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Utilizing Tax-Advantaged Accounts

Tax-advantaged accounts, such as 401(k)s and IRAs, are excellent vehicles for maximizing savings through tax benefits. Contributions to these accounts can often be made pre-tax, reducing your taxable income and allowing your investments to grow tax-deferred. According to the IRS, the contribution limit for 401(k) plans in 2023 is $22,500, with an additional catch-up contribution of $7,500 for those aged 50 and above³. Exploring these options can provide substantial long-term savings benefits.