TAX SOFTWARE DEALS OF THE WEEK
Individual retirement accountrules have shifted slightly as well.
The IRA annual-contribution limit increased to $7,000 from $6,500.
However, the IRA catch-up contribution limit for people aged 50 and over remains $1,000 for 2024.
Catch-up limits allow older plan participants to put away more money, since they have less time to save.
“It happens each year and taxpayers shouldn’t be alarmed they might even have a bigger benefit.”
The changes may seem small, but many Americans could use all the help they can get.
He says he points out the tax benefits of contributing to retirement savings.
Read on for the other changes the IRS announced, and how they might affect your retirement savings.
Read also:I’m 37 and Have Already Enough Saved to Retire.
All additional changes are notedon the IRS site.
Not retiring for decades yet?
CNET has aguide to what you should know before that day arrives.
