During the working phase of life, it is important to save for retirement using the type of retirement accounts that are best for your situation. Remember there are different rules for qualifying to use retirement accounts through your employer, versus individual retirement accounts that you can use outside of work.
The contribution limits for company retirement plans have increased in 2023, The annual catchup provisions for Traditional IRA and Roth IRA accounts for people 50 and older remains unchanged at $1000 and has increased from $6500 to $7500 for 401(k), 403(b) and 457 accounts.
Many 401(k) plans have the option to make contributions pretax or post-tax. If you have questions on which is best for you, contact us to discuss this further.