Each year, the IRS sets the contribution limits for 401(k)-style plans, and Individual Retirement Accounts (IRAs). These increases are based on inflation, and this year, we’ve experienced quite a bit of that. HSA plans also received an increase announcement earlier in 2022, for those of you wondering. 401(k), 403(b), and 457(b) The 2023 contribution limit
As you follow along with us in the future, you will quickly realize how much we stress the importance of retirement savings. This is for various reasons including the present-day tax savings, achieving the “set it and forget it” mindset, diversity, etc. If you are new to this, the vast array of choices can be kind of intimidating. I’m going to summarize the most common types of retirement accounts below, hopefully opening your eyes to a world of possibilities!