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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