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Biggest Changes for Retirement in 2024

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Manage episode 396084965 series 2412204
Contenu fourni par Scott Dougan. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Scott Dougan ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.

With inflation adjustments and the phased implementation of the SECURE Act 2.0, there are some important retirement planning changes to pay attention to this year. From potential tax implications on Social Security benefits to alterations in retirement account rules, higher Medicare expenses, increased IRA contribution limits, and shifts in required minimum distributions (RMDs), this episode offers a comprehensive overview of what lies ahead for retirees in 2024.

Here’s some of what we discuss in this episode:

  • An increasing number of beneficiaries are expected to be liable for federal income taxes due to the 8.7% increase in the cost-of-living allowance in 2023
  • Changes to retirement account rules, including 529 accounts, Roth 401(k)s and 403(b)s, and a 3.2% COLA for Social Security benefits
  • Rising Medicare expenses, including increased Part B rates, higher Part D premiums, and additional costs for higher-income individuals
  • The new IRA and Roth IRA limits for 2024 + changes in income limits for Roth IRA contributions based on filing status
  • The deadline to contribute to an IRA in 2023 and 2024
  • Changes in Required Minimum Distributions (RMDs) for retirement accounts in 2024 under the SECURE Act 2.0

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724

  continue reading

163 episodes

Artwork
iconPartager
 
Manage episode 396084965 series 2412204
Contenu fourni par Scott Dougan. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Scott Dougan ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.

With inflation adjustments and the phased implementation of the SECURE Act 2.0, there are some important retirement planning changes to pay attention to this year. From potential tax implications on Social Security benefits to alterations in retirement account rules, higher Medicare expenses, increased IRA contribution limits, and shifts in required minimum distributions (RMDs), this episode offers a comprehensive overview of what lies ahead for retirees in 2024.

Here’s some of what we discuss in this episode:

  • An increasing number of beneficiaries are expected to be liable for federal income taxes due to the 8.7% increase in the cost-of-living allowance in 2023
  • Changes to retirement account rules, including 529 accounts, Roth 401(k)s and 403(b)s, and a 3.2% COLA for Social Security benefits
  • Rising Medicare expenses, including increased Part B rates, higher Part D premiums, and additional costs for higher-income individuals
  • The new IRA and Roth IRA limits for 2024 + changes in income limits for Roth IRA contributions based on filing status
  • The deadline to contribute to an IRA in 2023 and 2024
  • Changes in Required Minimum Distributions (RMDs) for retirement accounts in 2024 under the SECURE Act 2.0

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724

  continue reading

163 episodes

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