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2023 IRS Plan Contribution Limits
Team SummitBudgeting & Debt, Employee Financial Resource Center, Employer Resource Center, Financial Planning, Plan Operations & AdminComments are off for this post
Highlights of Changes for 2023 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has increased to $22,500. The catch-up contribution limit for employees aged 50 and over (and turning age 50 in 2023) who participate in these plans has also increased, from $6,500  Read More →
Thanks for the Memories: Gratitude and Financial Wellness
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
So much about financial wellness has to do with cultivating a mindset that favors delayed versus immediate gratification. In the language of behavioral economics, the tendency to prefer short-term rewards is called hyperbolic discounting. This often leads to more impulsive decision-making, and it can feed excessive personal debt and hamper retirement readiness over time, whereas  Read More →
Are You Sabotaging Your Retirement?
Team SummitBudgeting & Debt, Employee Financial Resource Center, Financial Planning, Retirement PlanningComments are off for this post
Saving for retirement can be intimidating, but it doesn’t have to be. Finding reasons not to contribute to your retirement plan will hurt you in the future. If any of the excuses listed below sound familiar to you, it may be time to challenge your thinking around saving for retirement.            Read More →

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