Are you contributing as much as you can to your 401(k)? Why not consider increasing the amount? Even a small increase could potentially add up over time.
The contribution limit for regular pre-tax contributions is $22,500 for 2023 (an increase from $20,500 in 2022). Please keep this tax limit in mind when choosing your contribution rate.
Age 50 or older? Time to catch up!
Catch up contributions allow you to contribute more money as you get closer to retirement. The 2023 catch up contribution limit is $7,000.
It’s time to review your beneficiaries!
It’s important to decide who would receive the money in your 401(k) account in the event of your death. If your beneficiary is already named, double-check that the information is up to date.
If you’re single or widowed, the plan may designate a default beneficiary if no election is made. Be sure to make an active beneficiary choice, to ensure your account balance goes to the person you want.
If you’re married, your spouse is automatically your beneficiary. If you wish to name someone else, you’ll need to complete a separate form and have your spouse’s consent notarized.
If you’re divorced, make sure your beneficiary information is still current. To change your beneficiary before the divorce is finalized, you’ll need to have your spouse’s consent notarized.
For more information, please see the documents attached. Any changes to your plan designations may be made at www.benefits.ml.com.