401(k)s, Roth IRAs, Traditional IRAs, HSAs, FSAs & HRAs: Updated Contribution Limits for 2023

This video “2023 Contribution Limits | 401(K)s, Roth IRAs, Traditional IRAs, HSAs, FSAs & HRAs” will go through the following: 0:00 Intro 1:39 2023 401(k) Contribution Limit, 2023 403(k) Contribution Limit (including most 457 plans the federal government’s Thrift Savings Plan) 3:27 2023 SIMPLE IRA Contribution Limit 4:08 2023 Roth IRA Contribution Limit & 2023 Traditional IRA Contribution Limit, plus the income phase-out ranges 10:50 2023 Saver’s Credit Limit & 13:24 2023 HSA Limit, 2023 FSA Limit & 2023 HRA Limit 👉 Watch on & subscribe to the Diamond NestEgg channel for all things inflation, Treasury bills, I-Bonds, investing & retirement! #jenniferlammer #bonds #treasurybills ------- 2023 Retirement Contribution Limits: Calculating MAGI: 2022 Roth IRA Contribution Limits: 2022 Traditional IRA Contribution Limits 2022 Saver’s Credit Income Limits ________ DISCLAIMER EVERYONE'S FINANCIAL JOURNEY IS DIFFERENT. YOUR PERSONAL FINANCIAL SITUATION IS UNIQUE. NEITHER DIAMOND NESTEGG, LLC, OUR WEBSITE, OUR YOUTUBE CHANNEL, OUR OTHER SOCIAL MEDIA CHANNELS, NOR THIS CONTENT & INFORMATION (THE “SERVICE”) ARE INTENDED TO PROVIDE FINANCIAL, LEGAL, TAX OR OTHER ADVICE. NO FINANCIAL DECISIONS SHOULD BE MADE SOLELY BASED ON THE SERVICE. THE SERVICE IS PROVIDED FOR INFORMATIONAL & ENTERTAINMENT PURPOSES ONLY & IS NOT INTENDED TO BE A SUBSTITUTE FOR ADVICE FROM A PROFESSIONAL FINANCIAL ADVISER OR QUALIFIED EXPERT. ALL OPINIONS & FORWARD-LOOKING STATEMENTS OF THE SERVICE EXPRESSED HEREIN ARE AS OF THE DATE OF PUBLICATION & SUBJECT TO CHANGE. IT IS YOUR RESPONSIBILITY TO VERIFY ALL INFORMATION YOURSELF. ANY INFORMATION PRESENTED BY THE SERVICE IS NOT AN OFFER TO BUY OR SELL, NOR A SOLICITATION TO BUY OR SELL ANY SECURITIES OR PRODUCTS MENTIONED. DIFFERENT INVESTMENTS HAVE VARYING DEGREES OF RISK & THERE IS NO ASSURANCE THAT THEY WILL BE SUITABLE FOR YOUR PORTFOLIO. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. ALWAYS CONSULT A QUALIFIED FINANCIAL, LEGAL, OR TAX PROFESSIONAL REGARDING YOUR SPECIFIC SITUATION. DIAMOND NESTEGG, LLC IS A REGISTERED INVESTMENT ADVISER IN THE STATE OF NEW YORK AND OTHER STATES WHERE IT IS EXCLUDED OR EXEMPTED FROM REGISTRATION REQUIREMENTS. REGISTRATION AS AN INVESTMENT ADVISER DOES NOT CONSTITUTE AN ENDORSEMENT FROM SECURITIES REGULATORS. DIAMOND NESTEGG, LLC RECEIVES COMPENSATION FROM YOUTUBE FOR THE PRESENCE OF ADVERTISING BEFORE, AFTER, AND DURING THIS VIDEO CONTENT AS WELL AS VIA YOUTUBE’S SUPER THANKS FEATURE. DIAMOND NESTEGG, LLC DOES NOT CONTROL THE CONTENT OR PRESENCE OF ANY ADVERTISEMENTS. THE PRESENCE OF ANY ADVERTISEMENT DOES NOT CONSTITUTE AN ENDORSEMENT OF THE AD, COMPANY, ENTITY, OR PRODUCT BY DIAMOND NESTEGG, LLC. ---------- CONTENT DISCLAIMER THE VIEWS & OPINIONS EXPRESSED THROUGH THE SERVICE ARE SOLELY THOSE OF DIAMOND NESTEGG, UNLESS OTHERWISE SPECIFICALLY CITED. MATERIAL PRESENTED IS BELIEVED TO BE FROM RELIABLE SOURCES & NO REPRESENTATIONS ARE MADE BY DIAMOND NESTEGG AS TO OTHER PARTIES' INFORMATIONAL ACCURACY OR COMPLETENESS. ALL INFORMATION OR IDEAS PROVIDED SHOULD BE DISCUSSED IN DETAIL WITH A QUALIFIED ADVISER, TAX OR LEGAL PROFESSIONAL PRIOR TO IMPLEMENTATION. OUR YOUTUBE CHANNEL MAY PROVIDE LINKS TO THIRD-PARTY WEBSITES FOR YOUR CONVENIENCE. WE HAVE NO CONTROL OVER THE ACCURACY OR CONTENT OF THESE LINKS. THE COMMENTS ON THIS CHANNEL, AND OUR OTHER SOCIAL MEDIA CHANNELS, ARE THOSE OF THE CREATORS & DO NOT NECESSARILY REFLECT THE VIEWS & OPINIONS HELD BY DIAMOND NESTEGG, LLC. DUE TO THE SOCIAL NATURE OF THE SERVICE, THESE VIDEOS MAY CONTAIN CONTENT COPYRIGHTED BY ANOTHER PERSON OR ENTITY. DIAMOND NESTEGG, LLC CLAIMS NO COPYRIGHT TO SAID CONTENT & CANNOT BE HELD ACCOUNTABLE FOR THE COPYRIGHTED CONTENT. DIAMOND NESTEGG SHARES & STRIVES TO VERIFY INFORMATION BUT CANNOT WARRANT THE ACCURACY OF COPYRIGHTS OR COMPLETENESS OF THE INFORMATION ON OUR SERVICE. ANY COPYRIGHTED MATERIAL SHARED ON THIS SERVICE IS INTENDED TO BE SHARED BY FAIR USE. IF YOU HAVE A COMPLAINT ABOUT THE USE OF COPYRIGHTED MATERIAL, PLEASE CONTACT DIAMOND NESTEGG PRIOR TO MAKING A COPYRIGHT CLAIM. ANY INFRINGEMENT IS UNINTENTIONAL & WILL BE RECTIFIED TO ALL PARTIES' SATISFACTION. PLEASE REFER TO OUR TERMS OF SERVICE & PRIVACY POLICY LINKS FROM OUR WEBSITE FOR MORE INFORMATION....(read more)

