The updated 2023 contribution limits have been out for a while, but I’ll still throw them out there to make sure you didn’t miss them. They increase the maximum contributions annually to keep up with inflation…and there was a lot of inflation last year. In 2023 you can now save:
- $22,500 in your traditional or Roth 401k ($30,000 if you are age 50 or older)
- $6,500 in an IRA ($7,500 if you are age 50 or older) – this may not be tax deductible if your company has a 401k.
- $3,850 in your HSA ($7,750 if you are married) – you need to be in a high deductible health plan.
If you max out all of those, you’re a super saver! Way to go!
About the Author: John O’Connor
John has more than ten years experience as an Investment Advisor. He focuses on devising and maintaining portfolios that meet individuals’ needs, investment research, and investment strategy. John has been recognized as a “FIVE STAR wealth manager” by Twin Cities Business Magazine 2016-2022. He is a CFA charterholder and CERTIFIED FINANCIAL PLANNER™ Professional.
Legal Disclaimer: These posts do not constitute an offer or recommendation to buy or sell any securities or instruments or to participate in any particular investment or trading strategy. They are for informational purposes only. CTW gathers its data from sources it considers reliable. However, CTW makes no express or implied warranties regarding the accuracy of this information or any opinions expressed by the author and may update or change them without prior notification.