Welcome to the new year!!
We wanted to alert you to the increase in 401(k) contribution limits, and provide a reminder to adjust your deferrals if you would like. The total employee contribution limit to all 401(k) and 403(b) plans for those under 50 will be going up from $22,500 in 2023 to $23,000 in 2024. The catch-up contribution limit will remain at $7,500, so if you're 50+, your 401(k) employee contribution limit will be $30,500 in 2024.
IRA contribution limits and catch-up contributions will increase from $6,500 ($7,500 if you're 50+) in 2023 to $7,000 ($8,000 if you're 50+) in 2024.
For single people, the Health Savings Account contribution limit will increase from $3,850 in 2023 to $4,150 in 2024. Family coverage will increase from $7,750 to $8,300. The $1,000 catch-up contribution for those 55+ remains the same.
Please let us know if you have any questions at all about these adjustments and how you may benefit from them.
Also, a reminder that on Thursday, January 25th, starting at 6:30pm, we will be having a virtual trivia night for all who want to join. This is designed to be a fun event to help deal with the winter doldrums. You can join as an individual and be assigned onto a team, or join with friends and form your own team.
To register, all you need to do is respond to this email. We will need the name and email address for anyone that is going to be participating. Please indicate in the email if you plan to put together your own team of 6 to 8 players, or want to be assigned to a team.
Have a great rest of the week.
New 401(k), IRA and HSA Limits
