The IRA and 401k limits are going up again but just slightly again. The new caps will be $7000 for IRA and $23000 for 401k. This is an increase of $500 again this year and is not remotely keeping up with inflation. With the cost of everything going through the roof these miniscule increases won’t make a dent in the costs as we begin to consider retiring. With the present view on taxation and massive overspending at the federal level I don’t see this getting any better as we move forward past 2024. These gradual increases will probably continue and realistically those in my generation won’t see the bulk of the consequences it is our kids and especially our grandkids. Most in my generation will not live long enough to see the collapse. (Hopefully Jesus will return and make all of this moot). It is critical to set aside all that you can and hedge your retirement on your own strength, there may not be much else left for us otherwise. For the particulars on the increases read on here:
https://content.govdelivery.com/accounts/USIRS/bulletins/378da04?reqfrom=share