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.

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