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Over the last two years, there have been some major changes to 401(k) retirement plans. Tens of millions of Americans have these plans and so these changes are going to impact a significant portion of the population of the United States. If you have a 401(k) plan, then you need to be aware of all of the key changes that are happening to these plans.

In this video, tax expert Karlton Dennis explains all of the most important changes to 401(k) plans that will be going into effect in 2024. Many of these changes were created through the Secure 2.0 Act. He also explains what this act is and why it came to be.

Some of the changes that are going into effect for 401(k) plans involve contribution limits, penalty-free early withdrawals, required minimum distributions (RMDs), student loan payments, and more. This video is a must-watch for anyone who wants to learn more about 401(k) changes, and who doesn’t want to be caught unaware of the new rules

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

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If you have a 401(k) retirement account, get ready for some big changes coming in 2024. The IRS has recently announced several updates to the rules governing 401(k) plans that will impact how individuals save for retirement.

One major change is an increase in the contribution limits for 401(k) plans. Starting in 2024, employees will be able to contribute up to $21,000 per year to their 401(k) accounts, up from the current limit of $19,500. This means that individuals will have the opportunity to save even more for retirement and take advantage of the tax benefits that come with contributing to a 401(k) plan.

In addition to the increase in contribution limits, the IRS is also making changes to the rules governing employer matching contributions. Employers will now be required to match employee contributions up to 5% of their salary, an increase from the previous requirement of 3%. This means that employees will have the opportunity to receive more matching funds from their employers, helping to grow their retirement savings even faster.

Another important change to 401(k) plans in 2024 is the introduction of a new automatic enrollment feature. Employers will now be able to automatically enroll employees in their 401(k) plans, with the option for employees to opt out if they choose. This is intended to help increase participation in 401(k) plans and ensure that more individuals are saving for retirement.

Overall, these changes to 401(k) plans in 2024 are positive developments for individuals looking to save for retirement. By increasing contribution limits, requiring higher employer matching contributions, and introducing automatic enrollment, the IRS is making it easier for individuals to save for a secure retirement.

If you have a 401(k) account, be sure to review these changes and consider how they may impact your retirement savings strategy. By taking advantage of these new rules, you can set yourself up for a more comfortable and secure retirement in the future.