Are you maximizing your retirement contributions?

With less than two months left in the year, now’s a great time to ensure you are on track to maximize your retirement contributions.

As a reminder, here are the contribution limits for 2022:

  • 401(k) and 403(b) Plans: $20,500 if under age 50, $27,000 if 50 or over.
  • IRA and Roth IRA Contributions: $6,000 if under age 50, $7,000 if 50 or over.
  • Health Savings Accounts: $3,650 for individual health plans, $7,300 for family health plans. (If over age 55, each spouse covered under the plan can contribute an additional $1,000.)

The good news is that limits will increase across the board for 2023. Here are the new contribution limits beginning next year the IRS recently announced:

  • 401(k) and 403(b) Plans: $22,500 if under age 50,$30,000 if 50 or over.
  • IRA and Roth IRA Contrib:utions: $6,500 if under age 50, $7,500 if 50 or over.
  • Health Savings Accounts $3,850 for individual health plans. $7,750 for family health plans. (If over age 55, each spouse covered under the plan can contribute an additional $1,000.)

Have questions about the new limits and how they may impact your retirement planning? Let’s talk!

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