Financial, Investment and Estate Planning Blog
Finances and Estate Planning are 2 critical life areas you can't leave to chance. In this blog, I will share various articles, tips and advice to help you navigate these areas. But a personalized 1 on 1 chat will always trump reading a blog. Call me today!
More Opportunities for 2024 Retirement Contributions
Not only will you be able to contribute more to your 401(k) and IRA retirement plans in 2024, the Internal Revenue Service (IRS) is also boosting the contributions for 2024 Health Savings Accounts (HSAs).
For single people, the limit will be $4,150 and families can put away up to $8,300. For those over 55 years of age, the catch-up contribution remains at $1,000.
This offers you the opportunity to set aside money on a pre-tax basis to pay for qualified healthcare expenses like deductibles, co-payments and more. Your HSA funds also earn interest, and you can roll over any unused money for qualified medical expenses down the road.
For single people, the limit will be $4,150 and families can put away up to $8,300. For those over 55 years of age, the catch-up contribution remains at $1,000.
This offers you the opportunity to set aside money on a pre-tax basis to pay for qualified healthcare expenses like deductibles, co-payments and more. Your HSA funds also earn interest, and you can roll over any unused money for qualified medical expenses down the road.
For guidance on how this strategy can impact your retirement plan, talk with a financial professional.
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