Keep these new limits for retirement and IRAs in mind as you begin planning for 2024

Dear Clients and Friends:

2024 Contribution Limits

As you begin planning for 2024 keep in mind the new limits for retirement plans and IRAs:

For 2024, the amount an individual can contribute to a 401k plan increases to $23,000. The catch-up contribution amount for employees aged 50 or above remains $7,500 for 2024.

The amount individuals can contribute to their Simple IRA increased to $16,000. The catch-up contribution for those age 50 or older remains $3,500 for 2024.

The limit on IRA and Roth contributions will increase to $7,000. The IRA catch-up contribution limit for individuals aged 50 and over remains $1,000 for 2024.

Income levels for ROTH contributions and IRA deductibility will also increase.

If you are trying to max out your retirement contributions for 2024 feel free to give us a call and we can review your personal situation.

Sincerely,

Dean S. Mailhes, CFA       Justin Mailhes, CFP®