2023 Retirement Plan Contribution Limits

Hey neighbors!

I hope your October is already off to a fantastic start! If you haven't?listened to the new episodes on the?Investing Flavor?then go ahead?knock it out today!?Time to get to the topic as the IRS has updated the contribution limits for 2023. The limits are all indexed to inflation, so the limits will increase or remain the same in some years. And as you have likely seen in the news, inflation has been a big topic for the world. Here are some of the critical changes to focus on:

• 401(k)?- $20,500 --> $22,500 (under 50)
• *Catch-Up contribution increased to $7,500 from $6,500 and is only available if you are 50?and older
• Traditional?&?Roth?Contribution - $6,000 --> $6,500
• SEP IRA?- $61,000 --> $66,000
• HSA?(single people) - $3,650 --> $3,850

Click on any of the retirement account names for more information. Income limits for accounts were also increased regarding inflation. Take advantage of the new limits if you are financially strong enough. And of course, if you have any questions, reply to the email—happy investing neighbors.