Beth Pinsker: If saving $23,000 in your 401(k) next year isn’t enough, you can double that (or more) with the right strategy — and it’s legal

by | Nov 1, 2023 | Stock Market

When the IRS announces the new amounts you can contribute to retirement plans each year, the number everyone focuses on is the maximum you can put into workplace 401(k) plans, which is $23,000 for 2024. But what if you want to save more than that and still get preferential tax treatment? You have some options.  The easiest way if you’re 50 or older is to max out that $23,000 contribution and then add a catch-up contribution, which allows you to contribute another $7,500, for a total of $30,500. That catch-up amount stayed…

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