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2023 Contribution Limits: A Guide for 401(k)s, Roth IRAs, Traditional IRAs, HSAs, FSAs & HRAs It's crucial to keep up with the latest rules and regulations surrounding retirement and healthcare accounts. Understanding the contribution limits for various accounts is essential for financial planning and maximizing your savings potential. In this article, we'll break down the contribution limits for 401(k)s, Roth IRAs, Traditional IRAs, HSAs, FSAs, and HRAs for the year 2023. 401(k) Contribution Limits The maximum 401(k) contribution limits for 2023 remain at $19,500, the same as in 2021 and 2022. However, individuals aged 50 and above can contribute an additional catch-up amount of $6,500, bringing their total contribution limit to $26,000. Keep in mind that these limits apply to both traditional and Roth 401(k) plans. Roth IRA Contribution Limits For Roth IRAs, the contribution limits will also stay the same as the previous years. In 2023, the maximum annual contribution remains at $6,000 for those below the age of 50. Individuals aged 50 and above can make an additional catch-up contribution of $1,000, making their total limit $7,000. Traditional IRA Contribution Limits The contribution limits for Traditional IRAs have not changed for 2023 either. Individuals under the age of 50 can contribute up to $6,000 per year to their Traditional IRA. Similar to Roth IRAs, those aged 50 and above have the option to contribute an extra $1,000 as a catch-up contribution, raising their total annual limit to $7,000. HSA Contribution Limits Health Savings Accounts (HSAs) are a tax-advantaged way to save for medical expenses. In 2023, the annual HSA contribution limit for individuals with self-only coverage under a high deductible health plan (HDHP) is set at $3,650, an increase of $50 from the previous year. For HSA-eligible individuals with family coverage under an HDHP, the maximum annual contribution jumps to $7,300, an increase of $100 from 2022. HSA owners aged 55 and older can contribute an additional $1,000 as a catch-up contribution. FSA Contribution Limits Flexible Spending Accounts (FSAs) allow employees to allocate pre-tax dollars for certain qualified medical expenses. The FSA contribution limit for 2023 will see a modest increase to $2,850, a rise of $50 compared to the 2022 limit of $2,800. HRA Contribution Limits Health Reimbursement Arrangements (HRAs) are employer-funded accounts used to reimburse employees for qualified medical expenses. The contribution limits for HRAs can vary, and it's essential to refer to your specific plan documents to determine the allowable contributions. In conclusion, understanding the contribution limits for retirement and healthcare accounts is paramount for effective financial planning. While the 2023 contribution limits for 401(k)s, Roth IRAs, Traditional IRAs, HSAs, and FSAs have remained relatively unchanged, it's crucial to stay informed and take advantage of any catch-up contributions available. By maximizing your contributions, you can secure a more financially stable future and ensure you have sufficient funds to cover medical expenses. Always consult with a financial advisor or tax professional to ensure you adhere to the latest regulatory guidelines specific to your situation. https://inflationprotection.org/401ks-roth-iras-traditional-iras-hsas-fsas-hras-updated-contribution-limits-for-2023/?feed_id=132490&_unique_id=64f4b9785d8a7 #Inflation #Retirement #GoldIRA #Wealth #Investing #2023401kContributionLimit #2023403bContributionLimit #2023ContributionLimits|401Ks #2023FSALimit #2023HRALimit #2023HSALimit #2023IRAContributionLimit #2023RothIRAContributionLimit #2023Saver’sCreditLimit #2023SIMPLEIRAContributionLimit #2023TraditionalIRAContributionLimit #diamondnestegg #flexiblespendingaccount #FSAsHRAs #HealthReimbursementArrangement #healthsavingsaccount #HSAs #jenniferlammer #RothIRAs #TraditionalIRAs #TraditionalIRA #2023401kContributionLimit #2023403bContributionLimit #2023ContributionLimits|401Ks #2023FSALimit #2023HRALimit #2023HSALimit #2023IRAContributionLimit #2023RothIRAContributionLimit #2023Saver’sCreditLimit #2023SIMPLEIRAContributionLimit #2023TraditionalIRAContributionLimit #diamondnestegg #flexiblespendingaccount #FSAsHRAs #HealthReimbursementArrangement #healthsavingsaccount #HSAs #jenniferlammer #RothIRAs #TraditionalIRAs