UPDATE: Increased 401k and IRA Retirement Plan Contribution and Income Limits 2024
HTML-код
- Опубликовано: 3 авг 2024
- In this video, I dive into the 2024 retirement plan contribution and income limit changes recently unveiled by the IRS. Discover how these changes impact various retirement plans and learn strategies to maximize your retirement savings. From 401K to Roth IRA, I break down the numbers and provide insights to help you make informed financial decisions. Plus, I show you how to calculate your contributions on a monthly, bi-monthly, bi-weekly, and weekly basis, ensuring you're on track for a secure retirement. Don't miss this essential update for 2024 - start saving early and secure your financial future today!
0:00 Intro
0:15 Retirement Plan Contribution and Income Limits 2024
0:25 401k, 403b, 457, and TSP Limits
0:58 Solo 401k
1:01 SEP IRA
1:24 IRA Income Limits
2:58 Roth IRA Income LImits
4:03 SIMPLE IRA
4:16 Savers Credit
4:40 Max Retirement Plan Savings
5:41 Roth IRA Max
6:13 SUPER SAVERS
/////////////////////////////////////////////////
Get answers FASTER...
Join this channel to get access to perks:
/ @travissickle
Chat on discord:
Join Link / discord
Support on Patreon:
/ travissickle
Get IRS FORM W4 TAX WITHHOLDING HELP HERE STARTING AT $39. bit.ly/3FJ6w8U
-----------------------------------------------------
Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE bit.ly/2Fo21Ry
Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.
TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™
Company Website: www.sicklehunter.com
twitter: @travissickle
Instagram: / travistsickle
facebook: / sicklehunterfa
LinkedIn: / travissickle
Sickle Hunter Financial Advisors
1646 W Snow Ave.
Suite 144
Tampa, FL 33606
-------------------------------------------------------
Gear Used in Videos bit.ly/3bUPvXP
Partnership referral links
Aura Identity Theft Protection Up to 50% off HTTPS://www.aura.com/travis
Bitcoin IRA bitcoinira.pxf.io/75aJQQ
Sofi Banking bit.ly/3OPpmjZ
All Amazon links are affiliate links
____________________________________________________________________________
Information in this video is for educational and entertainment purposes only.
sicklehunter.com/disclosures
____________________________________________________________________________
#travissickle
Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
I'm guided by “Natalie Lynn Fisk an experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.
@@frankbarnes22 Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
谢谢！
Wow! Thank you so much. That’s my first Super thanks!
You are welcome. You previously have answered my three questions very clear and quickly. Much appreciated. There will be more super thanks from me. I promise.@@TravisSickle
Hi, great video by the way. But I was curious, wasn't there a catch up contribution for Roth Ira of $1,000 if you're 50 or older, making it a total of $8,000 for Roth IRA in 2024. Or did I mistaken this for something else?
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@maryHenokNft This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. *Camille Alicia Garcia* is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Do the income limits reflect total gross earnings? Or is it your AGI (after 401k is deducted from total gross earnings?) Thank you for your videos! Very helpful.
I am so lost, I don't understand what to do. I am 57yo and have had my 401k company plan that is matched to 4% for 1 year. I have money in a savings account but the interest is very low. I would like to retire someday but not sure how to make it happen. I am afraid of losing my money in the 401k and I don't have enough time to be losing it. MFJ income near 100k. How do I purchase an IRA? Any suggestions are gratefully appreciated.
Hello Travis, I have a question regarding the solo k contribution that hope you can answer. Assuming a taxpayer only has $20k Net Earnings for his self-employed job. My understanding is that he is able to make the "employee portion" contribution up to $20,000. How about the employer's profit sharing? If we use the 20% of net earnings, then the overall contribution will be higher than the net earnings itself ($20K + some number). Is that ok to do so? Thanks a lot
No, because the total contribution can’t exceed the plan compensation/net earnings.
Thank you for the quick reply. Glad you add the donation function in this video so that I am able to use a better way to thank you @@TravisSickle
Travis- I hope you can help me.
I opened a Robinhood Traditional IRA. I am retired and not working. No working income. I now understand that you can't contribute without working. It's only $1000,
1- can I clam this for 2024? I will be working PT.
2- cash it out? Cancel it.
Advise ? Thanks
this is the best place to start...more videos and questions answered ruclips.net/channel/UCLoIaI_vPPWX47TamcxtP_Ajoin
Are the income limits based on gross or adjusted incomes?
Modified Adjust Gross Income, MAGI.
Bimonthly means every 2 months. Think what u meant was semi-monthly
Bimonthly can mean either and that’s why I put the number of months next to each. Semimonthly would have been a better choice.
Catch up is only n Roth 401k right... you missed that point.
For high income earners, that goes into effect in 2026. It was pushed back by the IRS.
@@TravisSickle You right it's pushed back.