What inflation? According to the IRS… Certainly not going to argue with a raise, but WOW is it tiny!
From this IRS press release on Nov 1, 2023:
Highlights of changes for 2024
The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan is increased to $23,000, up from $22,500.
The limit on annual contributions to an IRA increased to $7,000, up from $6,500.
Those of us watching…. that is a total $500 increase…. oh well… will plan accordingly…. but expect more from us on this as we dig deeper….
Clients/Clients Only RMD Reminder Confusion from the Merger
Post Merger, our new vendor Schwab does not know the RMD taken prior to the merger…. just ignore the information for this year from them… we have your back on this and have planned accordingly!
Time Change? Maybe…..Yes…. No …. Yes?
Did any of you hear rumblings of no future dumping of daylight savings last year? And even some legislation….
Ahhhh HA! From the Sleep Foundation: YEP they are changing!
Key Takeaways
- Clocks will “fall back” one hour at 2 a.m. local time on Sunday, November 5, 2023.
- Federal law still prohibits states from enacting permanent daylight saving time (DST).
- Proposed legislation to change federal law, such as Senator Marco Rubio’s Sunshine Protection Act, has stalled in 2023 despite gaining momentum in 2022.
- Dozens of states continue to consider proposals to adopt either permanent daylight saving time or permanent standard time. Yet, no states have adopted a legislative change in 2023.
- Without new movement on proposed changes, Americans should expect clock changes to continue into 2024.
More fun travels next week…. Happy Friday and have a good weekend – Talk Next Week!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents
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2024 Preview of New contribution limits (Tiny Increase?) … Clients/Clients Only Post Merger RMD’s … Time Change We think ?? YEP!
What inflation? According to the IRS… Certainly not going to argue with a raise, but WOW is it tiny!
From this IRS press release on Nov 1, 2023:
Highlights of changes for 2024
The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan is increased to $23,000, up from $22,500.
The limit on annual contributions to an IRA increased to $7,000, up from $6,500.
Those of us watching…. that is a total $500 increase…. oh well… will plan accordingly…. but expect more from us on this as we dig deeper….
Clients/Clients Only RMD Reminder Confusion from the Merger
Post Merger, our new vendor Schwab does not know the RMD taken prior to the merger…. just ignore the information for this year from them… we have your back on this and have planned accordingly!
Time Change? Maybe…..Yes…. No …. Yes?
Did any of you hear rumblings of no future dumping of daylight savings last year? And even some legislation….
Ahhhh HA! From the Sleep Foundation: YEP they are changing!
Key Takeaways
More fun travels next week…. Happy Friday and have a good weekend – Talk Next Week!
John A. Kvale CFA, CFP
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Posted in Clients/Clients Only, General Financial Planning, Investing/Financial Planning, Market Comments, Retirement Planning
Tagged Contribution Limit, IRS, Raise, RMD, Time Change