You Can Now Save More For Retirement!
Audio version available here:
Length: approx. 1 min.
With concerns about retirement savings on the minds of many Americans, the IRS has announced that contribution limits to many retirement plans have increased.
For employees participating in “401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan”, the yearly contribution limit has increased from $22,500 to $23,000. Meanwhile, those with IRAs can now contribute up to $7,000, rather than the previous $6,500. For those who are aged 50 and over, the catch-up contribution limit is to remain at $7,500, meaning that the combined total amount they can contribute is $30,500 a year.
These changes can be attributed to cost of living adjustments being made to many government programs before the start of 2024. As these changes continue to roll in, we recommend speaking with a financial expert to make sure your plans for the future are sound in the face of economic uncertainty. Don’t have an expert to guide you? Reach out to our experienced financial professionals at XQ CPA! We would love to help you.
Phone: 832-295-3353
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