Planning for Retirement in 2024? | Exciting Updates to IRAs [Video]

Chapters:
0:00 Intro
0:27 Change #1: Contribution Limit Increases
1:16 Change #2: 529 Plan Rollovers
2:22 How do 529 Plans Work?
4:14 Rules for 529 Plan Rollovers
5:21 Change #3: Student Loan Matching for SIMPLE IRAs
6:01 How do SIMPLE IRAs Work?
7:02 Change #4: Mid-Year Switching from SIMPLE IRAs to Safe Harbor 401(k)s
8:37 What is a Safe Harbor 401(k) Plan?
9:10 Outro

Individual retirement accounts, or IRAs, are one of the most popular types of retirement accounts in America. Many changes are going into effect for IRAs in 2024. A lot of these changes were created through the SECURE ACT 2.0, which was signed into law in late 2022 by President Biden.

The new rule changes for IRAs will affect tens of millions of Americans. If you have an IRA, then at least one of the new rule changes will affect you, if not more. In this video, tax expert Karlton Dennis explains all of the key rule changes that are going into effect for individual retirement accounts in 2024.

The changes that Karlton explains include contribution limit adjustments, 529 plan rollovers to Roth IRAs, and more. Fully understanding these changes is crucial for anyone who has an IRA. It is also crucial for employers who offer SIMPLE IRAs because some of the new rule changes are directly related to SIMPLE IRAs.

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#ira #taxsavings #retirementplanning