The IRS on Friday raised the amount that Americans can set aside for retirement in their 401(k) and other tax-deferred plans next year. Beginning in 2023, workers will be allowed to contribute up to $22,500 to their 401(k), an increase of $2,000, or about 9.8% – the biggest jump since 2007, when the limit was $15,500.
Wonder what WF’s match will be?
Just a way to funnel more money into blackrock for ESG initiatives.
Hopefully someday they provide some shareholder value? Maybe some more buybacks will help.
Too bad most of us work paycheck to paycheck and can't afford to contribute much less at the max rate. Benefits increased 13%...
If you know a secret, you should trade full time and not work for a living.
@zon You have a point. The experts buy low and sell high. But I found a more lucrative trading process than letting my money flounder in a 401(k). It is true, the rich get richer. Just wished I knew the secret before I started putting money in my 401(k). Now I can only wait until I become old enough to roll it out
Awesome news. I go to the IRS max every year so this will help. As far as the bellyachers go, I take it you've never heard of "buy low, sell high". Markets dropping is opportunity, not time to jump out of the market, or a window.
@rwd Yes. Though that’s much better than a WF savings account.
Yeah. Stable fund minus real inflation, you will get around 18% negative growth.
As importantly, let’s see if management once again claims part of your 401K contribution as part of their matching amount!
Woohoo! :( The only Empower product, not at a loss, is the Wells Fargo stable value fund.
No thanks! I’ll take my chances elsewhere.