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IRS is raising the 401(k) contribution limit by record amount
The tax agency said it is also boosting the contribution threshold for IRAs due to inflation.
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Aimee Picchi is associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has been published by national news outlets including USA Today and Consumer Reports. Aimee frequently writes about retirement, and has been a National Press Foundation fellow for reporting on retirement and Columbia University's Age Boom Academy. She's also the editor of the Institutional Investor book "Cultivating the Affluent II," with noted wealth consultant Russ Alan Prince.
The tax agency said it is also boosting the contribution threshold for IRAs due to inflation.
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