Retirement Plan Limits

Don’t forget to update your contribution limits for the new year. Please note – your retirement plan may only allow changes at specific times (e.g., quarterly). You’ll want to check the rules for your plan with your Human Resources department and/or your account administrator. 

 A few highlights: 

• 401(k) Deferral Limit: increased from $22,500 to $23,000.
• Catch-up Deferral Limit: no change, remains at $7,500.
• Health Savings Accounts (HSA) – increased from $3,850 to $4,150 for self-only coverage and from $7,750 to $8,300 for family coverage.

 If you have questions about updating your contributions, please contact your advisor or our office. 

This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing. Soundmark Wealth Management, LLC, its advisors and its affiliates do not provide tax or accounting services. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax or accounting advice. Please consult with your tax advisor prior to engaging in any transaction.