Unveiling the 2024 SIMPLE IRA Changes

  |   Chris Robinson   |   ,
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As we step into 2024, we have some changes in the realm of SIMPLE IRAs. These changes demand attention, especially for CPAs seeking to guide their clients through the details of retirement savings. Here are the key facts of the SIMPLE IRA changes for 2024.

 

Understanding the Basics: Contribution Limit Updates

Age 2023 2024 Change
Under 50 $15,500 $16,000 +$500
50+ catch-up $3,500 $3,500 $0

 

For SIMPLE Plans with 25 or fewer employees, the under age 50 limit and the over age 50 catch-up will increase an additional 10% to $17,600 for the employee max deferral and an over age 50 catch-up of $3850.

For companies with 26-100 employees, the extra 10% can be elected, but only if they provide a 4% dollar-for-dollar match instead of 3%, or a 3% instead of 2% if across-the-board company contribution only plan.

Also, employers can make an additional contribution to employees who earn at least $5,000 for the year.  The contribution can be up to 10% of pay with a $5,000 max.

Maybe these are not such SIMPLE PLANS!!

Call or email me if you have any questions about the SIMPLE plan changes or any retirement plan questions.

Chris Robinson, ChFC

RFG Wealth Advisory

940-464-4104

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