Retirement Changes: Boost Your Nest Egg & Benefits
Update: 2025-12-20
Description
In 2023, retirement savers and retirees face significant changes affecting IRAs, 401(k)s, HSAs, Social Security, and Medicare. IRA contribution limits rise to $7,500 ($8,500 for those 50+), while 401(k) limits climb to $24,500 ($30,500 for those 50+). HSA limits increase to $4,400 (individual) and $8,750 (family), with a $1,000 catch-up for those 55+. Social Security benefits receive a 2.8% COLA, but Medicare Part B premiums surge by nearly $18, to $222.90. Out-of-pocket drug costs for 10 negotiated prescriptions drop by over 50% for Part D users. Full retirement age remains 67 for those born in 1960 or later, and a new $6,000 senior deduction kicks in for those 65+. Plan ahead to maximize savings and coverage in 2023.
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