Biggest Changes for Retirement in 2024

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

 

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