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  • Writer's pictureSteve Coker, CFP

Updated Retirement Plan Contribution Limits 2024

The IRS has published the 2024 contribution limits for your 401k, IRA, and other retirement plans.  Now is a great time to review your contributions to ensure you are making the most of your retirement plans.  Here are a few key items to remember as you make your 2024 contributions:

  • It is usually best to make your 401k contributions throughout the year rather than ‘front-loading’ your contributions. To contribute the maximum amount to your 401k divide the maximum contribution by your salary and enter the resulting percentage as your 401k contribution rate.

  • 2023 IRA Contributions and SEP IRA Contributions must be made before you file your 2023 tax return or April 15 – whichever is earliest.

  • SEP IRA contributions are also limited to 20% of business net income


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