Starting next year, you’ll be able to put $2,000 more into your 401k. That’s one good thing to come from inflation. Right now, it’s $20,500. It’s a pretty big jump, almost 10%. The IRS is allowing it because of inflation. IRAs and after tax Roths also get increases, but they’re smaller. I read through more of the new rules hoping to be able to explain everything in detail, but my head exploded and we don’t have an extra 30 hours.
I put money away in a 401k 25 years ago at a job. Then I joined a different company for a while that didn’t offer it. So it sat in limbo…… for years. It’s not a lot, just a few thousand that I saved up in the 90s. Fast forward to today and for whatever reason, I can’t roll it into my current 401k, so it has sat in an IRA for the last 15 years doing nothing and there’s nothing I can do with it unless I want to lose a chunk to taxes. It just sits there all lonely by itself.