There’s a silver lining in the sky-high inflation we suffered in 2022. Many tax breaks are indexed for inflation, providing increased contributions and tax deductions for 2023.

You can add hundreds of thousands of dollars to your retirement savings by making your contributions now, rather than year-end. And if the stock market bounces back later this year, you’ll enjoy added gains.

Below are six steps to implement immediately to maximize your success.

1. Fund increased HSA contributions – If you’re covered by a high-deductible health plan (HDHP) as we recommend, you’re eligible for tax-deductible HSA contributions. Make the maximum 2023 contribution now, which has been increased from $3,650 in 2022 to $3,850 in 2023 if single, or from $7,300 in 2022 up to $7,750 in 2023 for family. And be sure to add in the extra $1,000 catch-up contribution for each spouse aged 55 or older. Note that HSA contributions typically must end once you begin receiving Medicare benefits at age 65.

While 93% of HSA funds are sitting in no-interest checking accounts, we recommend investing these funds to accumulate up to $560,000 in