Talk to your HR department about retirement benefits

Have you looked at your retirement contributions for the year? How are you progressing towards your goals? If you are lucky enough to have an employer that sponsors a retirement match, have you contributed enough to your account to get the match? If you're not sure, reach out to your HR department or representative to understand your workplace benefits; that is what they are there for! Consider this your friendly nudge to make sure that you are taking advantage of all that your company has to offer. 

How much can I contribute?

Workplace sponsored retirement accounts such as 401k, 403b, 457b, TSP have a $22,500 employee contribution limits in 2023. Employees over the age of 50 can contribute an additional $7,500. This is called a catch-up provision. Note: the employer contribution is separate and does not count towards that total!

Do I need to worry about over-contributing to my workplace sponsored accounts? 

Most companies have clear thresholds built into their systems to ensure that you don't over-contribute to workplace sponsored accounts. Specifically, if you have funds moving straight from your paycheck to your workplace sponsored retirement account (401k, etc), these contributions should stop once you have reached the allowable contribution limit. However, it's always a good idea to double check by logging into your account and/or checking with your HR department. 

Let me know how it goes and well done on another bingo square completed!