In this episode of Adam Talks, Adam Bergman, Esq. discusses all the numbers you need to know for 2024 regarding IRAs and 401(k) plans.
The New 2024 IRA and 401(k) Contribution Numbers You Need to Know
In this podcast, tax attorney Adam Bergman discusses the new IRA and 401(k) contribution limits for 2024. He emphasizes the importance of early and consistent contributions to retirement accounts, highlighting the power of compounded returns in building substantial wealth for retirement. Bergman also explains the income limitations and strategies for making both traditional and Roth IRA contributions, including the Backdoor Roth IRA option for higher earners.
Regarding 401(k) contributions, Bergman outlines the increased limits for employee deferrals and profit sharing, as well as the unique benefits of the Mega Backdoor Roth option for Solo 401(k) plans. He provides detailed examples of how individuals can maximize their contributions depending on their age and business structure, ultimately encouraging listeners to take advantage of the tax-efficient opportunities for saving for retirement.
Bergman also highlights the increased limits for SEP IRAs and SIMPLE IRAs, offering a comprehensive overview of the new contribution numbers for various retirement accounts. Throughout the podcast, he stresses the significance of planning and staying informed about the updated limits to make the most of retirement saving opportunities in the upcoming year. Bergman’s practical advice, backed by his extensive experience, aims to empower individuals to make informed decisions about their retirement planning strategies.
Overall, Bergman’s podcast serves as an informative guide for individuals seeking to optimize their retirement savings in 2024. His clear explanations and real-world examples demystify the complex rules and options for IRA and 401(k) contributions, enabling listeners to make informed decisions based on their financial circumstances and goals. By providing a concise summary of the new contribution limits and strategies, Bergman equips his audience with the knowledge needed to navigate the evolving landscape of retirement planning.