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Published: Oct 21, 2022 3 min read
Close-up of a hand inserting coins into a jar
Money; Shutterstock

Good news: You’ll be able to save even more for retirement in 2023. The IRS announced Friday that it will increase next year's contribution limits for 401(k)s and other tax-advantaged retirement plans.

The changes are prompted by inflation: Each year, the Treasury Department is legally required to increase the contribution limits as living costs rise. And this year, living costs have certainly soared. Consumer prices were 8.2% higher in September than they were a year earlier.