2023 Financial Plan Update

Описание: Are you aware of the changes and updates coming in 2023 that could benefit your finances? If you're still working and saving, listen up! Here's what you need to know:

Increased Contribution Limits: The 401(k) and IRA contribution limits have increased for 2023. For 401(k) contributors, the amount has gone up to $22,500 with catch-up contributions at $7,500 for those 50 and older. For IRA contributors, the limit has increased to $6,500, but unfortunately, there's been no increase in catch-up contributions.

Standard Deduction Amount: The standard deduction amount has increased thanks to the Tax Cuts and Jobs Act of 2017. As inflation rises, so does the standard deduction amount. For 2023, single filers can claim up to $13,850, while married couples can claim up to $27,700.

Higher Marginal Tax Brackets: 2023 has brought higher marginal tax brackets, which means more of your income can be taxed at a lower rate. With proper planning, this tax savings, combined with potential savings from the standard deduction, can be used for other areas of your financial plan.

Stay informed and make the most of these financial updates for a prosperous 2023! 💰

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