Hey ,
I wanted to inform you about some significant updates regarding retirement contribution limits and IRS guidelines for the year 2024. These changes, recently announced by the Internal Revenue Service, will impact your retirement planning and financial strategies. Please take a moment to review the key highlights below:
1. 401(k) Contribution Limit Increase
The contribution limit for 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan, has been raised to $23,000 for 2024, up from $22,500 in 2023.
2. IRA Contribution Limit Increase
The limit on annual contributions to an IRA has increased to $7,000, up from $6,500 in the previous year.
3. Catch-up Contributions
For employees aged 50 and over participating in 401(k), 403(b), and most 457 plans, the catch-up contribution limit remains $7,500 for 2024.
4. Income Phase-Out Ranges
Various income phase-out ranges for deductible contributions to traditional IRAs, contributions to Roth IRAs, and eligibility for the Saver’s Credit
have been adjusted for 2024. Please refer to the provided information for specific details based on your filing status.
5. Additional Changes under SECURE 2.0
Several other adjustments have been made, including changes in
premium limitations for longevity annuity contracts, deductible limits on charitable distributions, and one-time election distributions from individual retirement accounts. For comprehensive information, please visit IRS.gov and refer to Notice 2023-75.
It is crucial to consider these changes when planning your retirement contributions and investment strategies for the upcoming year. If you have any questions or need personalized guidance tailored to your financial situation, please do not hesitate to reach out to me. I am here to assist you in maximizing the benefits of these updated regulations. Call My office at
202-618-1297 or click the link below.
