Retirement Plans and Planning
- The IRS is allowing people to add more to their retirement accounts next year to grow tax free.
- Most people don’t ever hit those limits, losing both tax benefits and earnings growth.
- That can change if people take budgeting and savings steps to take advantage of this benefit.
Most of the news on inflation has been bad, but retirement savers may have been given a silver lining – if they’re savers and if they can afford to take advantage of it.
The IRS lifted last year by a record amount the cap on how much people can sock away in retirement accounts on a tax-deferred basis, mostly because of soaring inflation.