As inflation continues to rise, cost of living adjustments (COLA) have been announced for social security recipients. Experts are also estimating adjustments for retirement savers. Official announcements are expected in late October or early November.
Starting in January of 2023, the 401(k) contribution limits will likely increase from $20,500 to $22,500. Social security benefits will be adjusted by 8.7%. Along with these increases come an increase in the maximum earnings that will be subject to Social Security tax, from $147,000 to $160,200.