Great news if you contribute to a 401K or an IRA!

The IRS is raising the contribution limit to $23,000, if you  save through a 401K contribution plan.

If you are older than age 50, you can put an additional $7500.00 in for a total over $30 thousand dollars!

This increase also includes 403B plans, most 457 plans , and other federal government’s thrift saving plans.

The IRA contribution has also been raised. The limit now will be $7,000.

For those who are older than 50 you can contribute an additional $1000 dollars for a total of $7500 on your IRA.