Major changes have occurred to your 401(k) in 2024. Learn how it has impacted how much money you can contribute and how much you can withdraw.

00:00 Intro
01:31 Catch Up Contributions
03:22 Student Loan Debt Provisions
04:45 Auto Enrollment
05:59 529 Plan to ROTH
06:58 Required Minimum Distributions
08:10 Inherited IRA RMDs
09:20 Emergency Withdrawal Penalty-Free
10:22 Lost and Found for Retirement Accounts

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LEARN MORE ABOUT: 401k Plans

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As we enter the year 2024, significant changes are on the horizon for 401(k) retirement plans. These changes are aimed at improving the retirement savings options for workers and ensuring a more secure financial future for all Americans.

One of the major changes to the 401(k) in 2024 is an increase in contribution limits. The Internal Revenue Service (IRS) has announced that the annual contribution limit for 401(k) plans will be raised to $21,000 for individuals under the age of 50, and $27,000 for those who are 50 and older. This increase in contribution limits will allow workers to save more money for their retirement and take advantage of the tax benefits that come with contributing to a 401(k) plan.

Another major change to the 401(k) in 2024 is the introduction of automatic enrollment for all new employees. This means that employers will be required to automatically enroll new employees in a 401(k) plan unless the employee opts out. This change is designed to encourage more workers to save for retirement and make it easier for them to start saving from day one of their employment.

Additionally, the IRS has announced new rules allowing for greater portability of 401(k) funds. This means that workers will have more flexibility to transfer their 401(k) savings to a new employer’s plan or to an individual retirement account (IRA) when changing jobs. This will help workers avoid fees and penalties for cashing out their 401(k) when they leave a job and make it easier for them to continue saving for retirement.

Furthermore, the IRS has also introduced new rules aimed at simplifying the 401(k) plan administration process for employers. These changes include streamlining the process for updating plan documents, reducing administrative burdens, and ensuring greater transparency for plan participants. These changes will make it easier for employers of all sizes to offer 401(k) plans to their employees and ensure that more workers have access to retirement savings options.

In conclusion, the major changes to the 401(k) in 2024 are designed to improve retirement savings options for workers, make it easier for them to save for retirement, and ensure a more secure financial future for all Americans. These changes will provide workers with greater flexibility, transparency, and portability when it comes to their retirement savings, and help them achieve their long-term financial goals.