The Internal Revenue Service (IRS) recently increased contribution limits for several types of retirement plans. That's good news if you are trying to help keep your long-term wealth strategy on track.

If you are 55 years of age or older, you have the opportunity to make catch-up contributions.

• For 401(k) plans, the 2024 contribution limit for those 50+ is $30,500.
• For traditional and Roth IRAs, the catch-up contribution limit is $8,000.

There are catch-up increases for most retirement plan types, so talk with a financial professional about your unique situation.

Reach out to learn more.