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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

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LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

As the year 2023 approaches, it’s important for individuals to be aware of the retirement plan contribution limits for various tax-advantaged accounts such as 401(k), 403(b), and SEP plans. These limits are set by the Internal Revenue Service (IRS) and may change from year to year based on inflation and other factors.

For the year 2023, the contribution limits for 401(k) and 403(b) plans have been increased. The maximum amount an individual can contribute to a 401(k) or 403(b) plan in 2023 is $20,500, up from $19,500 in 2022. For individuals aged 50 and over, the catch-up contribution limit remains unchanged at $6,500, allowing them to contribute a total of $27,000 in 2023.

SEP (Simplified Employee Pension) plans, which are designed for small business owners and self-employed individuals, also have increased contribution limits for 2023. The maximum contribution that can be made to a SEP plan in 2023 is $61,000, up from $58,000 in 2022 or 25% of an employee’s compensation, whichever is less.

These contribution limits are important for individuals to be aware of as they plan for their retirement. By taking advantage of these tax-advantaged accounts, individuals can save for their future while also reducing their taxable income. Contributing the maximum allowable amount to these retirement plans can significantly impact a person’s financial security during retirement.

It’s important to note that contribution limits may vary based on specific plan rules and individual circumstances. For example, not all employers offer 401(k) plans, and contribution limits for individuals with multiple retirement accounts may be affected by IRS regulations. It’s important for individuals to consult with a financial advisor or tax professional to fully understand their retirement saving options and the impact of contribution limits on their financial plan.

In addition to maximizing contributions to retirement plans, individuals should also consider other ways to save for retirement, such as individual retirement accounts (IRAs), Roth IRAs, and other investment accounts. Diversifying retirement savings can provide individuals with a range of options for income during their retirement years, as well as potential tax benefits and flexibility in managing their assets.

As the year 2023 approaches, individuals should take the time to review their retirement savings goals, assess their current financial situation, and make any necessary adjustments to their retirement plans. By staying informed about the latest contribution limits and retirement planning options, individuals can take proactive steps to secure their financial future and enjoy a comfortable retirement.