As the month of April concludes, tax season is behind us for another year, which means it’s a good time to plan for tax year 2023. One of the most basic, yet often overlooked items, is taking full advantage of the various retirement accounts available to you. In addition, you’ll want to understand how to maximize contributions and salary deferrals, especially through “catch-up” contributions if you’re over age 50. Since these numbers change every year, we put together a handy reference guide showing elective deferral and contribution limits for various retirement plans in 2023:
If it has been a few years since you last updated your contributions, now is a good time to make the necessary adjustments for the remainder of 2023. More importantly, if it has been a while since you’ve updated your financial plan, or if you don’t have a financial plan, please reach out to us. We’re always happy to help!
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Pittenger & Anderson, Inc. does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Additionally, the information presented here is not intended to be a recommendation to buy or sell any specific security. To learn more about our firm and investment approach, check out our Form ADV.
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