IRS Announces 2024 Plan Contribution Limits
If you’re planning to boost your retirement savings, the latest announcement from the Internal Revenue Service (IRS) brings good news. In 2024, contribution limits for most retirement plans will be increased by $500, providing individuals with additional opportunities to secure their financial future.
For popular plans like 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan, the maximum contribution limits will rise from $22,500 to $23,000. Similarly, individual retirement accounts (IRAs) will see an increase from $6,500 to $7,000.
Below is a summary of the key changes to retirement plans limits from 2023 to 2024:
However, before you dive into maximizing your contributions, it’s essential to choose the right retirement savings plan tailored to your needs. Each type of account comes with its own set of advantages and considerations. Regardless of the plan you choose, the increased contribution limits in 2024 present a valuable opportunity to strengthen your retirement savings. Planning ahead and making the most of your retirement accounts today will undoubtedly pay off in the future, providing you with peace of mind and financial security during your golden years.
If you have any questions regarding the contribution limit increase and your financial situation, please reach out to us and we will be happy to assist you.