As we step into 2024, the retirement landscape is evolving with new rules and regulations that could significantly impact your retirement planning. This article aims to provide a comprehensive guide to these changes.
Social Security Changes
Those currently collecting or about to start collecting Social Security and Medicare benefits see changes to both their COLA and Medicare costs
Cost of living increase
Medicare costs
Embracing the SECURE 2.0 Act
The SECURE 2.0 Act, which went into effect on January 1, 2024, introduces several provisions that affect retirement accounts like 401(k)s and IRAs2. Understanding these rule changes can help workers optimize their retirement account funds.
Student Loan Payments Qualify for 401(k) Matches
529-to-Roth IRA Rollovers
Penalty-Free Withdrawals for Emergencies
Penalty-Free Withdrawals for Domestic Abuse Survivors
401k and IRA Rules for 2024
While congress left this area largely unchanged, the contribution limits have changed again this year to account for inflation and we provide some reminders and best practices to get the most out of these tax-deferred and tax-free (ROTH) accounts.
Required Minimum Distributions (RMDs)
SEP IRA Contributions
Traditional IRA Contributions
401k Contribution Limits
Key Takeaways
The retirement landscape in 2024 is set to undergo significant changes, and it’s crucial for individuals and families to stay informed. By understanding these new rules and regulations, you can make strategic decisions that align with your financial goals and ensure a secure and comfortable retirement.
Remember, every individual’s financial situation is unique, and what works for one person may not work for another. Therefore, it’s always a good idea to consult with a financial advisor or wealth management firm to get personalized advice tailored to your specific needs and circumstances.
Sources and Disclosures:
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