IRS Announces 401(k) and IRA Limits for New Year

The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. That’s just the beginning: The IRS also has issued technical guidance regarding all the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items. Highlights of…

Read More

New Tax Law Incentivizes Retirees to Make an IRA-Funded Gift That Pays Annual Income

Giving back just got easier—and more rewarding. If you’re looking for ways to lighten your income tax liability while supporting your favorite cause, retirees can now receive fixed income payments for life by donating directly from their individual retirement account (IRA) to qualified charities. Gift annuities have been around since John Trumbull donated his paintings…

Read More

New Law Ushers in Major Retirement Changes

There’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate, and others that…

Read More

529 Plans: Good for Parents and Grandparents

For families trying to save for their children’s college education, 529 college savings plans, named for a section of the tax code, have always been hailed as a great option—perhaps the best. Let’s look more closely at what has always made them a good deal: Families invest through these accounts without earnings being taxed as…

Read More

Current Bear Market Creates Opportunities for Roth Conversions

The Roth IRA, created by the Taxpayer Relief Act of 1997 and named after Senator William Roth of Delaware, is an option for individuals to increase retirement savings. Taxpayers do not receive a tax deduction for Roth contributions, but retirement distributions are tax-free—which means gains on investments in a Roth IRA are never subject to…

Read More