Tax Cuts in 2023: 6 Surprising Ways It Affects Retirees

Tax Cut
Photo by Hadayeva Sviatlana at Shutterstock

HSA contribution limits

The Internal Revenue Service also increased the health savings account annual contribution limits. The inflation tax cut lets people save $3,850, which is up from $3,650 in 2022.

For those affected by family coverage, contribution limits for 2023 have jumped from $7,300 to $7,750. It’s important to note that HSAs can help individuals save up for rising healthcare costs, not only now but also in retirement.

At the end of the day, these tax changes that are coming in 2023 should help neutralize some of the stings of the rising inflation and assist people in saving for their retirement.

We recommend you consider working with a tax professional to be able to make the most of these modifications as you plan for the next year and beyond.

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