Financial Updates with Erin Kennedy & Peter Richon | New Retirement Account Limits

New #Retirement Account Contribution Limits for 2023

The #IRS just announced that it will boost the maximum contribution limit to #401k accounts by $2,000 next year... to $22,500! This is the largest increase on record. The contribution limit for an IRA is also set to increase... to $6,500 from $6,000. As Peter with Richon Planning explains to Erin Kennedy, this move will allow millions of us to contribute thousands more into tax- advantaged retirement accounts.

But keep in mind, every retirement plan has to include tax planning and tax diversification. In fact, 401(k)s are known as "retirement tax bombs." If you'd like to talk through the tax implications of your retirement accounts, and why you should consider #Roth accounts, please feel free to reach out for a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com

#TaxPlanning #RetirementPlanning #WealthManagement #TaxDiversification