2024 Retirement Contribution Limits

I wanted to update you about the latest changes in the IRS retirement savings rules for the upcoming year, 2024. These adjustments are significant and may have a positive impact on your retirement planning.

Here are the key highlights of the new IRS contribution limits:

  • 401(k) Plans: The employee contribution limit for 401(k) plans will be increased to $23,000 in 2024, up from $22,500 in 2023.
  • Catch-Up Contributions for 401(k) Plans: The catch-up contribution for individuals aged 50 and older remains unchanged at $7,500.
  • IRAs: The contribution limit for IRAs will be raised to $7,000 in 2024, up from $6,500 in 2023.
  • Catch-Up Contributions for IRAs: The catch-up contribution for IRAs will remain unchanged at $1,000.

These changes present an excellent opportunity to boost your retirement savings. I recommend reviewing your current retirement plans to ensure that you take full advantage of these new limits.

If you have any questions or need further assistance in understanding how these updates affect your specific financial situation, please don't hesitate to reach out to me.

As always, please don't hesitate to call or email with any questions.

Our Best Always,


Robert O'Braitis
Chief Investment Strategist

For further information please email: Info@Nashvillepwm.com