Hey there, savvy investors! Big news on the horizon: the IRS is cranking up the retirement savings party for 2024! Here’s the lowdown in plain English:
- 401(k) Plans: You can stash away $23,000 (up from $22,500) in your 401(k). If you’re 50 or older, you get an extra $7,500 on top of that, totaling $30,500!
- IRAs: The annual limit for contributions is now $7,000 (from $6,500). Plus, if you’re 50 or older, you can put in $8,000.
- Roth IRAs: Contributions aren’t tax-deductible, but qualified withdrawals are tax-free. Same $7,000 limit applies here.
- SIMPLE Retirement Accounts: If you’re in on a SIMPLE plan, you can contribute up to $16,000 (from $15,500). And if you’re 50+, add an extra $3,500 to that!
- Savers Credit: Low- to mid-income workers can snag a tax credit for contributing to their retirement plan. The limits went up a bit.
- Defined Benefit Plans: These old-school pension plans have a new limit of $275,000 (from $265,000).
- QLACs and Qualified Charitable Distributions: If you’re into annuities or giving to charity straight from your IRA, there are some cool changes too.
Now, here’s the real kicker: Ever thought about multifamily real estate as a retirement strategy? We’ve got the insights and strategies to make it happen. Check out our website and book a consultation to see how it could supercharge your retirement savings journey. Don’t miss out!
