I do my best to keep an eye on the calendar and make sure that we are up to date on the most current and helpful news around money. My last post regarding the 10/30/30/30 plan, was another idea I had my eye on and sharing it with you was hopefully a helpful tax planning strategies.
The IRS has announced that in 2023, the contributions to your 401(k) and IRAs were increased by almost 10%. That’s a big jump! This year you are now able to contribute up to $22,500 to your 401(k) and $6,500 to IRAs which is great news. Strategies to keep more of our money and spend less on taxes are my favorite!
How does this affect you?
Please contact your CPA to find out how this affects your 2023 money plan. My suggestion is to contribute what you can to a retirement plan like this, especially if you’re at a company that matches any sort of contribution. You want to max out those opportunities because it’s free money! According to the Bureau of Labor Statistics, only 69 percent of private industry workers had access to a 401(k) and only 52 precent took advantage of it. Make sure that you are savvy and take advantage of this advantage so that your money is working for you!
You have the money!
If you have not been contributing to your retirement plan, either because you lack the knowledge or the skills to do this on your own, today is the day to make these changes and gain more knowledge. Reach out to me for information on creating the life you want today and for your future. I can help you set up and follow a budgetary plan where we work retirement planning funds into your budget so that you are reaping all the benefits available to you. Let’s start today by making a plan to figure out what your goals are and how to get there!
I want you to be as financially healthy as possible! With a little guidance and support, it is not hard to do. When you work with me, we put the budget to work for you so that your retirement opportunities are fed and healthy. Everyone has to start somewhere so, reach out and start the conversation with me today!
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