The IRS just released the new 2024 retirement account Contribution Limits.

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We’ve got new contribution limits for 2024 for 401k accounts, 403b’s, 457’s and even the Federal Thrift Savings Plan (TSP). The also bumped the Traditional IRA and Roth IRA contribution limits as well as raising the phase out levels for various retirement contributions. We’ll break it all down for you in the video!

If you’re looking for the 2024 IRA contribution limits or the 2024 401k contribution limits, you’ve found the right place!…(read more)

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The Internal Revenue Service (IRS) has just released the retirement contribution limits for the year 2024, and there are some significant changes to take note of. These limits dictate how much individuals can contribute to retirement accounts such as 401(k) plans, individual retirement accounts (IRAs), and other tax-advantaged savings vehicles.

For those actively saving for retirement or planning to start saving in the near future, it is important to be aware of these contribution limits in order to maximize your retirement savings potential.

One of the most notable changes for 2024 is the increase in the contribution limits for 401(k) plans. For individuals under the age of 50, the limit will increase from $19,500 in 2023 to $20,000 in 2024. This means that individuals can contribute an additional $500 to their 401(k) accounts, allowing for even greater retirement savings.

For those aged 50 and older, the catch-up contribution limit for 401(k) plans will also see an increase. In 2023, individuals in this age group were able to contribute an additional $6,500 on top of the regular contribution limit. In 2024, this limit will rise to $7,000, providing older savers with an opportunity to make even larger contributions to their retirement accounts.

In addition to the changes in 401(k) contribution limits, the IRS has also increased the annual contribution limits for traditional and Roth IRAs. For 2024, the limit for both types of IRAs will increase from $6,000 to $6,500 for individuals under the age of 50. For those aged 50 and older, the catch-up contribution limit will remain at $1,000, allowing older savers to contribute a total of $7,500 to their IRAs.

These increases in retirement contribution limits reflect the IRS’s acknowledgment of the rising cost of living, inflation, and the need for individuals to save more for their retirement years. By taking advantage of these higher contribution limits, individuals can increase their retirement savings and better prepare for their golden years.

It is important for individuals to review their retirement savings strategies and consider making adjustments to take advantage of the higher contribution limits. This may include increasing automatic contributions to retirement accounts, maximizing employer matching contributions, and strategically allocating additional funds to retirement savings.

Additionally, financial advisors recommend taking a comprehensive approach to retirement planning by considering other retirement savings vehicles, such as health savings accounts (HSAs) and non-qualified retirement accounts, to further diversify and optimize retirement savings.

In conclusion, the release of the 2024 retirement contribution limits by the IRS presents an opportunity for individuals to boost their retirement savings and better prepare for their future financial security. By understanding these limits and taking proactive steps to maximize contributions, individuals can take a positive stride towards achieving their retirement goals. It is important to consult with a financial advisor to ensure that retirement savings strategies align with personal financial goals and objectives.