal contribution limit -- also will get a big boost. In 2023, it will rise to $7,500, up 15.4% from $6,500 today. That means if you're 50 or older you can contribute up to $30,000 in 2023. And that doesn't count any matching contributions your employer may kick in.
Eligibility to deduct an IRA contribution or contribute to an after-tax Roth IRA is based on income and access to a workplace retirement plan. But next year, more people will be able to take advantage.