Tag: #iralimits

The SECURE Act 2.0 has several provisions that significantly impact small businesses, primarily focusing on making it easier and more affordable to offer retirement plans and encouraging employee participation. Key changes include increased tax credits for starting a new retirement plan, automatic enrollment features, and expanded eligibility for part-time employees. Key Changes and Impacts: Increased Tax Credits:Read more…

Under SECURE 2.0, beginning this year, 2025, individuals ages 60 to 63 are eligible for increased catch-up contributions in their retirement plans. This applies to 401(k), 403(b), and governmental 457(b) plans that currently offer catch-up contributions. It’s also important to note that this change is optional for employers. So, each plan sponsor will decide whetherRead more…

  The 3rd series in our blog post will cover retirement savings, long-term care insurance premiums, HSAs (health savings accounts) and FSAs (flexible spending accounts). Retirement savings: Good news for retirees!  The beginning age for taking required minimum distributions (RMDs) rises to 73 from 72 for owners of traditional IRAs, 401(k)s and other workplace retirementRead more…

Cost-of-living adjustments mean higher IRA and 401(k) contribution limits for 2024. IRA contribution limits for 2024 The contribution limits for a traditional or Roth IRA increased last year for the first time in four years, and the limits are going up again for 2024. You can contribute a maximum of $7,000 (up from $6,500 for 2023). Catch-upRead more…