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Reply to "401k savings limit to increase in 2023"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous[b]]The IRS is increasing the limits for 401k, 403b, etc up to $22,500 next year and the IRA limit is increasing from $6,000 to $6,500. Good news for those who want to save more pre-tax next year.[/b] https://apnews.com/article/government-and-politics-business-441920f23fee68afd8a389470ab28013[/quote] hmmmm. And to think what I've lost in those accounts in the last few months . . . [/quote] There is a benefit to long term investing outside of tax-deferred/advantaged accounts: tax loss harvesting, no RMD's, control over incurring cap gains etc. Tax diversification is a good thing. Rather than worrying about a few thousand a year in tax advantaged space, just VTSAX (or VTI) and chill in a regular brokerage account.[/quote] Also everything that comes out of a 401k is taxed at ordinary income rates, vs capital gains if you save outside those accounts.[/quote]
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