2023 Retirement Contribution Changes

In this episode we go over the new contribution limits for retirement accounts in 2023. -------------------------------------- 2023 Retirement Contribution Changes 401(k) – Limit of $22,500 401(k) for 50 and older - Limit of $30,000 Roth IRA - Limit of $6,500 Roth IRA for 50 and older - Limit of $7,500 Backdoor Roth – If your Joint MAGI is greater than $228,000 or $153,000 as a single filer, you must use the "backdoor Roth IRA contribution" Traditional IRA - Limit of $6,500 Traditional IRA for 50 and older - Limit of $7,500 SEP IRA - $66,000 or 25% of taxable income Simple IRA - $15,500 HSA Single - $3,850 HSA Family - $7,750 *we also go over a under-appreciated tactic of HSA accounts 529 – each individual can contribute $17,000 per year *we also go over some great changes made to the 529 account rules for 2023 and 2024 At the end of the episode we go over one of our favorite strategies for taxable accounts. ------------------------------------- To schedule a meeting with our team, email us at: [email protected] www.freedomdaysolutions.com