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Have the 401(k) and IRA Limits Increased for 2023? (Is it Wise to Increase Your Investments?)


401(k) and IRA Limits Have Increased in 2023! (Should You Invest More?) Take Your Finances to the Next Level ➡️ Subscribe now: Download FREE Financial Resources from the show ➡️ Sign up for the Financial Order of Operations course ➡️ Download The Money Guy Net Worth Tool ➡️ Our professional focus is on financial planning and investment management, and we leverage our knowledge for your benefit. We help you focus on the things you can control and manage the things you can’t. Visit our site for more info ➡️ Facebook: Instagram: Twitter: TikTok: Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! We can’t wait to see you accomplish your goals and reach financial freedom! New shows every week on YouTube and your favorite podcast app. Thanks for coming along on the journey with us....(read more)


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As we look ahead to the new year, financial experts are urging investors to consider increasing their contributions to their retirement funds. The reason? The limits for 401(k) and individual retirement account (IRA) contributions have increased for 2023. The new contribution limit for 401(k) plans is $20,500, up from $19,500 in 2022. For those over the age of 50, the catch-up contribution limit has also increased from $6,500 to $7,000. Meanwhile, the contribution limit for traditional and Roth IRAs has risen from $6,000 to $6,500, with an additional catch-up contribution of $1,000 allowed for those age 50 and over. These increased limits offer a valuable opportunity for investors to save more for retirement and take advantage of tax benefits. Contributions to 401(k) plans are made pre-tax, which lowers your taxable income for the year. This means that investing more in your 401(k) can help reduce your tax burden. In addition, many employers offer matching contributions, which help to grow your retirement savings even faster. Traditional IRA contributions are also tax-deductible, while Roth IRA contributions are made with after-tax dollars but offer tax-free withdrawals in retirement. However, it’s important to note that not everyone may be able to take advantage of the full contribution limit. Income limits can affect the ability to contribute to a traditional IRA, while Roth IRA contributions are subject to income limits as well. Similarly, some employers may have lower contribution limits or may not offer a matching program. Despite these limitations, investors should still consider maximizing their contributions to these retirement accounts if possible. The earlier you start saving for retirement and the more you can contribute, the greater your chance of achieving financial security in your golden years. In conclusion, the increased contribution limits for 401(k) and IRA accounts in 2023 offer a compelling reason to consider investing more in your retirement savings. By taking advantage of these increased limits, you can benefit from tax advantages and potentially receive matching contributions from your employer. So, start planning your retirement savings strategy now and take advantage of the opportunities available to secure a comfortable retirement in the future. https://inflationprotection.org/have-the-401k-and-ira-limits-increased-for-2023-is-it-wise-to-increase-your-investments/?feed_id=106611&_unique_id=6485f085a8a54 #Inflation #Retirement #GoldIRA #Wealth #Investing #401kandIRALimitsHaveIncreasedin2023ShouldYouInvestMore #budget #buystock #buyinghouse #cash #compoundinterest #creditcard #debt #howtomakemoney #insurance #moneyguyshow #personalfinance #realestate #save #success #SimpleIRA #401kandIRALimitsHaveIncreasedin2023ShouldYouInvestMore #budget #buystock #buyinghouse #cash #compoundinterest #creditcard #debt #howtomakemoney #insurance #moneyguyshow #personalfinance #realestate #save #success

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