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6 New Retirement Numbers to Know for 2023

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Related: 13 New Tax Numbers to Know for 2023

With inflation soaring, the Internal Revenue Service has raised the amount that individuals can contribute to their retirement accounts in tax year 2023.

The inflation adjustment “is an important calculation each year because it helps ensure that savings caps are adjusted to reflect the ever-present need to save more,” Lynn Dudley, senior vice president of global retirement and compensation policy at the American Benefits Council, told ThinkAdvisor on Monday in an email.

See the gallery for six of the cost-of-living adjustments for contributions to retirement accounts.