Every couple of years the contributions limits are changed; below are some important numbers you should know going into 2024:
401(k) / 403(b) / 457 employee deferral:
- $23,000 (Up from $22,500)
- $30,000 if over the age of 50
Solo 401(k):
- $69,000 (Up from $66,000)
- $76,500 if over the age of 50
Simplified Employee Pension Plan (SEP IRA):
- $69,000 (Up from $66,000)
Simple IRA:
- $16,000 (Up from $15,500)
- $19,500 if over the age of 50
Traditional IRA:
- $7,000 (Up from $6,500)
- $8,000 if over the age of 50
Roth IRA:
- $7,000 (Up from $6,500)
- $8,000 if over the age of 50
- Income Phase-out:
o Single / HOH: $146,000 - $161,000
o MFJ: $230,000 - $240,000
o Above these limits? Look into Backdoor Roth Conversions
Health Savings Account (HSA):
- $4,150 self (Up from $3,850)
- $8,300 family (Up from $7,750)
- Additional $1,000 contribution over the age 55
Social Security wage base:
- $168,000 (Up from $160,200)
- This means you only pay social security tax on earnings up to this amount.
Make sure to save this article for future reference and don’t forget to update your automatic contributions.
Five Pine Wealth Management is a registered investment advisor offering advisory services in the State(s) of Idaho and Washington and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training.
The information in this blog is for informational purposes only and should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security or advisory service in any jurisdiction where such solicitation, offer, or recommendation would be unlawful or unauthorized.
The information provided should not be relied upon as the sole factor in an investment making decision. Past performance is no guarantee of future results.