Add me on Insta: michellemarki 2023 Contribution Limits: $22,500 for 401(k), 403(b), most 457 plans, and Thrift Savings Plan (TSP) $6,500 for Roth IRA and Traditional IRA (Individual retirement account) $3,850 Individual and $7,750 Family for Health Savings Account (HSA) This totals at least $32,850 you could be stashing away for retirement and/or medical expenses! And don't forget if you're over 50/55 there are some catch up contributions you can make to some of the above tax-advantaged retirement accounts! If you're interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide: I look forward to making more investor friends! Please like and subscribe if you learned something or enjoyed my video. Thank you! :) --- Add me: Check out my Blog: --- Disclaimers: This content is for entertainment, information, education purposes only. Michelle is not a financial advisor and is not providing financial, investment, trading, tax advice, or recommendations. Please consult with a professional financial advisor with a fiduciary duty and responsibility if you need help in your situation. All trademarks, logos, and brand names belong to their respective owners. #retirement #investing #shorts...(read more)
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As we approach the end of 2022, many of us are already thinking about the 2023 contribution limits for our retirement savings accounts, including the 401k, IRA, and HSA. While these limits may not excite everyone, they are crucial for anyone who wants to prepare for a financially secure future. Let's start with the 401k. In 2023, the contribution limit for employees who participate in a 401k plan will increase to $20,500, up from $19,500 in 2022. For those who are 50 years or older, they can make an additional catch-up contribution of $6,500, bringing their total contribution limit to $27,000. Contributing to a 401k is a great way to save for retirement as it allows you to defer paying income tax on your contributions until you withdraw funds in retirement. Plus, many employers offer matching contributions, which can help boost your savings even more. It's important to take advantage of this limit if you can! Next up is the IRA. In 2023, the contribution limit for traditional and Roth IRAs will increase to $6,000, up from $5,500 in 2022. For those who are 50 or older, they can make an additional catch-up contribution of $1,000, bringing their total contribution limit to $7,000. Contributing to an IRA is another great way to save for retirement, especially if you don't have access to a 401k plan through your employer. While you won't get a tax deduction for contributions to a Roth IRA, your withdrawals in retirement will be tax-free, which is a great benefit. Traditional IRA contributions are tax-deductible, but your withdrawals will be taxed at ordinary income rates. Lastly, let's talk about the HSA. In 2023, the contribution limit for individuals with self-only coverage will increase to $3,750, up from $3,650 in 2022. For those with family coverage, the contribution limit will increase to $7,500, up from $7,300 in 2022. Catch-up contributions for those who are 55 or older will remain at $1,000. An HSA is a tax-advantaged savings account that can be used to pay for eligible medical expenses. Contributions to an HSA are tax-deductible, and if you use the funds for eligible healthcare expenses, your withdrawals will be tax-free. Additionally, HSAs can be a great way to save for healthcare costs in retirement. In conclusion, the 2023 contribution limits for 401k, IRA, and HSA may seem small, but they are crucial for anyone who wants to prepare for a financially secure future. Make sure you take advantage of these limits if you can, and consider talking to a financial advisor to help you maximize your retirement savings. https://inflationprotection.org/401k-ira-hsa-contribution-limits-in-2023-quick-update-shorts/?feed_id=102047&_unique_id=64736bed2a62f #Inflation #Retirement #GoldIRA #Wealth #Investing #22500401k #3850hsa #6500ira #6500rothira #7750hsa #2023contributionlimits #2023retirementlimits #401k #403b #457 #annualcontributionlimits #annualretirementlimits #financialfreedom #FIRE #healthinsurance #healthsavingsaccount #HSA #investing #InvestingforRetirement #IRS #personalfinance #retireearly #retirementcontributionlimits #retirementinvesting #retirementplanning #RothIRA #TaxPlanning #thirftsavingsplan #traditionalIRA #tsp #401k #22500401k #3850hsa #6500ira #6500rothira #7750hsa #2023contributionlimits #2023retirementlimits #401k #403b #457 #annualcontributionlimits #annualretirementlimits #financialfreedom #FIRE #healthinsurance #healthsavingsaccount #HSA #investing #InvestingforRetirement #IRS #personalfinance #retireearly #retirementcontributionlimits #retirementinvesting #retirementplanning #RothIRA #TaxPlanning #thirftsavingsplan #traditionalIRA #tsp
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