2024 401k Limits?

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The 2024 401k Limits: What You Need to Know

As the year 2024 approaches, many people are thinking about their retirement savings and how to maximize their contributions to their 401k plans. The good news is that the IRS has announced the 401k limits for 2024, and there are some changes that you’ll want to be aware of.

First and foremost, the annual contribution limit for 401k plans in 2024 has been increased. For individuals under the age of 50, the new limit is $20,000, up from $19,500 in 2023. For those aged 50 and over, the catch-up contribution limit has also been raised to $6,500, bringing the total contribution limit for older workers to $26,500. This means that if you are able to, you can now contribute even more to your 401k plan and take advantage of the tax benefits that come with it.

It’s important to note that these limits are specific to 401k plans and do not apply to other retirement savings vehicles such as IRAs or Roth IRAs. However, if you have both a 401k and an IRA, it’s worth considering how you can maximize contributions to both in order to fully take advantage of the tax benefits and ensure a comfortable retirement.

In addition to the contribution limits, the IRS has also announced changes to the income limits for individuals who are eligible to make deductible contributions to traditional IRAs while also participating in a 401k plan. For 2024, the income limit for single taxpayers is $66,000, up from $65,000 in 2023. For married couples filing jointly, the limit has been raised to $105,000, an increase from $104,000 in the previous year. If you fall within these income limits, you may be able to make a deductible contribution to a traditional IRA in addition to your 401k contributions, providing even more opportunity to save for retirement.

It’s important to take advantage of these increased limits and make the most of your 401k contributions in 2024. Saving for retirement is crucial, and the more you can save now, the more financially secure you will be in the future. If you have the means to do so, consider increasing your 401k contributions to take full advantage of the new limits, and speak with a financial advisor if you have any questions about your retirement savings strategy.

In conclusion, the 2024 401k limits have been increased, allowing individuals to contribute even more to their retirement savings. With higher annual contribution limits and changes to income limits for deductible IRA contributions, it’s a great time to review your retirement savings strategy and make the most of these new opportunities. By taking advantage of these increased limits, you can set yourself up for a more secure financial future in retirement.