Saving enough for retirement while carrying and paying off debts can be an uphill battle. For some pre-retirees, debt repayment is the primary focus over savings, leading them to delay or reduce their retirement lifestyle. But if you’ve been struggling to save, it’s never too late (or early) to take steps to encourage you to get back on track.
The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels.
Keep in mind that this update is for informational purposes only, so please consult with an accounting or tax professional before making any changes to your 2023 tax strategy. You can also contact your financial professional, who may be able to provide you with information about the pending changes.
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