About this episode
In this episode we go over the new contribution limits for retirement accounts in 2023.
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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.
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