Reported 11 months ago
The average American is facing various concerns related to retirement planning, such as Social Security expectations and health expenses, along with changes in federal retirement savings policies. Notable updates for the year include the increase in 401(k) contribution limit from $22,500 to $23,000, and in the IRA contribution limit from $6,500 to $7,000 for 2024. People aged 50 and above have specific catch-up contribution policies, while adjustments have been made to income phase-out ranges for Roth IRAs and the Saver's Credit limit for low- and moderate-income workers.
Source: YAHOO