Inflation has a way of affecting nearly every aspect of our finances. Here are major changes to watch for in 2023.
The amount people can contribute to 401 plans, 403 plans and other workplace retirement plans will rise by $2,000 to $22,500 for those younger than 50. Catch-up contributions for people 50 and older rose by $1,000 to $7,500, which means older people can contribute $30,000 in 2023.The income limits also rose for contributing to Roth IRAs. The phaseout range for 2023 is $138,000 to $153,000 for singles and heads of household, compared with 2022's range of $129,000 to $144,000.
If you can, boost your retirement contributions to take advantage of these changes. In addition to the potential tax benefits, you'll be helping to make your future more comfortable.Consider shopping for cheaper auto insurance. Auto insurance premiums rose as repairing and replacing cars got more expensive, but you may be able to find a better deal, especially if you've been with your current insurer for a while.
Premiums for homeowners insurance are rising as well, but a bigger concern may be inadequate coverage, said Amy Bach, executive director of United Policyholders, an insurance-focused consumer advocacy group. The cost of building materials has risen more than 35% since the beginning of the pandemic, according to the National Association of Home Builders. Unfortunately, the software that insurers use often underestimates rebuilding costs which means many homeowners are underinsured, Bach said.
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