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Contribution Limit Increases for 2023

Money

New year new limits! The contribution limits for three of the accounts we use (401 Ks, IRAs, and HSAs) have all increased for this year. This is awesome since it allows more retirement savings for people. Especially considering that two out of three of these can be tax-free growth.

Previously we were looking at:

  • 2022 IRA
    • $6,000 with those 50 and older being able to contribute $1000 more
  • 2022 HSA
    • $3,650 for self-only with individuals 55 and older able to contribute $1000 more
    • $7,300 for family coverage
  • 2022 401K
    • $20,500 with those 50 and older being able to contribute $6,500 more

For 2023, we are looking at:

  • 2023 IRA
    • $6,500 with those 50 and older being able to contribute $1,000 more
  • 2023 HSA
    • $3,850 for self-only with individuals 55 and older able to contribute $1,000 more
    • $7,750 for family coverage
  • 2023 401K
    • $22,500 with those 50 and older being able to contribute $7,500 more

In total, a $2,700- $2,950 increase in what you can save this year which is awesome. 🙂



Do you Max out your IRA, HSA, or 401K?


Feature Photo by Quino Al on Unsplash

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