Cohn, Lopez & Associates›
It’s important to align your savings strategy with the latest changes to retirement contribution limits. Here's an overview of what you need to know for 2024: 📈 For 401(k), 403(b), 457 Plans & Thrift Savings Plan: - New Contribution Limit: $23,000 (up from $22,500 last year) - 50+ Age Catch-Up: Still at $7,500, making the max contribution $30,500 💰 For Traditional & Roth IR As: - Increased Contribution Limit: Now $7,000 (previously $6,500) - 50+ Additional Catch-Up: Remains $1,000, totaling max of $8,000 🔍 Roth IRA Income Phase-Out Range: - Single Filers/Heads of Household: Between $146,000 and $161,000 - Married Filing Jointly: Between $230,000 and $240,000 If you're unsure about how these changes impact you, we’re here to help. Reach out anytime for guidance on your 2024 retirement savings strategy! #Retirement Planning #Contribution Limits #401k #IRA #Financial Planning #Cohn Lopez...
