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A Visual Update On Social Security For 2024 & IRA & 401k Contribution Limits – Finger Financial Five #151

Jeremy
Jeremy

“You can make money two ways- make more or spend less.” – John Hope Bryant

The New Year is around the corner. This Finger Financial Five is giving you a heads up on what is happening with 401k and IRA contribution limits and changes in Social Security benefits. 

401k contribution limits for 2024 are $23,000, up from $22,500 in 2023. Catchup contributions for people who are 50 and older remain at $7,500. For those employees, their total contributions can be $30,500 in 2024.

(https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000)

IRA limits have increased by $500 to $7,000 in 2024. If you are over 50, you can add $1,000 for a total of $8,000. (Source: IRS.gov).

We usually send out the Finger Financial Five on Thursday at 10 a.m. This may not be the best time for business owners. So, we are going to experiment with different times. Next week will be 7 AM Friday. 

On the lighter side, my wife is from Bulgaria. She moved here in 1991. By far, her favorite tennis player is Grigor Dimitrov, who is also from Bulgaria. Iren is usually reserved and quiet unless Gregor is playing. Then she becomes like a diehard Clemson or Carolina fan. This still catches me by surprise. Gregor lost to Novak Djokovic in the finals in Paris this past Sunday.

Hope all is well with you and your family,

Jeremy 

Finger Financial Five – 5 points in 5 minutes or less – is intended to provide you with a weekly shot of useful financial information.  My intention is to share principles so that you will have more clarity, more peace, and make better financial decisions. 

Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor. Stratos Wealth Advisors, LLC and Riverbend Wealth Management are separate entities. This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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