Are IRA and 401(k) the best retirement savings vehicles in 2023? The team of senior advisors at Oakbrook Terrace-based Goldstone Financial Group (630-620-9300) can help you understand your options. Go to for more information….(read more)

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IRA & 401(k) Contributions In 2023: See Oakbrook Terrace Financial Planners For Expert Advice

As we ring in the new year, it’s important to assess our financial goals and plan for the future. One aspect of financial planning that should not be overlooked is retirement savings. For many individuals, Individual Retirement Accounts (IRA) and 401(k) plans are the primary means of setting aside money for their golden years. With the arrival of 2023, there are some changes and updates to be aware of regarding IRA and 401(k) contributions.

To navigate these changes successfully and make the most of your retirement savings options, it is advisable to seek the expertise of financial planners. In Oakbrook Terrace, Illinois, you will find a talented group of financial planners ready to guide you through the intricacies of IRA and 401(k) contributions in 2023. Let’s take a closer look at some key considerations and the benefits of seeking their advice.

Firstly, it’s important to understand the contribution limits for each type of retirement account. For 2023, the contribution limit for Traditional and Roth IRAs remains $6,000, with an additional $1,000 catch-up contribution for individuals above the age of 50. On the other hand, the contribution limit for 401(k) plans has been increased to $20,000, with an extra $6,500 catch-up contribution for those aged 50 and older.

As you plan your retirement savings for the year, understanding these limits is crucial. However, financial planners can offer more than just knowledge of contribution limits. They can assess your unique financial situation, including your income, goals, and risk tolerance, and help tailor a retirement savings strategy that aligns with your needs.

Financial planners can also provide valuable insights into the tax advantages associated with IRA and 401(k) contributions. Contributions to these retirement accounts offer tax advantages, such as tax-deferred growth and potential tax deductions. However, the specific benefits will depend on your income, filing status, and other factors. Oakbrook Terrace financial planners can navigate these complexities and ensure you are taking maximum advantage of the tax benefits available to you.

Moreover, financial planners can guide you in choosing between Traditional and Roth IRAs, as well as the investment options within your 401(k) plan. These decisions can significantly impact your future retirement funds. The professionals at Oakbrook Terrace can analyze your risk tolerance and investment goals to recommend the most suitable options for you.

Collaborating with financial planners also ensures that your retirement savings align with your broader financial plan. They can evaluate your overall financial health and goals, considering factors such as debt management, insurance needs, and estate planning. This holistic approach helps you create a comprehensive financial strategy that encompasses all aspects of your financial well-being, not just retirement savings.

When it comes to something as vital as retirement savings, it’s crucial to have professionals who can guide you through the intricacies and offer expert advice. Oakbrook Terrace financial planners are well-equipped to help you navigate IRA and 401(k) contributions in 2023. Their knowledge, experience, and personalized approach will assist you in making educated decisions to optimize your retirement savings and secure a comfortable future. Start the year off right by seeking their guidance today.