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2024 Retirement Account Contribution Limits

Make sure you are taking advantage of all savings and investment opportunities


With January already behind us, hopefully you have paid off the holiday credit card spending and can focus on increased saving and planning for the future - the long-term future, not just the next holiday spending cycle.


Now is a great time to review your paycheck to ensure you are maximizing deductions for retirement plans. If your employer offers a 401(k) plan, check to see what they contribute automatically or what their matching policy is. Either way, take advantage of this benefit to the fullest extent possible. Meaning, deduct as much as you can, up to the annual limit. For budgeting purposes, it is ideal to think of this as a mandatory 'expense' before discretionary items as opposed to just contributing whatever is left over after all your monthly spending.


Another potential savings opportunity is through a health savings account (read Hooray for HSAs). HSAs are available to those with a qualifying high-deductible insurance plan. Even without an employer contribution, these are great vehicles to use for medical expenses. They are very tax efficient and there is no annual spending requirement, so it is an excellent way for younger workers to build a cushion for the future.


Below are some contribution limits for 2024 for select popular accounts. This is by no means an exhaustive list of options available. Please consult a financial advisor and/or accountant to better understand how to optimize your savings.


Contribution Limits - select accounts
Contribution limits for 401(k), 403(b), 457 plans, IRAs and HSA

Source: IRS; Jackson Creek Investment Advisors


This blog is a general communication being provided for informational purposes only.  This information is in no way a solicitation or offer to sell securities or investment advisory services.  It is educational in nature and not to be taken as advice or a recommendation for any specific investment product or investment strategy.  This does not contain sufficient information to support an investment decision.  Any investment or investment strategy mentioned may not be suitable for all investors or in their best interest.   These opinions may not fit to your risk and return preferences.  All information is subject to change without notice.  Past performance is not necessarily indicative of future returns.  Readers are urged to check with their investment advisors before making any investment decisions.


Statistical information, quotes, charts, references to articles or any other quoted statement or statements regarding market or other financial information is obtained from sources which we believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. All rights are reserved.  No part of this blog including text, graphics, et al, may be reproduced or copied in any format, electronic, print, et al, without written consent from Jackson Creek Investment Advisors LLC.  Nothing contained herein constitutes financial, legal, tax, or other advice.   Please be advised to consult with your investment advisor, attorney, or tax professional before making any investment decisions.


Investment advisory services are offered through Jackson Creek Investment Advisors LLC, a Registered Investment Adviser.

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