 | AUTHOR: Jason Roque, CFP®, APMA®, AWMA® TITLE: Investment Adviser Rep – CCO TAGS: Retirement Planning, 401k, IRA, ROTH, SIMPLE IRA, SEP IRA |
We hope you all are doing well! We are reaching out with a quick announcement: The IRS has increased IRA and ROTH IRA contribution limits this year as follows:
| Plan Type | 2023 | 2024 |
| IRA/ROTH IRA | $6,500.00 | $7,000.00 |
| IRA/ROTH IRA w/Catch-Up* | $7,500.00 | $8,000.00 |
| 401k | $22,500.00 | $23,000.00 |
| 401k w/Catch-Up* | $30,000.00 | $30,500.00 |
| SIMPLE IRA | $15,500.00 | $16,000.00 |
| SIMPLE IRA w/Catch-Up* | $19,000.00 | $19,500.00 |
| SEP IRA | $66,000.00 | $69,000.00 |
*Applies to individuals 50 years of age and older.
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