The IRS (Internal Revenue Service) has made adjustments for the amounts taxpayers can put away for retirement. Starting on Jan 1, 2025, most workers can put an additional $500 per year towards retirement, increasing the annual contribution limit for those with 401(k), 403(b), government 457 plans, and the federal government's Thrift Savings Plan has gone up to $23,500 from $23,000.

Wealth host Brad Smith details the new contribution limits.

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This post was written by Kevin Hall