Starting next year, you’ll be able to set aside more for retirements in your 401(k) and other tax-deferred plans.
Beginning in January, you can contribute up to $22,500 to your 401(k), an increase of $2,000.
The IRS also boosted the contribution maximums for IRAs and lifted the limit to $6,500 for 2023, up from $6,000 in 2022.
After releasing the most oil ever from the U.S. emergency petroleum reserve, the Biden administration is signaling it will refill soon, a multibillion-dollar undertaking that it hopes will rouse sluggish domestic drilling activity.
But energy executives and analysts are expressing doubts the plan would spur a large increase in production in the short term.
Many oil companies are wary of locking in sales when commodity markets have swung wildly, because they hope to capture high oil prices while they are in place.
Futures are higher after stocks rallied on Friday. The Dow Industrials surged 749, the Nasdaq jumped 244 and the S&P 500 gained 87.
