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Update Your Contribution Limits for 2023 Thumbnail

Update Your Contribution Limits for 2023

The IRS announced retirement plan limits for the new year. If you can update your contributions, you will want to consider the new thresholds.

 A few highlights: 

  • 401(k) Deferral Limit: increased from $20,500 to $22,500
  • Catch-up Deferral Limit: increased from $6,500 to $7,500
  • Health Savings Accounts (HSA) – increased from $3,650 to $3,850 for self-only coverage and from $7,300 to $7,750 for family coverage 

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

This content 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.
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