Chapters:
0:00 Intro
0:27 Change #1: Contribution Limit Increases
1:16 Change #2: 529 Plan Rollovers
2:22 How do 529 Plans Work?
4:14 Rules for 529 Plan Rollovers
5:21 Change #3: Student Loan Matching for SIMPLE IRAs
6:01 How do SIMPLE IRAs Work?
7:02 Change #4: Mid-Year Switching from SIMPLE IRAs to Safe Harbor 401(k)s
8:37 What is a Safe Harbor 401(k) Plan?
9:10 Outro
Individual retirement accounts, or IRAs, are one of the most popular types of retirement accounts in America. Many changes are going into effect for IRAs in 2024. A lot of these changes were created through the SECURE ACT 2.0, which was signed into law in late 2022 by President Biden.
The new rule changes for IRAs will affect tens of millions of Americans. If you have an IRA, then at least one of the new rule changes will affect you, if not more. In this video, tax expert Karlton Dennis explains all of the key rule changes that are going into effect for individual retirement accounts in 2024.
The changes that Karlton explains include contribution limit adjustments, 529 plan rollovers to Roth IRAs, and more. Fully understanding these changes is crucial for anyone who has an IRA. It is also crucial for employers who offer SIMPLE IRAs because some of the new rule changes are directly related to SIMPLE IRAs.
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*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.
#ira #taxsavings #retirementplanning…(read more)
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retirement planning is an essential part of ensuring financial security and peace of mind in our later years. As we approach 2024, it’s important to take stock of our retirement savings and make any necessary adjustments to ensure we are on track to meet our goals. One key aspect of retirement planning that is worth considering is the Individual retirement account (IRA), which offers tax advantages and a way to save for retirement.
Exciting updates to IRAs in 2024 are set to make retirement planning even more accessible and beneficial for individuals. One significant change is the increase in the contribution limits for traditional and Roth IRAs. This means that individuals will be able to save more money in their accounts each year, allowing for greater growth potential over time.
Additionally, there have been updates to the income limits for Roth IRAs, making them available to even more individuals. Previously, high earners were excluded from contributing to Roth IRAs, but now more people will have the opportunity to take advantage of the tax benefits they offer.
Another exciting development is the introduction of a new type of IRA called the “MyRA,” which is designed for individuals who do not have access to an employer-sponsored retirement plan. This new account offers a simple and convenient way for individuals to start saving for retirement, with no minimum balance requirements and low fees.
For those who already have IRAs, it’s important to review and potentially adjust your investment strategy in light of changing market conditions and personal goals. This may involve rebalancing your portfolio, increasing your contributions, or seeking advice from a financial advisor.
In conclusion, planning for retirement in 2024 offers new opportunities and updates to IRAs that can help individuals better prepare for their future. By taking advantage of these changes and making informed decisions about your retirement savings, you can set yourself up for a comfortable and secure retirement. Start now and plan for a happy retirement in the years to come.
What do you think of these changes to IRAs?
How are you guys coping with this inflation? Even with the downturn of economy and ever increasing life standards
Quick question.
For tax deduction- I can use actual expenses + vehicle bonus depreciation together correct?
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Gloria Robinson.
I'd retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $120K per year but nothing to show for it yet.
Due to the 10 year withdrawal rule, tax bracket on withdrawal could be higher. IRAs also dont get the step ups on death, making it a pretty bad estate planning tool.
Now is the perfect time to start buying stocks and crypto( BTC, ETH,) if you are just being introduced.. I really wish I started earlier. I’m learning this doesn’t have to be as complicated as some people make it out to be. Thanks to Ryan Kelly for helping me get into his trading server and investing guidelines. Investing and trading are more than just having TA skills. There is a big component of discipline and emotional maturity, that one has to work on! Time in the market vs. timing the market. If you keep that mentality as an investor, you will stay calm during the storm! Within some weeks I was making a lot more money and have continued on that same path with…
HELPFUL information!