Sugden Wealth Management

Retirement Contributions for 2024

The IRS announced new contribution limits for retirement savings for 2024.  Individuals can contribute $23,000 into 401(k) plans in 2024, up from $22,500.  For employees 50 and older, the catch-up contribution amount increases to $7,500.  IRA contributions are increased to $7,000 with catch-up contributions of $1,000.

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