What You Need to Know About the IRS Contribution Limits for Retirement Accounts
Planning for retirement can be a confusing process, with tons of moving parts, unusual rules, and endless questions. And of course, every person and family has unique circumstances, which means that answers for you may not be the answers for your neighbor.
The best advice trying to plan for retirement is to seek the assistance of a trained professional. It’s our job at Gretchen Rehm Financial to know about updates and changes, and to be able to advise you to make the best possible decisions for your own retirement.
In today’s blog, we wanted to share new information regarding the IRS retirement contribution limits for 2023. Take a look:
The Updated IRS Retirement Contribution Limits
Each year, the IRS sets limits on the amount you may contribute each year to your retirement plan. As a valued client, I want you to have the updated information for 2023. Please see the charts here for the new IRS Contribution Limits:
As you can see, most limits increased, meaning that you are legally allowed to add more to your retirement than you were in previous years. Still, how your individual plans may be impacted vary by your unique situation.
Why Hire a Financial Advisor?
Are you saving enough for retirement? Have you saved the proper amount for your age? Are you taking advantage of matching programs? Is your money in the best place for both security and growth?
There are so many questions about the process. I get it! I deal with such inquiries every day. Most people want to take advantage of limits, and max out contributions to the best of their abilities. But, is that the best solution for you and your current financial circumstances?
We are here to help you make the necessary adjustments to your contributions, based on this information. To do so please click Schedule an Appointmentto set aside a time to review your plans for retirement.
