You can add more to your retirement plan!

Updated Contribution Limits

Hello Megan,

Good news, you may be able to save more money! Congress increased contribution limits to account for inflation in many retirement vehicles. Here are the updated limits for IRA's and employer retirement accounts:

Account Type	Limit if <50	Catch-up	Limit if 50+*
IRA/Roth IRA	$6,500	$1,000	$7,500
401(k)/403(b)	$22,500	$7,500	$30,000

* If you turn 50 any time during 2023 (born in 1973 or earlier) you can make catch-up contributions for the full year.

Your employer retirement plan is one of the best ways to save for the future and reduce your current tax bill. Please reach out to us if you would like someone on our team to review your plan and help you optimize your contributions.

In addition to updated contribution limits, we have information on distribution rules for inherited IRA's. If you have inherited an IRA in 2020 or later, please click here.

Sincerely,

Cass, Bleckley and Megan

Q1 2023: Quarterly Market Guide

Please review this quarter's market guide by clicking here. We encourage all of our clients to review this straight-forward, easy-to-understand guide.

Fidelity: Tax Statement Timing

Your Form 1099-R should arrive by the end of January, BUT your consolidated 1099 (from a taxable account) will not arrive until mid February or later. It’s common for consolidated 1099s to require minor corrections after they are issued. For this reason, if you expect to receive a consolidated 1099 from a taxable account we recommend you wait until at least mid March to file your tax return. If you receive a corrected consolidated 1099 after filing your return, you will need to file an amended return.

Access your reports - Visit our web page for links to Fidelity (for access to statements and tax documents) and to the Orion portal (for access to performance reports and billing statements): Watercolor Financial Group website

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Bleckley Dobbs, Cass Grange and Megan Poore provide advisory services through NWAM, LLC dba Northwest Asset Management, an SEC registered investment adviser. Watercolor Financial Group is not a registered investment adviser. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements. This material is intended to provide general financial education and is not written or intended as tax or legal advice.