contribution limits

IRS Increases Retirement Contribution Limits 2024 – Here’s What You Need to Know

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The Internal Revenue Service (IRS) has made an announcement that the contribution limits for retirement accounts, such as 401(k) plans, will be raised in 2024. There will be an increase to the annual contribution limits for most 457 plans, 401(ks), and 403(bs) by $500 to $23,000. Individuals aged 50 and older will be able to … Read more

Understanding the Simple IRA: Advantages and Disadvantages

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Self-employed individuals and small businesses can benefit from a Savings Incentive Match Plan for Employees Individual Retirement Accounts, also known as a Simple IRA. It offers numerous advantages for both employers and employees. However, like any financial product, it also has its limitations.  Here are the advantages and disadvantages of a Simple IRA to help … Read more