While inflation in food, energy, and housing costs are kicking most people in the ass, there is one small inflation silver lining for super savers: the 2023 HSA/401k/IRA contribution limits are projected to increase by record amounts.
| Plan | 2022 limit | 2023 limit | Increase |
| HSA individual (self coverage only) | $3,650 | $3,850 | +$200 |
| HSA family (2 or more covered) | $7,300 | $7,750 | +$450 |
| 401k/403b/457b employee contributions | $20,500 | $22,500 *Projected* | +$2,000 |
| IRA | $6,000 | $6,500 *Projected* | +$500 |
I just hit the 2022 401k employee limit with my first July paycheck. Mrs. Dress Pockets should hit the 457b limit in early September. Her 403b employee limit needs to happen with the last December paycheck of the year or she misses out on her 2% employer match.
With one family HSA, one 401k, one 403b, one 457b and two Roth IRAs, that’s an additional $7,450 to be saved in tax advantaged accounts in 2023 over 2022. Any salary increase next year is already spent saved.
