Here is your friendly reminder that Tax Day, Tuesday April 15th, is also the deadline for making a 2024 contribution into your IRA and/or Roth IRA Accounts.
Retirement contribution limits for 2024 are as follows:
- Total contributions to all traditional IRAs and Roth IRAs can’t exceed $7,000 if you are under 50 years of age.
- If you are 50 or older, total contributions can’t exceed $8,000.
And while you’re in the retirement state of mind, here is a more detailed breakdown of the 2025 retirement contribution limits, so you can review your current contributions and plan for the remainder of this year.
Workplace Retirement Plans (401(k), 403(b), and 457(b) accounts):
- Standard Contribution Limit (Under age 50): $23,500
- Catch-up Contributions (Age 50 and over): $7,500
- This means that an individual that is 50 or older can contribute up to a total of $31,000 ($23,500 + $7,500).
- New Catch-up Contributions (Ages 60-63): $11,250
- This new allowance enables individuals in this age range to contribute up to $34,750 ($23,500 + $11,250).
- Maximum Annual Contributions: $70,000
Individual Retirement Accounts (IRAs) and Roth IRAs:
- Standard Contribution Limit (Under Age 50): $7,000
- Catch-up Contributions (Age 50 and over): $8,000
If you have your IRA and/or Roth IRA accounts with Continuity Wealth and you would like to get that 2024 contribution in before the April 15th deadline, please give our team a call at (771) 210-2858.