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.