The theme this week on the Retirement Quick Tips Podcast is: New Retirement Plan Limits For 2023

Today, I’m talking about one of the most underutilized and overlooked retirement accounts that’s getting a boost for 2023 - the health savings account.

I’ve talked about this before on the podcast, but the HSA, if you have access to one, should be one of your top priorities when it comes to deciding how and where to invest for retirement.

More on that in a minute, but first, let me explain what’s changing for 2023:

The annual inflation-adjusted limit on HSA contributions for self-only coverage will be $3,850, up from $3,650 in 2022. The HSA contribution limit for family coverage will be $7,750, up from $7,300. The adjustments represent approximately a 5.5 percent increase over 2022 contribution limits.

Ok, now back to why you want to fund this account in the first place. First of all, eligibility for contributing to a HSA is dependent on the type of health insurance you have. You’ll need to be in a High Deductible Health Plan (HDHP) in order to fund a HSA.

Once you meet that requirement, you can’t beat the triple tax benefits of the HSA [explain & talk about why you can and should invest for retirement]…

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance