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Higher 2024 retirement plan contribution limits allow for more long-term savings.
Every year, the contribution limits for retirement accounts can change, opening up the opportunity for employees to defer more income for retirement. For 2024, cost-of-living adjustments are small, but worth noting. The new contribution limits for 401(k), 403(b) and 457 plan contributions increased $500 from 2023’s limit. The total amount you and your employer can contribute in combination to a 401(a), 401(k) or 403(b) plan increased $3,000 to $69,000. By…
Are you saving enough? Up to the new retirement plan limits?
Did you increase your savings rate a few months ago when the IRS increased retirement plan savings limits? If not, now is still a great time to do so. In most years, the IRS increases the limit for what individuals can contribute to their retirement plans. If that change slips past you, and/or you forget to increase your savings rate, you lose an opportunity to save more on a tax-advantaged basis….
10 questions that could change your life and financial independence
If you aren’t asking the right questions, you won’t get the best answers. When you change the questions you ask yourself, you can change your life. And the financial dimension of your life is no exception. Use the following 10 questions to help clarify your direction, establish meaningful milestones, and solidify a commitment to getting where you want to go. 1) How would having clear life goals impact your life? When your goals are…
Recessions and your financial plan
The threat of a recession continues to be one of the most pressing concerns for investors. Inflation has proved hard to restrain, and the Federal Reserve continues to raise interest rates. Disagreement on recession likelihood Whether the U.S. will fall into a recession is still uncertain, and a subject of debate amongst experts. According to a recent UCLA Anderson Forecast, the U.S. is not currently in a recession, and the chance…