The IRS announced retirement plan limits for the new year. If you are able to update your contributions, you’ll want to take the new thresholds into consideration.
A few highlights:
- 401(k) Deferral Limit: increased from $19,500 to $20,500.
- Catch-up Deferral Limit: no change from $6,500.
- Health Savings Accounts (HSA) – increased from $3,600 to $3,650 for self-only coverage and from $7,200 to $7,300 for family coverage.
If you have questions about updating your contributions, please contact our office.