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  Please Read.....Very Important! (UPDATED 2 January 2024)

On December 23, 2022 the Federal government passed the Secure 2.0 Act, new legislation aimed at strengthening the retirement system and helping bolster Americans’ financial readiness for retirement. Some key features of the Secure 2.0 Act include increasing the age at which retirees must begin taking required minimum distributions (RMDs) from IRA and 401(k) accounts and changes to the size of catch-up contributions for older workers with workplace plans

2024 Contribution Limit Increases(UPDATED!)

  • Traditional IRA and Roth Contribution limits have increased from $6,500 to $7,000. Those who are 50 and over still have a $1,000 contribution catch-up limit(that's $8,000/yr!).
  • The basic salary deferral amount for 401(k) and similar workplace plans is now $23,000, with a $7,500 catch-up amount for those 50 or older.
  • Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $69,000 for 2024, an increase from $66,000 in 2023.
  • The amount individuals can contribute to their SIMPLE retirement accounts is increased to $16,000. For employees age 50 or over, a $3,500 catch-up contribution is also allowed.
  • The contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plan(TSP) will increase to $23,000. It increases to $30,500 in 2024 for those age 50 or older.
  • Additional information on 2024 changes for retirement plan contributions can be found here on theIRS website.

Notable Required Minimum Distributions(RMD's) Guidelines(UPDATED!)

  • The age at which retirement account owners must begin taking RMDs is now 73, effective starting in 2023. 
  • RMD penalty:  for those who fail to take their distributions on time are subject to a 25% penalty of the RMD amount not taken. The penalty is reduced to 10% for IRA owners if corrective action is taken in a timely manner.
  • Roth accounts held in employer retirement plans will be exempt from RMD requirements.
  • The Secure 2.0 Act will eventually increase RMD age to 75 in 2033.

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