New 2024 401(k) and IRA Contribution Limits
Вставка
- Опубліковано 2 чер 2024
- The IRS just released retirement plan contribution limits for 2024. The good news is that the limits are going up. In this video, we'll cover both the 2023 and 2204 contribution limits and catch-up limits. We also include Roth IRA income limits and traditional IRA limits on deducting the contribution.
Finally, we'll look at just how much wealth you can build if you max out these retirement accounts.
-------------------------------------------------------------------------------------------------
The Dough Roller Money Podcast is a finance podcast for easy-to-understand advice on managing your money. How to make it, give it, save it, spend it, and invest it in a way that puts you in control of your money and makes it work for you. This fun, relatable and honest podcast shoots straight and helps people understand the big picture as well as the nuances of owning your finances. From retirement planning, best practices for saving, paying off debt, smart investing and so much more. You don’t have to be a financial expert to listen, but you can become one!
Make sure you SUBSCRIBE so you won't miss any of our upcoming episodes!
➡️ bit.ly/DoughRollerUA-cam
#401k
#ira
#retirment
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning I earn a commission if you click through and make a purchase and/or subscribe. However, I only recommend products or services that (1) I believe in and (2) would recommend to my own mom.
My inheritance, a whooping 1m has grown only 4.72% in the past 12 months. In this bear environment does investing w/ a brokerge account under a custodian outperform a 401k? should I seek a pro to grow my funds on brokerage acct or still hold? I have 5 years to retirement. Happy to discuss.
Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370thousand the last downturn, made it clear there's more to the markets than we average joes know.
Be careful not to be lured into the market too soon, this current situation has really opened my eyes to the importance of a good mentor on UA-cam or elsewhere knowing what he/she is doing.
Our wealth consultant is *Monica Mary Strigle* , experienced and advanced and consults for many brokerages hence is independent and can be a fiduciary to you.
I did some findings on her, she really seem to know her stuff. educational background, qualifications was really impressive. Kudos and thanks for sharing. I left her a note and booked a consult.
You need a third party to help you out. A financial planner or accountant can run through your figures, including your projected income and expenditures when you retire, along with your retirement goals, your emergency fund and any other strategies you need to put in place for such things as long-term care.
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.
Hi Rob. I'm not seeing the links you were going to put in the show notes.
Thanks Rob. Sharing the 10 - 50 year 401k max numbers with my kids. Compounding and time in the market >>>>> timing the market
where's the link to the article?
Thank you for this information! Where are the links to the articles?
Didn’t see any links. Would love to look on my computer
Is there a max limit per year for all the retirement accounts, if someone has option of maximizing three accounts individually and the employer contributions are also added, does it cap at 66,000 in total per year or it can ho above that as well. Appreciate the reply
Can I confirm if I’m correct please: for 2023 if we filed mfj and both have 401k at work, our agi is above the 136,000, we can’t contribute to the traditional IRA for 2023? What other plan can we contribute to reduce the taxable income?
Thanks
I am 53 years of age. Would I be able to max out a roth ira ($8000) and a 401k($23,0000) combined for 2024? I want to make sure that I do not exceed the allowable limits. Thank you for your time.
Hello, lets say my adjusted gross income (after reporting business loss) is within the phase-out limits, will I still get to claim this deduction on my tax return? Or does AGI not count?
2:08 does the 30,500 max contribution include employer match? Or only what I have held from my income?
With my dyslexia, Deciphering these things is very difficult
The links in the description don’t work Rob
I like that the article uses 5% as the growth rate assumption.
Ever since I was bitten by Mark Zoril's PlanVision Podcast bug, I've been using 5% in my projection assumptions. It's definitively a buzzkill, and would require a call to action to save more money, but it's better to have managed expectations and to save sufficiently, than to have higher expectations and to save too conservatively. Regardless of what the market delivers, we cannot go back in time to save more.
Can I add to my 401K for last year 2023 before April 15, 2024? Let’s say I have 15k in and I am over 50. Can I still add to it or catch up or does it all have to be before December 31st 2023? Thanks
I believe you can’t put more in 401k for 2023 after 12/31/23. You may be able to add a Traditional IRA and deduct from your agi if you didn’t phase out. Unfortunately we are phase out with our agi higher than the amounts shown in the table.
would you clarify the income limits... is this taxable income or MAGI ?
MAGI
Not saying the links to the articles...
I'd like to confirm something about the income limits. I may have misunderstood things. I currently work and my spouse stays at home with the kids. I make more than 143k but less than 200k. I max my workplace retirement, 401k. I also max Roth IRAs for both my wife and I. Am I not able to do that on my own account because I have a workplace retirement account? If I've already contributed over 5k to it this year, if that isn't allowed can I pull that money out, place it in a traditional IRA and backdoor it back into the roth ira? Thanks.
You can contribute, you just can’t deduct it from your taxes. Nothing new there.
Yeah I dug a little deeper. It appears traditional IRA is the only one that is impacted by having a workplace retirement. Roth you just can’t hit the income limits.
Do 401k and 403b contributions reduce MAGI? My wife and i are a little above the the 228k income limit gross wise for a roth ira but would be under the limit if 401k is deductible
I believe they do, but you'll want to confirm with a tax professional.
Pre Tax contributions (traditional 401K and IRA) will reduce your MAGI, but not ROTH
What is the total 401k contribution limit for 2024 including company match and after tax contributions? The limit, including catch up contributions for those over 50, is $73,500 for 2023.
Great video as usual. You have very odd looking keyboard and mouse. What are they?
The one on the left (his right) is a gaming keyboard. The other is a mechanical keyboard.
I'm not kidding when I say that the market crash and high inflation have me really stressed out and
worried about retirement. I've been in the red for a while now and although people say these crisis has it
perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in
my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?
There are a lot of strategies to make tongue wetting profit especially in a down market, but such
sophisticated trades can only be carried out by proper market experts
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser
that guides you?
Definitely! All of this happened in less than a year after *STEPHANIE KOPP MEEKS* told me what to do. I
started with less than $100,000, and now I'm about 18,000 short of having a quarter million dollars!
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website, thank you for sharing.
🤘🏻